New Delhi, January 8, 2024: R&R, a reputable authority in real estate research, recently conducted an in-depth analysis aiming to unveil buyer sentiments within the Delhi-NCR region. The study focused on discerning sentiments, plans, and viewpoints of buyers, projecting the trajectory of the real estate market for the initial half of 2024.
The comprehensive report indicates a looming surge in the Delhi-NCR real estate sector, anticipating an unprecedented growth phase throughout 2024.
Key Insights:
- Shift in Perspective: Buyers now perceive real estate as more than just an investment, viewing it as a pathway to a meaningful and fulfilling life.
- Market Trends: The NCR region experienced sales exceeding 50K crore, witnessing a notable 45% surge in premium home prices, particularly in Gurugram.
- Buyer Dynamics: A surge in first-time buyers and an upswing in demand for premium and larger properties mark the current buyer landscape.
Key Findings:
- Buying Trends: There’s a substantial shift towards considering under-construction properties, with 44% showing interest in this category.
- Consumer Confidence: A robust 23% display active interest in property acquisition, while 57% plan to invest within the next 3-6 months, signaling significant confidence in the market.
- Preference Matrix: Residential properties top preferences (49%), followed by commercial (38%) and industrial (8%), indicating diverse buying interests.
- Age Group Dynamics: The 35-44 age bracket dominates the buyer landscape, especially among mid-level professionals prioritizing real estate investment.
- Decision Triggers: Availability of desired property types, attractive interest rates, and enticing offers significantly influence buying decisions.
- Regional Preferences: Gurugram leads as the preferred location (35%), followed by Noida (29%) and Delhi (22%), based on product availability and competitive pricing.
- Luxury Housing Shift: Luxury housing garners considerable attention (34%), followed by mid-segment (29%) and affordable housing (24%), reflecting changing preferences.
- Developer Confidence: 84% value the reputation of developers, underscoring the significance of a credible track record.
Vishesh Prakash, Head of R&R, remarked, “Delhi-NCR’s real estate landscape is poised for substantial growth in 2024, driven by evolving buyer preferences focusing on quality of life.”
As 2024 unfolds, the real estate sector in Delhi-NCR stands on the brink of transformation. R&R’s study illuminates the current sentiments and forecasts an optimistic trajectory for the market, emphasizing a shift towards a more holistic view of real estate. Stakeholders are encouraged to leverage these insights to align strategies with evolving buyer needs, fostering a dynamic real estate market in Delhi-NCR.
Also read: Delhi-NCR’s Unsold Inventory at Decadal Low – Under 1 Lakh Units for 1st Time
(Credits: Mr. Vishesh Prakash, Head, R&R)