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An Overview of the Delhi Real Estate Market

Delhi is not only the capital but the heart of India. You can understand the people very well, as ‘Dilli hai dilwalon ki’ is a major term used to denote the Delhiites. The National Capital Territory covers an area of 1,484 square kilometers (573 sq mi). This provides ample land area for the development of a strong real estate market with green spaces, essential services, transit systems, recreational centers, and much more.

Residential Real Estate Market

The real estate market in Delhi has seen an upward trend in recent times with the avg housing prices jumping by 50% in the last 5 years from Rs 4565 per sq ft in 2019 to Rs 6800 per sq ft in the first half of 2024. Currently, the market is witnessing a surge in supply as many areas in the city are expected to develop around 166850 units for sale in 2023-2024.

The residential project now comprises 61% of luxury homes targeting affluent buyers at a starting price of Rs. 15000 per sq ft in Delhi-NCR. The real estate companies in Delhi also put the best of their efforts into keeping the supply chain running and meeting the growing demands of rich purchasers seeking homes in posh locations. The real estate developers in Delhi offer custom-made housing solutions to the big fishes in the market to meet their peculiar preferences. The growing disposable income and infrastructural developments in the city will urge the residents to opt for luxury housing properties.

Areas witnessing high demand for residential real estate

Delhi real estate comprises many popular residential areas like Greater Kailash, New Friends Colony, South Extension, Defence Colony, Vasant Kunj, and much more. All these areas belong to the Southern part of Delhi. The real estate agents in South Delhi have a lot to offer to the financially strong buyers as the properties here are quite pricey. Whereas, Uttam Nagar, Lakshmi Nagar, Sector 24 Dwarka, Mayur Vihar, Ramesh Nagar, Govindpuri etc offer affordable options to the property buyers. 

Commercial Real Estate market

Commercial real estate is also booming with an expected Compounded Annual Growth Rate (CAGR) of 21% for the period of 2024-2029. The capital has witnessed an upward trend in land deals in the past few months. The Real estate in Delhi -NCR has clocked 29 land deals for more than 313 acres in the whole financial year of 2023-2024. The experts predict a rising disposable income for the residents in Delhi. So, commercial real estate is sure to witness growth with major contributors being the IT Sector and the Service Industry. This will also boost the business of real estate agents in Delhi

The upcoming infrastructural developments in the city like the Dwarka Expressway and Metro development have uplifted the demand for commercial properties in many localities falling between Dwarka and Gurugram. This 27.6 km (17.1 mi) long, under construction, 16-lane elevated expressway connects Dwarka in Delhi to Kherki Daula Toll Plaza, Gurgaon in Haryana. Such Delhi real estate news is sure to bring property prices up throughout that belt.

Top commercial real estate investment areas in Delhi-NCR

  1. CBD- The Central Business District (CBD) is a major hub for commercial office spaces. This includes the area of Connaught Place, Barakhamba Road, Parliament Street, and others. These areas are dotted with several financial institutions, premium office spaces, high-end showrooms, and much more. The prime location of the CBD is well-connected via roads and metro lines.
  2. Gurgaon- The areas of DLF Cyber Hub and Sector 18 in Gurgaon are major IT hubs. The area is perfect for MNCs and accounting firms as it is privileged with many boons like connectivity to the airport, accessibility to talented staff, well-designed office complexes, proximity to recreational centers, and much more. 
  3. Noida- Sectors 18 and 16 of Noida are attracting many new business houses. Here we wish to give a special emphasis to the Noida Special Economic Zone. It is the only Central Government SEZ in Northern India built on 310 acres of land. NSEZ has 202 developed plots of varying sizes, besides thirteen Standard Design Factory (SDF) complexes that can accommodate 208 units including one exclusive block for trading service units. The SDF is ready to move in warm shells. Future expansion has been strategically planned and when implemented fully, the zone would be able to provide 224 SDF units.

So, this opens the gates for many aspiring start-ups and Foreign Direct Investment to get an edge over the competitors by choosing this commercial hub. With an array of commercial and industrial options available in different sectors, the real estate in Delhi NCR is sure to make your business touch new limits. 

Key Amenities in Delhi

  • Educational Institutes- Delhi is dotted with some top educational institutes like Modern Schools on Barakhamba Road having many indoor playgrounds for Badminton, tennis, cricket, squash, football, etc. Vasant Valley School, Sanskriti School, and Delhi Public School are some of the recognized schools affiliated with the CBSE. These are well-equipped with computerized learning and the best co-curricular activities. Delhi College of Engineering in Rithala, IIFT, SRCC, and IIT are some of the prominent colleges in Delhi offering master courses to students on different subjects.   
  • Healthcare facilities- The capital offers top-notch healthcare facilities with AIIMS being the top medical institute and healthcare provider in the country. Private hospitals like Fortis and Max are spread throughout the city with several branches. 
  • Shopping and Entertainment- Delhi never disappoints when it comes to recreation. Promenade Mall and Ambience Mall, Vasant Kunj offer delightful dining experiences with high-end shopping outlets for the Delhiites and the tourists. These malls have expansive play areas and gaming zones for the kids too. Adventure Island, Fund and Food Village, Worlds of Wonder Noida, etc. are a few water parks in Delhi to delight both kids and adults. So, opt for a property for sale or rent in Delhi and enjoy the perks of living in the capital
  • Essential Services-  With 6 ranges, 15 districts, and 209 police stations in Delhi, Delhi Police is perhaps the largest metropolitan police in the world, larger than London, Paris, New York, and Tokyo. The Firefighting System in Delhi is super strong with 61 fire stations and a total of 3616 firefighting personnel. Other essential services in Delhi are offered by the Delhi Commission of Protection of Child Rights, the National Commission of Women, and others.

Investment Potential in Delhi Real Estate

Investment opportunities

Delhi houses several localities that are a great option for real estate investment. Different zones in Delhi have their perks for the residents. The updated infrastructure of Delhi well-connects all the zones via an all-reaching road network and Metro System. The amazing investment options and facilities offered by these zones are as follows-

  • West Zone- Being connected with metro lines, the super accessibility of this zone makes it a promising option for real estate investment. If you invest in a residential or commercial space in areas like Rajouri Garden in West Delhi then you can enjoy proximity to the famous Rajouri Garden market, Pacific Mall in Subhash Nagar, Vishal Inox Cinema, Rajdhani College, ESIC Hospital, and much more.

Moreover, Dwarka in South West Delhi is also a great option for opting for a property for sale or rent in Dwarka as it is well-connected via roads and metro. Its proximity to the airport makes it even more promising. 5 key projects are set to kick-start growth in the area, namely the India International Convention and Expo Centre (IICC), the Dwarka Expressway, the Urban Extension Road-2, Bharat Vandana Park, and a major sports facility. Dwarka is set for a major transformation with a 50-hectare sports facility that will feature a 30,000-seater stadium. The ?25,703-crore IICC, being built in Dwarka’s Sector 25, houses office spaces, retail spaces, and hotel rooms, apart from the exhibition halls and convention center. And how can we miss the Diplomatic Enclave? Dwarka is planning to have a dedicated Diplomatic Enclave to house embassies and high commissions. This will make the area more internationally recognized and get more clients to the real estate agents in Dwarka Delhi. The Delhi Development Authority is even planning to construct 4300 new houses to meet the growing demand in this area. Apart from these Paschim Vihar, Uttam Nagar, and Janakpuri are also developing at a great pace. 

  • South Zone- This upscale zone houses many commercial and diplomatic hubs. Known for high quality of life, GK1 and 2, Diplomatic Enclave, Vasant Kunj, Defence Colony, and New Friends Colony are some of the price areas of South Delhi. Talking about the south zone and not mentioning Chattarpur is a sin. Its strategic location offers great proximity to South Delhi, Gurgaon, and Faridabad. Chattarpur Hills gives a vibe of green space and attracts many investors seeking peaceful surroundings. Promenade Mall Vasant Kunj, Cronus Multispeciality Hospital, KR Hospital, Max Hospital Saket, Apeejay School, Delhi Public School Charttarpur, and others pertain to this area. So, contact the South Delhi real estate agents to get the best deals in this area.
  • East Zone- Many areas in this zone are attracting homebuyers and investors. The upcoming Regional Rapid Transit System (RRTS) in this zone will improve accessibility to different parts of Delhi NCR. In comparison to other zones, East Delhi offers more affordable housing options. This encourages first-time buyers and middle-class investors. Prominent areas include Mayur Vihar, Shahadara, Ghaziabad, Lakshmi Nagar, Preet Vihar, and others. Dotted with many attractions like Akshardham temple, V3S mall Lakshmi Nagar, Cross River Mall Shahdara, Yamuna Sports Complex, Max Super Speciality Hospital Patparganj, WHO Dispensary, and others, an investment in a property in this zone will turn out to be profitable.
  • North Zone- The major localities for real estate investment in North Delhi include Model Town, Narela, Azadpur, Alipur, and much more. Redevelopment of slums, promotion of renewable energy, smart city projects, etc. are some of the major developments going on in this zone. This zone is too well connected via metro and is dotted with prominent malls, hospitals, and schools. The bustling nightlife of Hudson Lane attracts residents from all over Delhi. The area of Rohini also has a great potential for capital appreciation. Many residents look for property for sale or rent in Rohini, Delhi. Its proximity to Metro Walk Mall, Phoenix Hospital, Delhi College of Engineering in Rithala, KR Mangalam Institute of Management, Ambience Mall in Sector 10, etc. attracts many home buyers.

Apart from the above-mentioned strengths of Delhi, the development of the New Delhi World Trade Center, New Delhi Railway Station Developments, Development of Chandni Chowk, Bharat Vanana Park, Delhi Meerut Rapid Rail Transit System, Delhi Mumbai Industrial Corridor, Delhi Mumbai Expressway, Sarojini Nagar Redevelopments, and Delhi Airport Terminal 1 Redevelopment are a few other projects going on in the city.

ROI and Growth Prospects

The real estate market of Delhi is witnessing exponential growth with a whopping 57% of buyers planning to make real estate investments in the next 3-5 months, indicating a surge in demand, and a significant 44% of buyers in Delhi-NCR are keen on investing in under-construction properties, underlining the optimism in the sector. Delhi is constantly building a strong infrastructure in many areas that will likely give a great boost to the Return on investment and future growth prospects. 

2024 is set to emerge as a powerhouse of growth, reflecting the aspirations and preferences of prospective buyers in the bustling landscape of Delhi-NCR’s real estate market. According to a recent survey report by R&R, a whopping 57% of buyers plan to make real estate investments in the next 3-5 months, indicating a surge in demand, and a significant 44% of buyers in Delhi-NCR are keen on investing in under-construction properties, underlining the optimism in the sector.

Over 29 percent plan to upgrade from their current homes into bigger, better spaces, with more lifestyle and wellness amenities. The demand for 2-3 BHK witnesses great traction with 65 per cent opting for either of the two options.

The percentage of first-time buyers goes up to 46 percent, while the percentage of those who want to upgrade to bigger spaces goes up by 29 percent.

Government Schemes and Rules In Delhi Real Estate

The government of Delhi leaves no stone unturned in promoting the residents for homeownership. DDA brings out many policies and schemes from time to time to make homeownership affordable. Some of the government schemes are-

  1. Master Plan of Delhi (MPD) 2041- This plan proposes to mandate that Delhi have an annual “Renewable Energy Plan” that identifies potential energy generation areas within the city along with strategies and projects to meet the targets outlined by the Union Ministry of New and Renewable Energy. To ensure a digitally enabled and connected city, it also suggests total fiber-optic coverage to enable 5G in the future.
  2. Pradhan Mantri Awas Yojana- Under this scheme, the government offers subsidies on the interest rate on home loans. Eligible categories include Economically Weaker Section (EWS), Low-income Group (LIG), and Middle Income Group (MIG). 
  3. Jahan Jhuggi Wahan Makan (JJWM)- This aims to rehabilitate the jhuggis, slums, and inappropriate housing areas by allotting flats to the slum dwellers. 

Several infrastructural development works are being carried out by the government including the redevelopment of Chandni Chowk, Shahajahanabad, construction of pedestrian-friendly zones in Connaught Place, Systematic Marking complexes, and much more.

Comparison of Property prices in different areas of Delhi

Areas Price range per sq ft (Rs.)
Delhi East 5,525 -17,000
Delhi West 11,300 -12,200
Delhi Central 12,708 -14,365
Dwarka 3,825 - 8,712
Delhi South 11,000 - 28,348
Delhi North 3,995 - 22,000

So, here we can conclude that the real estate market of Delhi is progressing in manifolds. An investment in residential or commercial property is hard to disappoint in the upcoming future. Hi! Searching for Property? Let's Chat