Trend Reversal in NCR Realty: Luxury Housing Sales Share Rises to 45%

Demand in the NCR real estate market has shifted toward the luxury housing segment, according to international property consultant Anarock. The latest research reveals that affordable housing’s share of sales fell to 24% in the first half of 2024, while luxury housing’s share rose to 45%. In the January-June 2024 period, NCR recorded total housing […]

Buildings in NCR reflect a shift towards luxury housing, with luxury sales increasing to 45% of the market in H1 2024. (Flie photo)
by TDG Network - July 31, 2024, 2:13 pm

Demand in the NCR real estate market has shifted toward the luxury housing segment, according to international property consultant Anarock. The latest research reveals that affordable housing’s share of sales fell to 24% in the first half of 2024, while luxury housing’s share rose to 45%.

In the January-June 2024 period, NCR recorded total housing sales of approximately 32,200 units. Of these, over 45% were luxury homes, while 24% were affordable. In comparison, in 2019, luxury home sales constituted only 3% of the market, with affordable housing accounting for 49%.

“Among all NCR cities, Gurugram has been the most dynamic real estate market recently. The Millennium City saw about 17,570 units sold in H1 2024, with 59% (approximately 10,365 units) being luxury homes and 27% (about 4,710 units) in the affordable segment,” said Anuj Puri, Chairman of ANAROCK Group.

In 2019, Gurugram sold 13,245 units, with 43% being affordable and just 4% luxury homes (470 units), Puri added.

Noida & Greater Noida
Noida and Greater Noida together sold 8,425 units in the reviewed period. Of these, 3,550 units were luxury homes, and nearly 1,100 units were affordable. The highest sales share—3,770 units or 45%—was in the mid and premium segments, priced between INR 40 lakh and INR 1.5 crore. In 2019, these cities saw the highest sales in NCR, with approximately 21,770 units. Of these, 44% (about 9,565 units) were affordable, and only 4% (about 990 units) were luxury homes. The majority of sales (52%, or 11,215 units) were in the mid and premium segments.

Ghaziabad, Faridabad, Delhi, and Bhiwadi
These areas saw 6,205 units sold in January-June 2024, with 715+ units in the luxury segment and 1,920 units in the affordable segment. The highest sales—3,570 units—were in the mid and premium segments.

According to Anarock, new supply in the region has adjusted to demand, with developers increasing luxury segment offerings and reducing those for affordable housing. Out of approximately 24,300 units launched in NCR in H1 2024, only 2,570 units (11%) were affordable, while 18,600 units (77%) were luxury.

NCR Housing Sales in H1 2024 & % Share across Budget Segments

NCR Housing Sales in H1 2024 & % Share across Budget Segments