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The Delhi-NCR real estate market has seen a surge in luxury home demand, with 45% of the 32,200 housing units sold in H1 2024 being luxury properties, up from just 3% in 2019, according to ANAROCK. Gurugram leads this trend, with 10,365 luxury units sold, constituting 59% of its total sales. Noida and Greater Noida follow, with 42% of their 8,425 units being luxury homes. This shift is driven by the increasing number of ultra-high-net-worth individuals and a preference for investment in high-end properties, indicating a sustained trend towards luxury living in the region.
In the past five years, the real estate market in the Delhi-NCR region has seen a notable shift, with a growing demand for luxury homes. Data from ANAROCK, a real estate consultancy, reveals that almost half of the residential real estate sales in the region in the first half of 2024 were in the luxury segment. Advertisement
In the first six months of 2024, Delhi-NCR saw approximately 32,200 housing units sold. Out of these, 45% were luxury homes, which marks a significant increase from the mere 3% in 2019. In contrast, the affordable housing segment, which held a 49% share in 2019, accounted for only 24% of sales in H1 2024.
Gurugram has emerged as the leader in luxury home sales. The city accounted for around 10,365 out of the total luxury units sold in the region in H1 2024. Anuj Puri, chairman of ANAROCK Group, noted that Gurugram saw sales of about 17,570 units across different budget segments in the first half of 2024. Luxury homes made up 59% of these sales, a significant jump from the 3% share in 2019.
Experts attribute this shift to the rising number of ultra-high-net-worth individuals (UHNWIs) and high-net-worth individuals (HNWIs) in the region, along with a growing preference for investment in luxury properties. Aakash Ohri, joint managing director and chief business officer at DLF Homes, highlighted that luxury homes are increasingly sought after for their investment potential and lifestyle benefits. He noted that Gurugram, with its affluent population and lifestyle offerings, has become a preferred choice for luxury homebuyers.
Noida and Greater Noida have also seen substantial sales in the luxury segment. Together, these cities sold around 8,425 units in H1 2024, with 42% of these being luxury homes. This is a stark contrast to 2019, where only 4% of the sales were in the luxury segment. The mid and premium segments, priced between Rs 40 lakh and Rs 1.5 crore, accounted for the highest share of sales in these cities.
Other areas like Ghaziabad, Faridabad, Delhi, and Bhiwadi collectively sold approximately 6,205 units in H1 2024. Among these, the luxury segment accounted for 715 units, while the affordable housing segment saw 1,920 units sold. The mid and premium segments had the highest sales, reflecting a broader trend towards higher-value properties in the region.
In summary, the Delhi-NCR real estate market is experiencing a significant shift towards luxury homes. With the rising number of affluent buyers and the investment potential of high-end properties, this trend is likely to continue in the coming years.
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