A new survey by R&R By Rise has revealed that the real estate market in Delhi-NCR is expected to experience significant growth in 2023 due to the increasing demand for both residential and commercial properties. The driving force behind this demand is the millennial population aged between 30-44 years, which is expected to lead to new heights in the coming year.
Real estate in Delhi-NCR is considered to be the best investment option, with approximately 40 percent of potential buyers preferring it over other investment options. Residential real estate is in higher demand than commercial real estate, with 45 percent of potential buyers looking to invest in residential properties and 35 percent preferring commercial properties.
The survey also revealed that first-time buyers represent 46 percent of potential buyers, while 29 percent are looking to upgrade to larger spaces. The most in-demand properties are 2-3 BHK properties, with 65 percent of potential buyers opting for either of the two options.
"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." -Vishesh Prakash, Research Partner R&R
The survey results indicate that the Delhi-NCR realty market is poised for growth beyond expectations. The market has been boosted by stable prices, decent interest rates, strong economic growth, favourable demographics, and an increase in foreign investment.
Additionally, infrastructure spending on roads, metro connectivity, and other such amenities have given a further impetus to the real estate ecosystem in India. Foreign investment in Indian real estate is also playing a major role in keeping the India real estate market buoyant.
- 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.
In conclusion, the Delhi-NCR real estate market is expected to experience exponential growth in 2023, with the millennial population driving the demand for both residential and commercial properties. Residential properties are in higher demand than commercial properties, and 2-3 BHK properties are the most sought-after. The stability in prices, favourable demographics, and infrastructure spending are some of the factors that are contributing to the growth of the real estate market in Delhi-NCR.