New Delhi: Delhi-NCR has emerged as the epicenter of India’s booming luxury property market, with a remarkable 34% of homes listed for sale priced above ₹10 crore, according to data from eXP India, the Indian arm of eXP World Holdings. The region has witnessed a staggering 72% increase in luxury property sales between January and September 2024, cementing its status as the most lucrative market for high-end residential real estate in the country.
In contrast, Mumbai — long regarded as India’s luxury property hub — saw a more modest 18% growth in luxury property sales during the same period. Despite the overall rise in luxury sales, only 6% of Mumbai’s available inventory is priced above ₹10 crore. Meanwhile, Hyderabad and Bengaluru, which have been emerging as significant players in the luxury market, each have only 2% of their available inventory priced above this threshold.
The demand for ultra-luxury homes in Delhi-NCR is being fueled by changing lifestyle preferences among India’s affluent class, particularly those seeking expansive, high-quality living spaces. Additionally, investments from Non-Resident Indians (NRIs) and significant infrastructural developments in the region have contributed to this surge. Developers have capitalized on this trend by launching ultra-premium projects aimed at wealthy buyers. Notably, DLF’s $4 billion ultra-luxury project near New Delhi has already sold several units priced at $8 million each, illustrating the strong appetite for premium properties in the region.
Beyond inventory, Delhi-NCR has also witnessed an unprecedented 49% increase in property values over the past year, making it the fastest-growing market in India in terms of price appreciation, as per a report by PropTiger.com. This growth is particularly notable given the rising costs of construction materials and labor. The increase in property values reflects a broader trend of price growth across major cities in India, but Delhi-NCR stands out for its rapid appreciation and sustained demand for luxury homes.
Gurugram, in particular, has played a pivotal role in driving this growth, contributing to over 66% of the total sales value in Delhi-NCR. The city’s property market crossed the ₹1 lakh crore sales value threshold in 2024, with a massive 66% growth in sales value. The total sales value for the entire Delhi-NCR region rose by 63% in 2024 to reach ₹1.53 lakh crore, surpassing Mumbai, which recorded a sales value of ₹1.38 lakh crore, and Hyderabad, which saw a decline to ₹1.05 lakh crore.
Industry experts attribute Gurugram’s rise to its rapidly developing infrastructure, a strong influx of multinational corporations, and its appeal to both domestic and international investors. Other areas within Delhi-NCR, such as Greater Noida, Noida, Ghaziabad, Faridabad, and New Delhi, have also experienced a significant rise in property sales value. However, Noida saw a slight decline, indicating a varied performance within the region.
Samir Jasuja, Founder & CEO of PropEquity, noted, “Gurugram, with over ₹1 lakh crore in sales, alone accounted for over 66% of the total sales value in Delhi-NCR, helping it emerge on top. In fact, the sales value of Gurugram is second only to Mumbai. Cities like Ghaziabad, Greater Noida, Faridabad, and New Delhi have also seen a substantial rise in sales value in 2024.”
The Indian luxury property market’s current growth is also influenced by a broader trend of wealth generation and asset diversification among India’s ultra-rich, who seek prime real estate as a means of safeguarding wealth. Additionally, global economic uncertainties and a fluctuating stock market have driven high-net-worth individuals (HNIs) to consider real estate as a stable, long-term investment.
As the market continues to expand, experts predict that the Delhi-NCR region will remain a dominant force in India’s luxury real estate segment, attracting both domestic and international investors. The surge in high-end residential projects, coupled with growing interest from NRIs and HNIs, suggests that Delhi-NCR’s luxury property market will continue to grow, setting new benchmarks in pricing and demand.
