Delhi NCR’s housing market records sales moderation during 2025

• Nearly 11,100 residential units were sold in Q4 2025, taking total annual sales to approximately 39,000 units. This represents a decline of nearly 22% compared to 2024 and is indicative of a slowdown in sales momentum.
• Gurgaon dominated residential sales in 2025 with a 43% share, followed by Noida (34%) and Ghaziabad (22%). Sales momentum was driven by prime residential submarkets such as Dwarka Expressway, Sohna Road, Yamuna Expressway and Raj Nagar Extension.

Residential launches in 2025 decline marginally

• In Delhi NCR, 12,055 residential units were launched in Q4 2025, taking total the annual total to nearly 42,500 units. This represents a marginal 2% decline y-o-y. Together, Gurgaon and Noida comprised 80% of new supply.
• Key submarkets such as Yamuna Expressway, Sohna Road, New Gurgaon, Dwarka Expressway and Indirapuram dominated new residential launches in 2025, with supply led by prominent developers such as M3M, Godrej Properties and Prestige Estates.

Overall capital values and rents strengthen over the year

• Average residential capital values in Q4 2025 reflected a 12.6% y-o-y growth, driven by strong annual price appreciation in key markets like Ghaziabad (22.3%), followed by Gurgaon (12.5%) and Noida (10.1%).
• Gurgaon recorded 12% y-o-y price growth as it remained a sought-after residential destination, followed by Ghaziabad at 4.5% and Noida at 3.8%. Delhi and Faridabad witnessed a marginal uptick of approximately 2%.

Outlook: Prices stagnate due to slower sales momentum

• Residential launches are expected to moderate slightly in the coming months due to the sales slowdown. However, the long-term outlook remains positive, supported by continued land acquisitions by developers in Gurgaon and Noida.
• Prime markets including Gurgaon, Noida and Ghaziabad are likely to drive residential sales momentum in 2026 due to the availability of new supply. Capital values and rental rates are likely to stagnate in the short to medium term.