Luxury Homes in Delhi NCR: Gurugram Leads the Way with 88% of Launches
Delhi NCR drives 65% of luxury home sales this year, Gurugram leads with 88% of launches in the first half of 2024, according to JLL.
Delhi NcrGurugramLuxury HomesReal EstateIndiaReal Estate NewsSep 10, 2024
Several developers, including DLF Limited, TARC, Sobha Ltd, Paras Buildtech, M3M India, BPTP, Krisumi Corporation, Central Park, and Experion Developers, have launched luxury projects.
Gurugram takes the lead, with 88% of all launches concentrated in the Dwarka Expressway and Southern Peripheral Road regions. This impressive growth reflects the increasing demand for premium residences in these areas.
The Delhi NCR residential market witnessed a strong rebound in H1 2024, with a total of 23,500 units launched. This surpassed the total launches of 2023, which stood at 22,707 units, indicating a growing preference for luxury homes.
Developers are responding to the changing preferences of buyers, who are increasingly seeking larger, more luxurious homes with superior amenities. This trend has led to a surge in luxury launches, even from developers who previously focused on affordable and mid-segment housing.
Gurugram dominated with 55% of the new launches, while Noida contributed 35%. Notably, over 26% of these new launches totalling about 6,200 units comprised luxury apartments (priced at Rs 5 crore or above). In 2023, only 12% of the launches were in the luxury segment.
Delhi NCR led the luxury sales among India’s top seven cities, accounting for 65% of the market share totaling 4,763 units sold. Factors like increasing disposable income, an aspirational lifestyle and infrastructure advancements like recent launch of Dwarka Expressway are driving up the demand for luxury housing in the region.
In H1 2024, approximately 19% of the total homes sold in Delhi NCR were in the luxury segment. A majority (81%) of the luxury homes sold in the region were in Gurugram. The top performing micro markets in Gurugram includes New Gurgaon, Dwarka Expressway and Southern Peripheral Road.
Frequently Asked Questions
What is the percentage of luxury residential launches in Delhi NCR in the first half of 2024?
64%
Which city has emerged as the top performer in the luxury segment in Delhi NCR?
Gurugram
What is the estimated revenue potential of the two luxury group housing plots acquired by Godrej Properties Ltd. in Gurugram?
Rs 3,400 crore
What is the expected growth in luxury housing sales in Delhi NCR by the end of CY 2024?
Twofold increase from the previous year
Which company is set to launch Camellias-II in Gurgaon, with apartments potentially starting at Rs 60 crore for 10,000 square feet?
DLF
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