The luxury real estate market has once again emerged as the top performer in the National Capital Region (NCR). According to the most recent ANAROCK data, NCR had an astounding 45% share of luxury sales in the first half of 2024, up from a measly 3% share in 2019.
Gurugram has emerged as the core of the luxury property boom, accounting for approximately 60% of all luxury sales in the NCR. While inexpensive housing remains a prominent market in Noida and Greater Noida, the general trend is towards higher-end buildings.
According to ANAROCK data, only 24% of NCR's total home sales of around 32,200 units in the first half of 2024 were affordable. In 2019, the affordable sales share amounted at 49%.
In terms of overall sales figures:
In the first half of 2024, around 14,630 luxury units were sold in the NCR, compared to 1,580 units in all of 2019. Furthermore, approximately 7,730 units were sold in the affordable segment, compared to approximately 23,180 in 2019.
Luxury Surge: Sales in the luxury market increased by more than 1,100% compared to 2019.
Gurugram Dominance: Gurugram has emerged as the NCR's luxury housing capital, accounting for 59% of the luxury market.
Changing Dynamics: The cheap housing segment, which once dominated the market, has suffered a decrease in sales share. Price Segmentation: The mid and premium sectors (Rs 40 lakh to Rs 1.5 crore) continue to be significant contributors to overall sales.
"Among all NCR cities, Gurugram has been the most active real estate market in recent years. Millennium City saw approx. 17,570 units sold across different budget segments in H1 2024. Of these, a whopping 59% (approx.10,365 units) were luxury homes, followed by 27% (approx. 4,710 units) in the affordable segment. Back in 2019, Gurugram saw approx. 13,245 units sold, of which 43% or approx. 5,740 units were affordable housing,” said Anuj Puri, chairman of Anarock.The sales proportion of luxury properties was only 4%, or approximately 470 units.
Noida and Greater Noida
Noida and Greater Noida sold approximately 8,425 units in H1 2024. Of these, 42% (about. 3,550) were luxury residences, while just 13% (approx. 1,100) were in the inexpensive category. The mid and premium classes, priced between Rs 40 lakh and Rs 1.5 crore, saw the biggest sales share (3,770 units or 45%).
In 2019, these two cities combined had the greatest sales in NCR, totaling over 21,770 units. Of this, 44% (about. 9,565) were in the inexpensive class, while only 4% (approx. 990) were in the luxury category. The maximum sales of 11,215 units, or 52%, were in the mid and premium divisions combined.
In H1 2024, around 6,205 units were sold in Ghaziabad, Faridabad, Delhi, and Bhiwadi, including 715+ units in the premium market and 1,920 in affordable housing. The mid and premium segments saw the highest sales, totaling approximately 3,570 units.
And back in 2019, these cities sold approximately 11,900 units, with the inexpensive sector accounting for approximately 7,875 units, followed by the mid and premium segments with approximately 3,910 units. And only 115 of the units sold were luxury houses.
