New Delhi, January 9, 2024: R&R, a leading authority in real estate research, has recently conducted an in-depth analysis to decode the mood of the buyers in the Delhi-NCR region. The study aimed to gauge the overall sentiment, plans, and views of buyers, particularly focusing on the real estate market’s trajectory in the first half of 2024.
As per the comprehensive report, indicators suggest that the real estate sector in Delhi-NCR is gearing up for unprecedented growth in the coming days. 2024 is anticipated to be a powerhouse year for real estate development in the region.
- The most interesting insight that came out was that the consumers are going all out and are looking at real estate as not just a great investment, but also, as a way to a meaningful and fulfilling life.
- NCR has witnessed sales of over 50K crore, and the Gurugram market has witnessed over a 45% price hike in the premium homes segment.
- With the priority being moving into their homes, the buyers’ segment today is flooded with first-time buyers. Additionally, with the need to upgrade current homes into larger and better spaces, the premium and luxury segment is also gaining traction.
- With each passing day, the homebuyer is becoming younger, more assertive, and demanding a high quality of life, propelling the demand for new-age products.
- Shift in Buying Preferences: In a significant shift, a large number of buyers are now considering under-construction properties, with 44% showing interest in this category.
- Consumer Confidence and Sentiment: The study reveals robust consumer confidence, with 23% actively looking to buy or invest in property. The highest group, comprising 35% of respondents, aims to buy or invest in real estate currently. Furthermore, 57% plan to invest in a property in the next 3-6 months.
- Property Preferences: Residential properties emerged as the preferred choice, with 49% of respondents expressing an interest in homes, followed by 38% looking at commercial properties, 8% considering industrial land, and the remaining 5% exploring other options.
- Age Group Dynamics: A notable 60% of respondents belonged to the 35-44 age group, reinforcing the belief that for mid-level professionals, investing in real estate is a top priority.
- Home Buying Triggers: Different triggers influence home-buying decisions. Availability of the preferred property type is the prime reason for 29% of respondents, followed by moderate interest rates (25%) and enticing offers (23%).
- Regional Dynamics: With a high demand and diverse housing options in the National Capital Region (NCR), Gurugram remains the preferred choice for 35% of buyers. This is closely followed by Noida (29%) and Delhi (22%), primarily due to product availability and attractive price points.
- Luxury Housing Trend: In the recent past, there has been a significant shift in preferences for luxury housing. The luxury continues to be a favored choice, with 34% considering buying or investing in luxury properties, followed by mid-segment (29%) and affordable segment (24%).
- Consumer Confidence in Developers: Despite a strong market and high demand for real estate, consumer confidence in reputed developers remains crucial. A substantial 84% of respondents believe that reputation is an important factor when choosing a developer, emphasising the significance of a proven track record and the ability to deliver.
Vishesh Prakash, Head of R&R, expressed enthusiasm about the findings, stating, “The real estate landscape in Delhi-NCR is poised for substantial growth in 2024. The evolving preferences of buyers and their emphasis on quality of life present exciting opportunities for developers to innovate and meet the evolving needs of the market.”
As we anticipate the dawn of 2024, the real estate landscape in Delhi-NCR stands at the cusp of an exhilarating transformation. R&R’s exhaustive study not only decodes the current sentiments but also unveils a promising trajectory for the real estate sector. The paradigm shift in buyer preferences, the surge in confidence among consumers, and the dynamic trends shaping the market paint a vivid picture of a region ready to embrace a new era of growth and innovation. Developers and stakeholders alike are urged to leverage these insights to align their strategies with the evolving needs of the discerning homebuyer. The findings underscore not just a financial investment but a holistic pursuit of a fulfilling life through real estate. With this comprehensive understanding, Delhi-NCR is poised to witness a dynamic and vibrant real estate market in 2024.