Luxury housing poised for further growth in Delhi-NCR: Nayan Raheja
The recent upsurge in luxury housing sales can be attributed to various factors, including the pandemic. Lockdowns and the rise of the work-from-home concept underscored the importance of expansive, better homes and self-sufficient apartment complexes. These complexes offer residents a wide range of facilities, from shopping to entertainment, says Nayan Raheja of Raheja Developers Limited.
In an exclusive interview with Sanjeev Sinha, Mr Raheja shares his insights into the evolution of luxury housing, the factors propelling its growth, and the unique attributes that define the new era of upscale residential living in Delhi-NCR. Excerpts:
What is your view on the recent resurgence of luxury housing in NCR?
The resurgence of luxury housing in the National Capital Region (NCR) is an exciting development. Previously, luxury living was limited to a select few. However, with the opening of the Indian economy, globalization, the information revolution, and the growth of startups, the number of affluent individuals has grown significantly.
This is going to last for a few years more as in the latest MPC meet, the RBI has retained the GDP projection for the current fiscal at 6.5 per cent. The experience of the pandemic left a strong feeling and desire to have bigger houses for work and education requirements.
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However, not everyone could afford a large home in Delhi, and land availability was limited, which led to vertical expansion. On the supply side, as land in the NCR became scarcer and more expensive, developers found competing in the price-sensitive affordable housing segment challenging. Simultaneously, the democratization of wealth created a strong
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