In H1 2024, around 23,500 residential units were launched in Delhi NCR (Delhi NCR residential market includes Delhi, Gurugram, Noida, Ghaziabad and Faridabad), exceeding the total launches of 2023, which stood at 22,707 units. Gurugram dominated with 55% of the new launches, while Noida contributed 35%. Notably, over 26% of these new launches totalling about 6,200 units comprised luxury apartments (priced at INR 5 crore or above). In 2023, only 12% of the launches were in the luxury segment. Developers are increasingly recognising the shift in buyers’ preferences towards bigger and more luxurious homes with superior amenities. Additionally, some developers who previously only catered to affordable and mid-segment homes, are now diversifying their portfolio to include premium and luxury housing.
Among the top seven cities in India, Delhi NCR stood out with a remarkable 64% share of luxury residential launches in H1 2024. Several developers, including DLF Limited, TARC, Sobha Ltd, Paras Buildtech, M3M India, BPTP, Krisumi Corporation, Central Park, and Experion Developers, have launched luxury projects.
Gurugram took the lead in luxury launches during H1 2024 in Delhi NCR, accounting for an impressive 88% share primarily in the Dwarka Expressway and Southern Peripheral Road.
Table 1: Gurugram leads in luxury launches in H1 2024 in Delhi NCR
Source: REIS, JLL Research
Note: Delhi NCR includes Delhi, Gurugram, Noida, Ghaziabad, Sohna and Faridabad
Noida includes Noida city, Greater Noida and Yamuna Expressway. Luxury residential segment is in the price bracket of INR 5 crore and above
Figure 1: Over a quarter of the launches in the first half of 2024 in Delhi NCR were priced at INR 5 crore and above
Source: REIS, JLL Research
Delhi NCR drives ~65% of sales of luxury spaces pan India in H1 2024
Similar to the trend seen in launches, Delhi NCR led the luxury sales among India’s top seven cities, accounting for 65% of the market share totaling 4,763 units sold. Factors like increasing disposable income, an aspirational lifestyle and infrastructure advancements like recent launch of Dwarka Expressway are driving up the demand for luxury housing in the region.
In H1 2024, approximately 19% of the total homes sold in Delhi NCR were in the luxury segment. The new luxury launches saw a remarkable response from the buyers with some projects selling out shortly after their launch. A majority (81%) of the luxury homes sold in the region were in Gurugram. The top performing micro markets in Gurugram includes New Gurgaon, Dwarka Expressway and Southern Peripheral Road.
In the future, it is anticipated that luxury housing sales in Delhi NCR will surpass 8,000 units by the end of CY 2024, representing a twofold increase from the previous year. Furthermore, established developers are actively procuring land in prime locations and growth corridors to meet the increasing demand and launch their projects in the future.
More on 'Residential' in 'India'
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- Repositioning Bengaluru’s residential hotspotsAugust 8, 2024
- Pune’s residential market: beyond a retirement havenMay 31, 2024
- Fractional ownership of vacation homes in IndiaApril 30, 2024
- Technologies reshaping India’s housing sectorApril 5, 2024
