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Housing prices are rising in NCR; sales of luxury apartments worth over 8 crore have increased 36 times
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Aaj Tak
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Housing prices are rising in NCR; sales of luxury apartments worth over 8 crore have increased 36 times

The NCR has transformed from a region limited only to Delhi into one of the country's leading economic and real estate markets. Cities such as Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad play a key role in this development. According to a PropEquity report, the NCR residential real estate market is showing active expansion, with major changes including growing demand, rising housing prices, and strengthening positions of large developers.

According to PropEquity, the total value of residential real estate sales in NCR reached approximately 1.63 lakh crore rupees in 2025, compared to about 94,000 crore rupees in 2023. Thus, the sales value grew by approximately 73 percent over two years. The report indicates that Gurugram contributed the most, where residential real estate worth about 1 lakh crore rupees was sold in 2025.

In addition to the growing demand for housing in NCR, there is also an increase in prices for new projects. Between 2010 and 2025, the compound annual growth rate of the average price of a new residential project was about 12 percent.

The pace of real estate price growth varies across different NCR cities. Between 2021 and 2025, the compound annual growth rate of the average housing price in the Noida Expressway area was about 34 percent. In Greater Noida, this growth reached approximately 33 percent, while in Ghaziabad, the average price grew at a compound annual rate of about 28 percent, and in Faridabad—about 6 percent.

Prices have also risen in many key residential areas of Gurugram, including Golf Course Road, Golf Course Extension Road, Southern Peripheral Road, and Dwarka Expressway, where housing market activity has increased at various levels.

Another significant trend in the NCR housing market is the increased demand for premium and luxury housing. Between 2021 and 2025, sales of homes worth over 8 crore have increased almost 36 times. In the category of 4 to 8 crore, the growth was about 10 times, and sales of homes worth between 2 and 4 crore increased by approximately seven times.

Pushpendra Singh, Managing Director of JMS Group, notes that the luxury real estate market in Gurugram is now forming a unique identity for different areas. Golf Course Road is known for its reputation and premium housing, while Golf Course Extension Road attracts buyers looking for more affordable options with improved amenities. He also emphasized that SPR has good development prospects, and New Gurugram could become the city's main growth center in the coming years. Furthermore, demand for luxury residential projects on Dwarka Expressway has grown due to direct transport connectivity to the airport.

Rishab Perival from Pioneer Urban believes that Golf Course Extension Road is becoming an increasingly popular residential area due to good road infrastructure, fewer traffic jams, and easy mobility. This area focuses on natural lighting, open spaces, and public amenities, attracting buyers who expect an increase in their investment value alongside a high quality of life.

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Housing prices in Delhi-NCR rose by 12%, despite declining sales
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Housing prices in Delhi-NCR rose by 12%, despite declining sales

The real estate market in Delhi-NCR continues to show growth in housing prices. Although the volume of residential sales in the region remains relatively stable, the cost of properties is steadily increasing, with growth rates averaging higher than in other major cities in the country.

According to ANAROCK Research data, the year-on-year increase in residential property prices in NCR reached 12% in the third quarter of 2026. This figure was the highest among seven key Indian cities. When calculated across all seven major cities, the average price of residential property increased by 7% over the same period. While Bangalore showed an annual growth of 8% and ranked second after NCR, in the seven cities, prices only rose by 1% compared to the previous quarter.

ANAROCK data analysis shows that approximately 13,765 homes were sold in NCR during the third quarter of 2026. This is 3% more than the previous quarter, but there was a 1% decline in sales compared to the third quarter of 2025. The situation in other major markets differed. In Bangalore, about 16,670 homes were sold in the third quarter, which is 12% more than the same period last year. In Hyderabad, sales grew by 15% year-on-year, reaching approximately 12,970 units. In MMR, about 31,750 homes were sold, which is 5% more than last year, while in Pune, sales decreased by 6%, totaling about 15,690 units. In Chennai and Kolkata, annual sales figures declined by 10% and 4%, respectively.

Overall, about 100,220 homes were sold across the seven major cities in the third quarter of 2026, representing a 3% increase in sales volume compared to the same quarter last year. Manik Malik, Chairman and CEO of BPTP Limited, noted that the continuous rise in housing prices in key markets reflects structural changes in the market, rather than just a normal cyclical upturn.

He emphasized that today's buyers prefer locations with developed infrastructure, good transport connectivity, and social amenities. This contributes to the long-term appreciation of asset values. Furthermore, the balance between end-user demand and investor confidence is maintained by higher rental yields.

Malik added that markets such as Noida, Gurugram, and Faridabad are benefiting from this trend. Infrastructure growth, improved projects, and changing buyer priorities in these areas are having a positive impact. In his view, a strong market base supports this growth, and the best planned micro-markets with development potential will continue to benefit.

In the third quarter of 2026, approximately 10,900 new residential units were launched in NCR. This is less than the 12,645 units launched in the same period last year, representing a 14% decrease. Nevertheless, over 34% of the new homes presented this quarter were priced above 2.5 crore rupees. This indicates a significant rise in the share of luxury housing in new market projects. When a large portion of new launches falls into the high-end segment, it can contribute to an increase in the average asset value in the market.

Across the seven major cities, homes priced between 80 to 1.5 crore rupees accounted for the largest share of new supply (34%), and 24% of new offerings were in the price range of 1.5 to 2.5 crore rupees. However, in NCR, more than a third of all new offerings exceeded the 2.5 crore rupee mark.

Trends in the supply of new residential projects in NCR differ from some other key markets. In the third quarter of 2026, MMR registered the highest number of new launches—about 37,500 homes, a 27% increase year-on-year. Hyderabad followed, with about 18,950 new homes launched, representing an impressive 120% year-on-year growth. Pune added about 18,730 new homes, which is 3% less than last year. Meanwhile, new offerings in Chennai and Kolkata decreased by 9% and 4%, respectively. Thus, although new project launches in NCR are slowing down by 14%, the growth in average asset value persists. Conversely, in markets like MMR, Bangalore, and Hyderabad, both new supply and annual sales are strengthening.

Location also plays a crucial role in the NCR housing market. Due to improved infrastructure and transport accessibility in various parts of the region, buyers are increasingly choosing areas where it is easy to reach offices, roads, transport hubs, and social infrastructure. Housing in such locations can sell at a premium price, especially if it is part of new projects with enhanced features.

Robin Mangla, President of M3M India, noted that the 12% year-on-year growth in housing prices in NCR reflects the premium commanded by micro-markets with good transport connectivity. He also expressed hope for sustained buyer interest during the festive season, particularly for quality projects that offer superior transport access, diverse amenities, and high long-term value.

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