Luxury Homes Dominate Delhi-NCR Real Estate Market, Affordable Housing Sales Share Dips
Luxury home sales in Delhi-NCR have surged to 45% in the first half of 2024, while affordable housing sales share dipped to 24%, a report by Anarock has revealed.
Real EstateLuxury HomesAffordable HousingDelhi NcrGurugramNoidaGreater NoidaReal Estate NewsAug 01, 2024
Gurugram saw the highest luxury sales in Delhi-NCR at approximately 10,365 units, followed by Noida and Greater Noida together at 3,550 units. The remaining 715 units were collectively sold in Delhi, Ghaziabad, Faridabad, and Bhiwadi. In terms of overall sales numbers, approximately 14,630 luxury units were sold in NCR in H1 2024, against approximately 1,580 units in the entire 2019.
The supply of housing units in Delhi-NCR has also seen a significant shift, with new launches in sync with demand. Approximately 16,675 affordable units were launched in 2019, against more than 2,570 units in H1 2024; the luxury segment saw approximately 4,230 units launched in 2019 as against more than 18,600 units in H1 2024.\n\nAnuj Puri, Chairman of ANAROCK Group, said, 'Among all NCR cities, Gurugram has been the most active real estate market in recent years. Millennium City saw approximately 17,570 units sold across different budget segments in H1 2024. Of these, a whopping 59% (approximately 10,365 units) were luxury homes, followed by 27% (approximately 4,710 units) in the affordable segment.
Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Homes, added, 'The luxury housing market in NCR has seen a transformation with luxury segment sales soaring to 45% in the first half of 2024, up from just 3% in 2019. Gurugram stands out as the epicenter of this trend, contributing nearly 60% of luxury sales in the region.
This surge reflects a significant shift in the value placed on homeownership, where luxury homes are increasingly sought after for their investment potential and lifestyle benefits.'Anarock is a leading real estate consulting firm in India, providing a wide range of services to developers, investors, and property buyers.
DLF Homes is a leading developer of luxury homes in India, with a strong presence in the Delhi-NCR region.Delhi-NCR is one of the largest and most populous urban agglomerations in the world, with a thriving real estate market.\n\n The region has seen rapid growth and development in recent years, driven by its proximity to the national capital and excellent connectivity.
Frequently Asked Questions
What is the current share of luxury home sales in Delhi-NCR?
According to a report by Anarock, luxury home sales in Delhi-NCR have surged to 45% in the first half of 2024.
Which city in Delhi-NCR has seen the highest luxury sales?
Gurugram has seen the highest luxury sales in Delhi-NCR, with approximately 10,365 units sold in H1 2024.
What is the reason behind the surge in luxury home sales in Delhi-NCR?
The surge in luxury home sales in Delhi-NCR reflects a significant shift in the value placed on homeownership, where luxury homes are increasingly sought after for their investment potential and lifestyle benefits.
How has the affordable housing segment performed in Delhi-NCR?
The affordable housing segment in Delhi-NCR has seen a decline in sales share, dipping to 24% in H1 2024, from 49% in 2019.
What is the outlook for the luxury housing market in Delhi-NCR?
The luxury housing market in Delhi-NCR is expected to continue growing, driven by increasing demand for luxury homes and the presence of affluent millennials in the region.
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