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Delhi-NCR has emerged as the leading housing market in 2024, surpassing Mumbai and Hyderabad, driven by a remarkable 66% surge in sales value in Gurugram alone, as per PropEquity. The region's total sales value has grown by 63% to INR 1.53 lakh crore, crossing the INR 1 lakh crore threshold for the first time. In contrast, Mumbai recorded INR 1.38 lakh crore with a modest increase, while Hyderabad experienced a decline. The report highlighted robust infrastructure development, increased corporate presence, and employment opportunities as key drivers of demand in Delhi-NCR, especially in high-value housing.
Delhi-NCR has overtaken both Mumbai and Hyderabad to become the leading housing market in 2024, owing to a notable 66% rise in sales value in Gurugram alone. With this growth, Delhi-NCR has crossed the INR 1 lakh crore sales value threshold for the first time. Advertisement
According to a report by PropEquity, an NSE-listed real estate data analytics firm, the total sales value in Delhi-NCR increased by 63% in 2024, reaching INR 1.53 lakh crore. In comparison, Mumbai's sales value stood at INR 1.38 lakh crore, marking a 13% rise, whereas Hyderabad recorded INR 1.05 lakh crore, reflecting an 18% decline.
In 2023, Delhi-NCR had registered total home sales worth INR 94,143 crore, Mumbai saw sales worth INR 1.22 lakh crore, and Hyderabad worth INR 1.28 lakh crore. Gurugram, which had achieved sales of INR 64,314 crore in 2023-almost half of Hyderabad's sales value-surpassed Hyderabad in 2024.
Samir Jasuja, Founder and CEO of PropEquity, stated that Gurugram, which alone accounted for over INR 1 lakh crore in sales, contributed more than 66% of the total sales value in Delhi-NCR. This performance helped Delhi-NCR emerge at the top. He remarked that Gurugram's sales value was second only to Mumbai. Cities such as Ghaziabad, Greater Noida, Faridabad, and New Delhi also witnessed a considerable increase in sales value during 2024, although Noida experienced a slight decline.
Jasuja mentioned that the weighted average sales price in Delhi-NCR had risen to INR 12,469 per sq. ft., with the average absorption size of units increasing to 2,229 sq. ft. in 2024. He further observed that over half of the units absorbed were priced at INR 2 crore and above, while around a quarter of the demand was for homes priced between INR 1 crore and INR 2 crore.
He attributed the rising prices and demand buoyancy in Delhi-NCR to robust infrastructure development, an expanding corporate presence, and abundant employment opportunities. He pointed out Delhi-NCR's increasing dominance in office leasing. With the new government in place and the Master Plan Delhi 2041 expected to be implemented soon, he believed the region's real estate market would witness an additional surge with the entry of new supply.
Hyderabad's residential market, however, experienced a significant downturn in 2024. New launches reached their lowest level since 2020, and absorption was the lowest since 2021. The report noted that supply and absorption had declined by 25% and 49% year-on-year, respectively. As a consequence, the inventory overhang had increased from 17 months in calendar year 2023 to 20 months in 2024.
The report also mentioned that Delhi-NCR's share of total home sales value increased from 16% in 2023 to 23% in 2024. Mumbai's share rose slightly from 20% to 21%, while Hyderabad's share fell sharply from 21% to 16%.
The combined sales value across the top nine cities increased by 12% in 2024, rising to INR 6.73 lakh crore from INR 6 lakh crore in 2023. These cities included Delhi-NCR, Mumbai, Navi Mumbai, Pune, Thane, Kolkata, Bengaluru, Chennai, and Hyderabad. The overall trend in India's top nine cities indicates a healthy rise in sales value, reinforcing optimism in the residential real estate sector.
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