During the first half of 2024, Gurugram recorded the highest number of luxury sales in the NCR region, totaling approximately 10,365 units.
The demand for luxury homes in India is rising rapidly. According to the most recent data from ANAROCK, approximately 32,200 housing units were sold in the NCR during the first half of 2024. Of these sales, over 45% were in the luxury segment, while 24% were in the affordable segment. In contrast, back in 2019, luxury home sales accounted for only 3% of the total, with affordable housing sales making up 49%.
The total sales figures show that around 14,630 luxury units were purchased in NCR during the first half of 2024, compared to approximately 1,580 units in the entirety of 2019. Additionally, about 7,730 units were sold in the affordable segment in H1 2024, in contrast to around 23,180 units sold in 2019.
Most luxury homes sold in Gurugram
During the first half of 2024, Gurugram recorded the highest number of luxury sales in the NCR region, totaling approximately 10,365 units. This was followed by Noida and Greater Noida combined, with 3,550 units, and the remaining 715 units were collectively sold in Delhi, Ghaziabad, Faridabad, and Bhiwadi.
In the first half of 2024, Gurugram saw the highest number of affordable units sold, totaling approximately 4,705 units. Following Gurugram, other cities recorded 1,920 units sold, with Noida and Greater Noida combined selling over 1,100 units.
Commenting on the same, Vikas Garg, Joint Managing Director, Ganga Realty, said, “Gurugram is witnessing an unprecedented shift in buyer preferences towards luxury homes in the NCR region. The surge in demand for high-end properties, as highlighted by Anarock’s latest report, underscores the evolving aspirations of modern homeowners. Our focus remains on delivering premium, innovative living spaces that cater to this growing market segment. The significant increase in luxury unit launches in the first half of 2024 reflects our commitment to meeting the sophisticated needs of our discerning clientele.”
Expressing similar sentiments, Saransh Trehan, Managing Director, Trehan Group, said, “Gurugram’s spectacular rise in the luxury real estate market is a testament to its growing appeal as a premier destination for high-end living. The remarkable sales figures, with over 10,000 luxury units sold in the first half of 2024 alone, reflect the city’s robust infrastructure, world-class amenities, and strategic location. We are proud to contribute to Gurugram’s transformation into a hub of opulent residential spaces, independent floors in particular, catering to the sophisticated tastes of our clientele. This trend reinforces our commitment to creating exceptional homes that define luxury and exclusivity.”
Shiven Vikram Bhatia, Executive Director, Splendor Group, said, “The surge in luxury real estate sales in Gurugram is a clear indicator of the city’s evolving market dynamics and its position as a sought-after locale for upscale living. With over 10,365 luxury units sold in the first half of 2024, it’s evident that discerning buyers are seeking unparalleled quality, superior amenities, and prime locations. As developers, we are dedicated to fulfilling this demand by offering exquisite properties that not only meet but exceed the expectations of our elite clientele. Gurugram’s growth trajectory in the luxury segment is a promising sign of the city’s bright future in real estate.”
Launch of luxury homes
Anarock’s report further states the recent supply dynamics in the region have aligned with market demand, as developers have increased offerings in the luxury category while reducing those in the affordable sector.
In the first half of 2024, approximately 24,300 units were introduced in the National Capital Region across various price ranges, with only 2,570 units, representing 11%, classified as affordable. In stark contrast, a significant 18,600 units, or 77%, were designated for the luxury market. This shift is notable when compared to 2019, when around 35,280 units were launched in the area, with more than 47%—approximately 16,680 units—falling into the affordable category, while only about 12% (around 4,230 units) were in the luxury segment.
