The luxury real estate market has once again emerged as the star performer in the National Capital Region (NCR). According to the latest data from ANAROCK, NCR witnessed a staggering 45% share of sales in the luxury segment during the first half of 2024, a stark contrast to the mere 3% share it held in 2019.
Gurugram has emerged as the epicenter of this luxury housing boom, accounting for nearly 60% of luxury sales in the NCR. While affordable housing continues to be a significant segment in Noida and Greater Noida, the overall trend leans towards higher-end properties.
In terms of overall sales numbers:
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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.
Key Highlights:
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Luxury Surge: The luxury segment has witnessed a phenomenal growth of over 1,100% in sales compared to 2019. -
Gurugram Dominance: Gurugram has emerged as the luxury housing capital of the NCR, with a 59% share in the luxury segment. -
Shifting Dynamics: The affordable housing segment, which once dominated the market, has seen a decline in sales share. -
Price Segmentation: The mid and premium segments (Rs 40 lakh – Rs 1.5 crore) continue to be a major contributor 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 share of luxury homes was just 4%, or approx. 470 units.
Noida & Greater Noida
Noida and Greater Noida together saw approx. 8,425 units sold in H1 2024. Of this, 42% (approx. 3,550) units were luxury homes and just 13% (approx. 1,100) units were in the affordable segment. The highest sales share – 3,770 units or 45% – was in the mid and premium segments priced between Rs 40 lakh and Rs 1.5 crore.
In 2019, these two cities together saw the highest sales in NCR – approx. 21,770 units. Of this, 44% (approx. 9,565) units were in the affordable segment, and just 4% (approx. 990) units were in the luxury segment. The maximum sales of 11,215 units or 52% were in the mid and premium segments together.
Other Cities
Ghaziabad, Faridabad, Delhi and Bhiwadi together saw approx. 6,205 units sold in H1 2024, of which the luxury segment accounted for 715+ units, while affordable housing saw 1,920 units sold. The maximum sales of approx. 3,570 units were in the mid and premium segments.
Back in 2019, these cities saw approx. 11,900 units sold, of which the highest share of approx. 7,875 units were in the affordable segment, followed by approx. 3,910 units in the mid and premium segments. Just 115 units sold were luxury homes.
First Published: Aug 01 2024 | 10:51 AM IST
