Premium and luxury condominiums are expected to transform the city realty landscape
Delhi is a spectacular model of how a historic city has stood against time and gone through several architectural changes over centuries. As the national capital, the city has perpetually been a favoured address for residential and commercial developments. In the past few decades, the perennially expanding density has left the city with succinct liveable spaces.
The national capital region, including the likes of Gurugram and Noida, have already adopted and have been flourishing with high-rise developments in the past two decades, making way for modern living. While NCR has gained popularity among home buyers by creating a template for future cities, many aspire for a similar lifestyle without compromising Delhi's comfort and privilege.
Delhi, over the years, has become more of the resale market, with scarcely new developments barring builder floors, which has further added to the interest of high-rise condominium living, a lifestyle that potential buyers are looking for while they are ready to pay an additional price. Today's home buyer in the Delhi market desires a well-planned community living, environment that promises comfort, privacy, and security within the periphery of Delhi. Huge open spaces, walking areas, and green vistas within the complex, amid a well-connected locality with every urban amenity close by, are some of the demands that Delhiites are yearning for while investing in a new home. The self-sufficient luxury condominiums endowed with state-of-the-art amenities have emerged as sought-after residential offerings owing to the holistic experience they offer.
Why is Delhi Still a Favoured Location?
Owing to its heritage, legacy, cultural landscape, and modern yet ethereal lifestyle, apart from being the capital city, Delhi continues to be a coveted residential destination for many. Due to its excellent connectivity, hub to prestigious educational institutes, and proximity to new commercial centres like Gurugram and Noida, the city has a lot to offer. According to Knight Frank’s global index that measures annual price appreciation of luxury residential properties, the city ranked 27th, while other metros like Mumbai and Bengaluru secured 33rd and 34th ranks, respectively.
The Emergence of New-Age Homebuyers
We have seen that today’s well-discerned buyers look for community living which is offered in high-rise residences supported with modern facilities. Independent houses demand maintenance and more often are unable to provide the necessities like having someone round the clock. These modern residential towers are well-equipped with facilities like gymnasiums, swimming pools, playing zones for kids, gardens, smart security facilities, including sensors, contactless devices, and cameras.
Combatting the Seismic Zone Debate
Delhi, unfortunately, falls in the perilous seismic (or earthquake) Zone IV, and buildings here, and the surrounding areas, are prone to high-intensity earthquakes. But looking at the immense high-rise residential and commercial towers in neighbouring regions like Noida, Gurugram, and even Ghaziabad, which fall in the same zone, this debate emerges only as a small barrier to deny Delhi an opportunity to grow more. By encouraging anti-structural designs, following instructions and standards of earthquake techniques, doing the seismic assessment, and retrofitting buildings, promoting disaster-safe construction practices, Delhi can sustain high-rise towers. Experts are in favour and believe that by adhering to the government's structural safety standards, Delhi can achieve the dream of high-rise properties.
Modern construction methods are set to play a crucial role in making Delhi's skyscraper dream a reality in the coming future. From developments in technology to a surge in luxury apartment speculation, many aspects have stimulated real estate developers to start creating taller projects and leverage demand in different pockets in Delhi.
Designing vertical residences allows for many open areas for recreation purposes and provides fresh air and sunlight access. Even amid the flurry of new construction in adjacent cities, which includes several luxury and super-luxury developments, Delhiites often complain of missing the walk to work/ market/ parks, options, which still makes Delhi a preferred choice over others.
The author is Chief Marketing Officer, DLF Ltd
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