Once known for its palatial houses or Kothis, several prominent areas of the national capital are now turning into a hub for luxury high-rise developments. Locations such as South Delhi and West Delhi have emerged as a preferred choice for A-grade listed developers such as DLF, TARC and Godrej, among others, for their projects.
Experts said that driven by surging housing demand, robust infrastructure development, and a growing focus on high-end housing, New Delhi’s real estate market has positioned itself as one of the country’s most dynamic property hubs in 2024.
According to PropEquity data, Delhi’s real estate market recorded a 25 percent year-on-year growth in housing sales during the October-December 2024 quarter, with transactions rising to approximately 12,915 units from 10,354 units during the same period last year.
At the same time, new housing supply surged by 59 percent, with 11,223 units launched during October-December 2024 compared to 7,072 units in the same period last year. This growth is mirrored by a significant jump in property prices, with the Housing Price Index (HPI) for September 2024 placing Delhi-NCR at the forefront among major Indian cities, with an HPI reading of 178. HPI is a metric that measures the rate at which the prices of residential properties change over time.
Mushrooming high rises
Over the past four to five years, the number of luxury high-rise residential apartments have gone up significantly, dotting Delhi’s skyline.
Reflecting on the growing preference for luxury living, developers like DLF, Godrej, TARC, Raheja, Unity and Parsvnath have launched high-rise housing projects that are changing the skyline of Delhi which was traditionally a low-rise city.
Real estate experts said that changes in land policy have helped nurture the capital’s high-rise culture. They said that the Delhi master plan was modified in 2013 to keep pace with burgeoning housing needs and an acute land shortage. In the amendments, Delhi Development Authority (DDA) and the Central government decided to liberalise the height restrictions, which allowed developers to build swankier high-rise residential projects in the national capital.
DLF was the first builder to launch a 39-floor high-rise complex, Capital Greens, in West Delhi’s Moti Nagar in 2008-09. The trend was followed by other developers. DLF’s latest high-rise project in Delhi is its flagship development, DLF One Midtown in Moti Nagar. One Midtown is part of the broader Midtown Ecosystem of DLF that combines over 100 acres of landscaped greenery with high-end amenities, including a recently unveiled ultra-luxurious clubhouse.
Aakash Ohri, JMD and Chief Business Officer of DLF Limited, said that city’s real estate landscape is undergoing a significant transformation, driven by the rising demand for luxury high-rise condominiums.
“Inspired by the success of Gurugram’s gated communities, this shift reflects a growing preference among homebuyers for integrated lifestyles that prioritise comfort, privacy, and security. The demand for verdant landscapes, walking trails, and self-contained communities, combined with seamless connectivity and proximity to urban amenities, has propelled Delhi into a thriving market for luxury residential developments," Ohri told Moneycontrol.
Other prominent developers in the region are also redefining the luxury housing landscape in Delhi. Godrej Properties’ Godrej South Estate in Okhla has emerged as a standout project. Meanwhile, it is also planning to launch another luxury housing project in Delhi’s Ashok Vihar. Tata Housing is expanding its presence with ultra-luxurious projects in South and Central Delhi.
Additionally, BSE-listed TARC Limited has recently launched its ultra-luxury high-rise project, TARC Kailasa, located on New Delhi’s Patel Road and another project, TARC Tripundra, on Bijwasan Road in South Delhi.
“As customers are looking to shift from builder floors to high-rises in New Delhi, our projects, such as TARC Kailasa on Patel Road and TARC Tripundra on Bijwasan Road, are designed to offer luxury and comfort,” Amar Sarin, MD & CEO, TARC Limited said.
Experts said that the transformation of New Delhi’s real estate landscape is more than a reflection of urban growth—it signals the city’s rise as a primary real estate market.
Shashank Vashishtha, Executive Director, eXp India, a real estate consultancy said that the national capital has long been one of the most sought-after residential destinations for homebuyers, not just within the NCR but also from neighbouring cities across North India.
“In the post-COVID era, there has been a noticeable surge in demand for high-end condominiums - a segment that has seen consistent growth in other parts of the NCR like Noida and Gurugram over the past two decades. The combination of rising demand and a historic lack of integrated developments in Delhi has prompted both established and emerging developers to enter the city’s residential market, further solidifying Delhi’s position as a leading real estate hub,” he said.
Price appreciation
According to real estate experts, the property prices in Delhi realty market especially in high-rises condominiums have gone up by around 30-35 percent in the last two to three years.
DLF One Midtown, launched at Rs 18,000-Rs 19,000 per square foot (psf) is now trading at Rs 24,675 psf. Raheja Developers' high-rise project in West Delhi’s Kirti Nagar, known as The Leela Sky Villas, offers 3/4/5/8 BHK “5-star branded residences”. The 3BHK units were launched in 2020 at around Rs 26,000 to Rs 27,000 psf but currently these are trading at above Rs 33,800 psf. The price of a 3BHK unit starts from Rs 7.8 crore while the 8BHK residence would cost approximately Rs 50 crore.
Similarly, the ticket price for a 3.5BHK and 4.5BHK luxury apartment at TARC Kailasa is between Rs 9 crore and Rs 12 crore respectively.
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