Gurugram Leads : Luxury Homes Capture 45% of Delhi-NCR Sales

The National Capital Region’s (NCR) top performing real estate market is once again the luxury sector. NCR had a stunning 45% share of sales in the luxury market during the first half of 2024, according to the most recent data from ANAROCK. This is in sharp contrast to the meagre 3% share it held in 2019.

With approximately 60% of all luxury transactions in the NCR, Gurugram has emerged as the hub of this real estate boom in high-end housing. In Noida and Greater Noida, inexpensive housing is still a major market, although overall, the trend is towards higher-end real estate.

According to ANAROCK data, just 24% of the roughly 32,200 housing units sold in the NCR in H1 2024 were in the affordable category. In 2019, the proportion of sales that were cheap was 49%.

Luxury Surge: Sales in the luxury market have increased by an astounding 1,100% from 2019 to this year.

Gurugram Dominance: With a 59% share in the premium market, Gurugram has emerged as the NCR’s hub of luxury homes.

Changing Dynamics: The market’s once-dominant affordable housing category has seen a drop in sales share.

In terms of overall sales numbers:

Approx. 14,630 luxury units were sold in NCR in H1 2024, against approx. 1,580 units in entire 2019.

Approx. 7,730 units are sold in the affordable segment in H1 2024, against approx. 23,180 units in 2019.Price Segmentation: The premium and mid-range markets, which range from Rs. 40 lakh to Rs. 1.5 crore, nevertheless account for a sizable portion of total sales.

The real estate market in Gurugram has been the most active recently out of all the NCR cities. In H1 2024, around 17,570 apartments were sold in Millennium City across a range of price points. Of these, a remarkable 59% (or roughly 10,365 units) were luxury residences, with 27% (or roughly 4,710 units) falling into the inexpensive category. Approximately 13,245 apartments were sold in Gurugram in 2019, of which 4,3%, or roughly 5,740 units, were affordable housing units, according to Anuj Puri, chairman of Anarock. The proportion of luxury properties in sales was a mere 4%, or roughly 470 units.