Luxury Homes Boom in NCR: Gurugram Leads the Way
The National Capital Region (NCR) has transformed from a hub of dubious real estate activities to one of India’s most dynamic property markets. Over the past five years, there has been a notable shift in housing demand towards luxury homes.
Rising Demand for Luxury Homes
According to recent data, out of the 32,200 housing units sold in NCR during the first half of 2024, over 45% were luxury homes, while 24% were affordable homes. This is a significant change from 2019, when only 3% of sales were luxury homes and 49% were affordable homes.
Gurugram: The Most Active Market
Anuj Puri, Chairman of ANAROCK Group, highlighted that Gurugram has been the most active real estate market in recent years. In the first half of 2024, Gurugram saw 17,570 units sold, with 59% being luxury homes and 27% affordable homes. In contrast, in 2019, only 4% of sales were luxury homes, while 43% were affordable homes.
Noida and Greater Noida
Noida and Greater Noida together sold 8,425 units in the first half of 2024. Of these, 42% were luxury homes, and 13% were affordable homes. The mid and premium segments, priced between Rs 40 lakh and Rs 1.5 crore, accounted for the highest sales share at 45%.
Other NCR Cities
Other cities in the region, including Ghaziabad, Faridabad, Delhi, and Bhiwadi, sold 6,205 units in the first half of 2024. The luxury segment accounted for 715 units, while the affordable segment saw 1,920 units sold. The mid and premium segments had the maximum sales at 3,570 units.
Shift in Property Supply
Developers have responded to the changing demand by increasing the supply of luxury homes and reducing the supply of affordable homes.
Doubts Revealed
NCR -: NCR stands for National Capital Region. It includes Delhi and nearby cities like Gurugram, Noida, and Greater Noida.
Gurugram -: Gurugram, also known as Gurgaon, is a city near Delhi. It is known for its modern buildings and many offices.
luxury homes -: Luxury homes are very expensive houses with high-end features like big rooms, fancy kitchens, and sometimes even swimming pools.
units sold -: Units sold refers to the number of houses or apartments that people have bought.
developers -: Developers are companies or people who build houses, apartments, and other buildings.
affordable housing -: Affordable housing means houses or apartments that are priced lower so that more people can afford to buy them.
