Real estate in Delhi-NCR to grow exponentially in 2023: Report

A survey conducted by R&R By Rise showed that the mood of the buyers clearly points to good times for the real estate segment in Delhi-NCR.

The real estate market in Delhi-NCR is expected to grow exponentially in 2023, with some interesting trends shaping the future of Delhi, Gurgaon, Noida and the periphery areas that are all gaining traction like never before. Real estate continues to be the best investment option in Delhi-NCR, with approximately 40 per cent preferring it over other investment options.

One of the key findings of the survey that emerged points to the millennial population being a key player in growing real estate market in Delhi-NCR. (HT Photo) (Representational Image)

R&R By Rise conducted a survey of potential real estate buyers in Delhi-NCR recently. The findings clearly highlight the fact that the Delhi-NCR realty is going to surprise one and all with growth beyond everyone's expectations. The mood of the buyers clearly points to good times for the real estate segment in the region. A number of factors are driving this success, including stable prices, decent interest rate, strong economic growth, favourable demographics, and an increase in foreign investment.

Vishesh Prakash, Research Partner, says, "As the world gets ready to get back to the furious growth path, one clear indication that the Delhi-NCR buyers have given is that they're looking at real estate as a means to a meaningful and a healthy lifestyle. An overwhelming number of buyers indicated that they're now ready to take first steps towards buying their first home. A large number of home owners also indicated they are looking to upgrade to bigger and better homes. These responses clearly point to an emergence of a real estate buying class that's making home buying and investment decisions an intrinsic part of their future well-being."

One of the key findings of the survey that emerged points to the millennial population being a key player in growing real estate market in Delhi-NCR. Those aged between 30-44 years, are driving the demand for both, residential and commercial real estate. Over 70 per cent respondents indicated that they are looking at buying a home in the next couple of years.

Demand for residential realty precedes commercial, with 45 per cent respondents looking at picking up residential, and 35 per cent looking at tapping into commercial spaces respectively. Around 46 per cent of the respondents indicated that they are looking to pick up their first homes in the next two years. Over 29 per cent plan to upgrade from their current homes into bigger better space, 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.

Real estate assets and investment vehicles will be created for the sole purpose of investing and making money, and this trend will dominate the market. In fact, commercial real estate, which generates income in the form of rentals, ROIs, and income-producing properties, has also become a sought-after investment option.

Infrastructure spending on roads, metro connectivity and other such amenities have given a further impetus to the real estate ecosystem in India. Besides, foreign investment in Indian real estate is also playing a major role in keeping the India real estate market buoyant.

Key Highlights

- Real estate in Delhi-NCR and its peripheries to be the centre of attraction as far as the demand is concerned.- Millennials planning to invest in realty will drive the 2023 real estate market, both residential and commercial.- Demand for residential realty precedes commercial, 45 and 35 per cent respectively.- The percentage of first-time buyers goes up to 46 per cent, while percentage of those who want to upgrade to bigger spaces goes up by 29 per cent.- Demand for 2-3 BHK witnesses great traction with 65 per cent opting for either of the two options.

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