The Struggle for Affordable Luxury in Delhi-NCR Real Estate

The real-estate market of Delhi-NCR is an anomaly. The Ken spoke to a bunch of potential homebuyers who are looking for premium apartments with budgets of up to 2.5 crore rupees.  Real-estate experts are telling them to give up on their dreams. Lately, the national capital has been facing an acute supply crunch of new housing projects, especially in the mid-premium segment (80 lakh to 2 crore rupees) depending on the city.   Delhi NCR has witnessed the sharpest fall in inventory in this segment in the last few years.   

Real-estate prices in turn have shot up far beyond the reach of most buyers. But it’s not like demand for housing has gone down because of these sky high prices.  People are still buying tens of thousands of these mid-premium houses in and around Delhi.   

So the obvious question then is: why aren’t more residential housing units being built? 

*This episode was first published on 12 Sept 2024