The real estate landscape in the Delhi-National Capital Region (NCR) has undergone significant transformations over the past five years, with a notable shift in housing demand towards the luxury segment. According to data released by ANAROCK, a prominent real estate consultancy firm, luxury homes accounted for a staggering 45 percent of the total residential real estate sales in Delhi-NCR during the first half of 2024.
Surge in Luxury Home Sales
In the first six months of 2024, Delhi-NCR witnessed the sale of approximately 32,200 housing units, with luxury homes making up over 45 percent of these sales. This translates to around 14,630 luxury units sold, a significant increase from the 1,580 units sold in 2019. The shift in preference is evident when comparing the data from 2019, where only 3 percent of the sales were luxury homes, while affordable housing constituted 49 percent of the market with 23,180 units sold.
Gurugram: The Epicenter of Luxury
Gurugram has emerged as the leader in luxury home sales within the Delhi-NCR region. In H1 2024, Gurugram accounted for 10,365 of the total luxury units sold. The city’s real estate market has shown remarkable growth, with 59 percent of its total housing sales in the luxury segment. In contrast, back in 2019, luxury homes only represented 3 percent of the market in Gurugram, highlighting the dramatic shift in buyer preferences.
Anuj Puri, chairman of ANAROCK Group, emphasized Gurugram’s dominance in the luxury segment, stating, “Among all NCR real estate markets, Gurugram has been the most active in recent years. The city’s sales of around 17,570 units across different budget segments in H1 2024 demonstrate its appeal, particularly in the luxury market.”
Aakash Ohri, joint managing director and chief business officer of DLF Homes, noted the rising value placed on homeownership and the investment potential of luxury homes. “The substantial returns offered by residential properties, especially luxury homes, have fueled an increasing trend of purchasing homes for investment purposes,” he said.
Noida and Greater Noida: Steady Growth in Luxury
Noida and Greater Noida collectively sold approximately 8,425 units in H1 2024, with 42 percent (around 3,550 units) in the luxury segment. The mid and premium segments also performed well, accounting for 45 percent of total sales. This marks a significant shift from 2019, where these regions saw the highest sales in the affordable segment.
Other Regions: Balanced Growth
Other areas like Ghaziabad, Faridabad, Delhi, and Bhiwadi also contributed to the overall sales, with approximately 6,205 units sold in H1 2024. Of these, 715 units were luxury homes, while affordable housing accounted for 1,920 units. The mid and premium segments saw the highest sales with around 3,570 units.
Conclusion
The rising demand for luxury homes in the Delhi-NCR region, particularly in Gurugram, underscores a significant shift in buyer preferences towards high-end, investment-worthy properties. This trend highlights the growing affluence and investment potential within the region, making it a hotspot for luxury real estate.
