NCR Residential Sales Cross Rs 1.53 Lakh Crore, Outpace MMR
Delhi-NCR has quietly overtaken Mumbai to become India's top-performing housing market, and the numbers behind this shift are hard to ignore. According to data from real estate analytics firm PropEquity, Delhi-NCR has surpassed Mumbai and Hyderabad to become the top-selling housing market in 2024, with the region achieving a remarkable 63% increase in total sales value, culminating in a record Rs 1.53 lakh crore. For context, Mumbai's sales value increased by only 13%, reaching Rs 1.38 lakh crore, putting NCR firmly ahead of its historic rival for the first time in recent memory.
The story of this surge is really the story of one city: Gurugram. Gurugram alone accounted for 66% of total sales value, emerging as a powerhouse contributing over Rs 1 lakh crore in sales value, a staggering growth of 66% compared to previous years. PropEquity founder and CEO Samir Jasuja put it plainly: "Gurugram, with over Rs 1 lakh crore sales, alone accounted for over 66% of the total sales value in Delhi-NCR." As a result, Delhi-NCR's home sales share rose from 16% to 23% in 2024.
What's fueling this rally? Industry voices point squarely at infrastructure. Vishal Sabharwal, Head of Sales at Orris Group, explained that "Gurugram's 66 per cent growth has been driven by the development of the Dwarka Expressway, new metro lines, and improved road connectivity, making the city more attractive for businesses and homebuyers." Amit Modi, Director of County Group, added that "the rise in prices and strong demand showed the region's growing corporate presence and job market," noting that "government policies, such as the repo rate cut, have further boosted the sector."
Buyer behaviour has shifted decisively toward premium and luxury homes. More than half of the absorption is in homes priced at Rs 2 crore and above, reflecting a growing demand for luxury properties. Modi observed this trend up close: "People are now upgrading to luxury homes to enhance their standard of living. Hence, there has been a steep rise in the demand for homes priced two crores and above." This isn't a one-off spike either — momentum has carried into 2025. JLL research shows luxury homes in the National Capital Region bucked the broader slowdown with a 9% year-on-year sales growth in H1 2025, with the segment clocking 5,168 units sold, up from 4,763 units a year ago.
Within NCR, the concentration of demand has become even sharper. Delhi NCR emerged as the undisputed leader, accounting for 65% of all luxury sales across the top seven Indian cities, with Gurugram dominating with a staggering 91% share of sales within NCR. Two corridors in particular have become the epicentre of this activity: luxury demand in Gurugram was concentrated along the Southern Peripheral Road (SPR) and the Dwarka Expressway, which together contributed 61% of the city's luxury housing absorption. JLL's Senior MD for North & East, Manish Aggarwal, summed it up: "Gurugram has firmly established itself as the epicentre of luxury real estate in India… The SPR and Dwarka Expressway corridors are now particular hotspots."
Pricing trends back up this migration of demand. The weighted average sales price in Delhi-NCR has gone up to Rs 12,469 per sq. ft. with absorption size of units rising to 2229 sq. ft. in 2024, and more than half of the absorption has been in homes priced Rs 2 crore and above and a quarter in homes priced between Rs 1-2 crore. Looking further out, ANAROCK data shows the region's luxury segment has appreciated even faster: Delhi-NCR saw the steepest jump of 72 per cent in luxury home prices over three years, followed by MMR (43 per cent) and Bengaluru (42 per cent).
For homebuyers, the takeaway is straightforward: NCR, and Gurugram specifically, is no longer a value alternative to Mumbai — it's setting the pace. New supply is also arriving fast along the winning corridors. Q3 2025 saw 10,245 new housing units launched across NCR, with 87% of luxury launches concentrated in Gurugram, meaning buyers today have more choice than ever, but also face a market where early entry into the right micro-market matters more than it used to. Developers with an established presence along SPR, Dwarka Expressway, and Golf Course Extension Road are best positioned to benefit from this demand shift, and Smart World's portfolio sits directly in these high-growth corridors.
