Property prices in and around Delhi on the rise, says IIFL Securities

In Gurugram markets like Dwarka Expressway, for instance, launches are now happening at double the price; at Rs 23,000 per square foot versus Rs 12,000-15,000 per square foot. In Noida, Max Estates sold its Sector Project at a price of Rs 18,000 per square foot, much higher than the expected Rs 13,000, IIFL noted.

Godrej Tropical Isle, the recent launch by Godrej Properties has also seen sales of Rs 2,000 crore making it the most successful launch for the company so far. And project launches are largely catering to the high-rise premium and luxury segments. This indicates there is no dearth of demand in the premium segment.

The broking firm expects listed developers with meaningful exposure to NCR including DLF, Godrej Properties, Signature Global, Max Estates, Century Textiles, and Sobha to be the likely beneficiaries.

Parvez Akhtar Qazi, the Executive Director of Nuvama Group mirrored the sentiment. Speaking with CNBC-TV18, Qazi said he expects the real estate market in the NCR to continue to outperform other markets,

"The pent-up demand which has happened over the last decade is now coming up in strength and it is no surprise that you are witnessing this kind of growth in the market. Going ahead also you will see the NCR market continue to outperform the other markets," according to Parvez Akhtar Qazi.

"We are still far away from the kind of volumes that we had seen in NCR in 2010-2012. So over the next couple of years, this region should continue to outshine others in terms of both supply as well as demand as far as percentage growth is concerned," he noted.