Delhi NCR Leads India’s Luxury Property Boom, Delhi NCR is currently witnessing an extraordinary surge in its luxury property market, positioning itself as the prime beneficiary of India’s escalating demand for high-end homes. A remarkable 34% of the properties listed for sale in the region are priced at ₹10 crore or more, underscoring the robust appetite for premium real estate in Delhi NCR.
Unprecedented Growth in Delhi NCR Luxury Home Sales
Data from eXP India reveals a staggering 72% increase in luxury property sales in Delhi NCR between January and September 2024. This phenomenal growth significantly outpaces Mumbai, which recorded a comparatively modest 18% increase during the same period. This data firmly establishes Delhi NCR as a frontrunner in the luxury housing segment.
Factors Fueling the Demand for Premium Real Estate
Several factors are contributing to this burgeoning demand for luxury homes. Evolving lifestyle preferences among affluent buyers, who are seeking more spacious and high-quality living environments, are a primary driver. Additionally, investments from Non-Resident Indians (NRIs) and ongoing infrastructural developments are further fueling this demand for upscale properties in Delhi NCR.
Developers are actively responding to this demand by investing heavily in high-end residential projects. A notable example is DLF’s $4 billion ultra-luxury project near New Delhi, which has already seen significant sales of units priced at $8 million each, highlighting the strong buyer interest in ultra-luxury residences in Delhi NCR.
Delhi NCR Outshines Other Metropolitan Cities
Interestingly, the availability of luxury properties differs significantly across major Indian cities. Mumbai currently has only 6% of its listed homes priced at ₹10 crore or more, followed by Gurugram at a mere 3%. Hyderabad and Bengaluru both stand at 2%. While Bengaluru’s limited stock in areas like Sarjapur Road and Bellary Road continues to attract high-net-worth individuals, reinforcing its status as a top luxury destination, Hyderabad is also emerging as a significant player in India’s luxury property market.
Soaring Property Values in the Delhi NCR Housing Market
The Delhi NCR housing market has also experienced an impressive 49% increase in property values over the past year, leading the nation in price appreciation, according to PropTiger.com. This substantial surge is primarily driven by the sustained demand for luxury homes in Delhi NCR, despite rising construction costs.
This rise in property values is part of a broader trend across major Indian cities, but Delhi NCR’s rapid appreciation sets it apart. Areas like Gurugram, Greater Noida, and Noida have witnessed significant sales increases, even as national housing markets experienced an overall decline in sales volume.
Delhi NCR Emerges as the Top-Selling Housing Market
In a significant shift, Delhi NCR has surpassed Mumbai and Hyderabad to become the top-selling housing market in 2024. This achievement is largely attributed to a remarkable 66% growth in sales value in Gurugram alone. Consequently, Delhi NCR has breached the ₹1 lakh crore sales value threshold, as reported by PropEquity.
The total sales value in Delhi NCR surged by 63% in 2024 to ₹1.53 lakh crore, while Mumbai recorded ₹1.38 lakh crore (a 13% increase) and Hyderabad stood at ₹1.05 lakh crore (an 18% decrease). This remarkable growth underscores the dominance of Delhi NCR in the current real estate landscape.
Gurugram: A Key Contributor to Delhi NCR’s Success
Gurugram, with over ₹1 lakh crore in sales, alone accounted for over 66% of the total sales value in Delhi NCR, propelling the region to the top. In fact, Gurugram’s sales value is second only to Mumbai. Other cities within the NCR, including Ghaziabad, Greater Noida, Faridabad, and New Delhi, have also witnessed substantial increases in sales value in 2024. Noida, however, experienced a slight decline.
Samir Jasuja, Founder & CEO of PropEquity, aptly noted, “Gurugram, with over ₹1 lakh crore in sales, alone accounted for over 66% of the total sales value in Delhi-NCR, helping it emerge on top. In fact, the sales value of Gurugram is second only to Mumbai. Cities like Ghaziabad, Greater Noida, Faridabad, and New Delhi have also seen a substantial rise in sales value in 2024. Noida, however, saw a slight decline.”
In conclusion, Delhi NCR’s luxury property market is experiencing unprecedented growth, driven by strong demand for high-end homes, rising property values, and significant sales volumes, firmly establishing its position as the leading luxury real estate destination in India.
