Gurugram: The Real Estate Powerhouse of NCR in 2025

The year 2025 was a turning point for the National Capital Region (NCR) real estate market, which had been experiencing post-pandemic volatility. Gurugram, a city on the outskirts of New Delhi, emerged as the powerhouse of the region, excelling in residential, commercial, and retail segments. This transformation was fueled by infrastructural advancements, strong end-user confidence, and disciplined supply.

Gurugram led residential absorption, especially in the premium and luxury categories. According to JLL, Delhi-NCR recorded sales of 5,168 luxury homes in the first half of 2025, a year-on-year increase of 8.5%. Gurugram accounted for 91% of these transactions, helping NCR capture nearly 65% of luxury home sales across India’s top seven cities. In terms of supply trends, Gurugram’s dominance became even more pronounced. In the third quarter of 2025, Delhi-NCR saw the launch of 10,245 new housing units, with 87% of luxury launches concentrated in Gurugram.

The surge in buyer demand can be attributed to infrastructural advancements, particularly corridors like Southern Peripheral Road and the Dwarka Expressway. These corridors contributed 61% of the city’s luxury housing sales, underlining how completed and near-complete connectivity projects have become decisive factors in purchase decisions. Established locations such as Golf Course Road continued to attract steady interest, but limited fresh supply pushed emerging corridors like SPR into the spotlight as new centers of high-end residential activity.

Pricing trends reflected this shift. The weighted average launch price in Gurugram stood at Rs 15,175 per sq ft, marking a sharp 30% quarter-on-quarter rise, while annual price appreciation reached 12%, the highest in NCR. Rental markets also remained firm, with luxury housing in Gurugram registering a 10% year-on-year growth, reinforcing the city’s appeal for both end-users and long-term investors.

Rajjath Goel, Managing Director of MRG Group, commented, “2025 has been a year of transformation for NCR, where infrastructure delivery has turned the Dwarka Expressway into India's most aspirational luxury corridor. The 3.5-fold rise in prices over five years reflects a decisive shift: buyers are now prioritizing lifestyle and convenience over simple proximity, driving massive demand for premium 3 and 4 BHK homes. With the expressway operational and UER II strengthening connectivity, we are seeing the market mature from a speculative zone into a stable, future-ready urban hub. As we head into 2026, the supply-demand gap at the top end remains the primary driver for value creation, making this the region’s most consistent engine for both investors and end-users.”

Gurugram’s rise was not limited to housing. The city also reinforced its position as NCR’s corporate epicenter. According to Knight Frank, the first half of 2025 marked the highest-ever office leasing in the region, with around 7.2 million sq ft absorbed. Gurugram alone accounted for about 65% of this leasing activity, a jump of nearly 900 basis points compared with the same period last year. Demand was led by Global Capability Centres and domestic corporates, with Golf Course Road and Cyber City emerging as the most sought-after office hubs in terms of both pricing and occupancy.

Sandeep Chhillar, Founder and Chairman of Landmark Group, said, “2025 has been a remarkable year for the real estate sector, registering impressive growth numbers across the residential and commercial markets in key cities. While each market witnessed strengthened sentiments, Delhi-NCR emerged as one of the most resilient and outperforming regions, backed by infrastructure momentum, enhanced connectivity, and a sharp rise in end-user confidence. Within NCR, Gurugram led the growth, particularly in the luxury housing and Grade-A office segments.”

Retail real estate added a third pillar to Gurugram’s breakout year. A CBRE report showed that retail leasing in Delhi-NCR jumped about 25% in the first half of 2025, led by fashion and apparel brands, which accounted for 35% of leasing activity. Homeware and departmental stores absorbed another 30%, while food and beverage operators and lifestyle retailers made up the rest. Vacancy levels in Grade A retail spaces, especially in Gurugram, fell below 3%, triggering competitive leasing for prime locations.

Harinder Singh Hora, Founder Chairman of Reach Group, noted, “As per industry reports, 2025 marked a strong phase of expansion for India’s retail real estate, with Q3 emerging as a key inflection point as gross leasing touched nearly 3.2 million sq. ft, reflecting an estimated 64% year-on-year growth, led largely by markets such as Delhi NCR and Hyderabad.”

Beyond its core markets, Gurugram’s momentum also spilled into the wider NCR region. Developers increasingly turned their attention to peripheral locations such as Sonipat, Panipat, Kundli, and Karnal, seeking early-mover advantages as infrastructure improves and affordability draws fresh demand.

Udit Jain, Director of ONE Group, stated, “2025 has turned out to be a resilient and confidence-building year for Indian real estate. Residential sales across key markets grew by an estimated 10–12%, driven largely by strong end-user demand and a renewed preference for home ownership.”

The year 2025 proved to be a blockbuster for Gurugram, and with a flurry of infrastructure developments, the city is poised for an even better 2026.