According to experts, this is the first time that so many branded products will come to the market, where supply has always been an issue.
“There is an inherent demand in Central and West Delhi, with people living there now wanting to move to gated condominiums with all the facilities. They have been forced to go to satellite towns due to a lack of supply,” said Amar Sarin, managing director and CEO of TARC Ltd.
TARC has planned a luxury residential project in Kirti Nagar and is expected to launch about 400 apartments within this quarter.
DLF will also soon announce the last tower of the 2.1 million sq. ft. first phase of Midtown West, a premium residential complex on Shivaji Marg in west Delhi’s Moti Nagar, which is developing in a joint venture with Singapore sovereign fund GIC.
“The prices have also gone up over the period as demand continues to be strong. The region is well connected with both Noida and Gurgaon, and the gated projects are also good investment options for Delhiites,” said Nayan Raheja of Raheja Developers.Raheja is developing The Leela Sky Villas, a branded serviced residency. The building will have a sky-top restaurant club with a dedicated helipad. It has an observatory area on top to get a complete 360-degree view of Delhi, especially the Delhi Ridge. “Delhi, being the capital of the country, has faced a unique challenge of development moving to neighbouring cities. Globally, the capital city is the epicentre of commercial and residential development, but a lack of space and policy puts Delhi at a disadvantage. But in the recent past, there have been some projects that will change the skyline of Central Delhi,” said Harsh V Bansal, chairman of the Unity group.
Unity Group is executing Amaryllis, a large project in Karol Bagh comprising a residential high-rise complex.
So far, Delhiites only had the option of redeveloping floors in south Delhi, but with leading developers coming, there will be more transparency in the sector.
The national capital has always remained the most sought-after residential destination for homebuyers, not just from different parts of the NCR but also from other neighbouring cities in North India.