NCR Sees a Shift Towards Luxury Housing, Sales of Affordable Units Dip
NCR's housing market is witnessing a trend reversal, with luxury units seeing a significant surge and affordable housing sales dipping. Gurugram leads the pack in luxury home sales.
NcrHousing SalesLuxury HousingAffordable HousingReal Estate MarketReal Estate NewsJul 31, 2024
In comparison, luxury home sales were mere 3% in 2019, while affordable sales stood at 49%. The data revealed that 14,630 luxury units were sold in NCR in H1 2024, a significant jump from 1,580 units in the entire year of 2019. Meanwhile, affordable housing sales saw 7,730 units sold in H1 2024, a decline from 23,180 units sold in 2019.
Gurugram, known as the 'Millennium City', has emerged as the most active real estate market in NCR. The city saw approximately 17,570 units sold across different budget segments in H1 2024. Of these, a whopping 59% (around 10,365 units) were luxury homes, followed by 27% (around 4,710 units) in the affordable segment. In 2019, Gurugram saw approximately 13,245 units sold, with 43% (around 5,740 units) in the affordable segment, and just 4% (around 470 units) in the luxury segment.
Noida and Greater Noida together saw 8,425 units sold in H1 2024, with 42% (3,550 units) in the luxury segment, and 13% (1,100 units) in the affordable segment. The highest sales share of 45% (around 3,770 units) was in the mid and premium segments priced between Rs 40 lakh and Rs 1.5 crore. In 2019, Noida and Greater Noida saw sales of 21,770 units, with 44% (9,565 units) in the affordable segment, and just 4% (990 units) in the luxury segment.
Ghaziabad, Faridabad, Delhi, and Bhiwadi together saw 6,205 units sold in H1 2024, of which the luxury segment accounted for over 715 units, while affordable housing saw 1,920 units sold. The maximum sales of 3,570 units were in the mid and premium segments.
ANAROCK Group is a leading real estate consultancy firm that provides research-based insights and advisory services to the industry ANAROCK Group is a renowned real estate services company that offers comprehensive solutions to the industry, including research, advisory, and consultancy services.
Frequently Asked Questions
What is the current trend in the NCR housing market?
The current trend in the NCR housing market is a shift towards luxury units, with 45% share in H1 2024, while affordable housing sales have dipped to 24%.
Which city is leading the pack in luxury home sales in NCR?
Gurugram is leading the pack in luxury home sales in NCR, with 59% of the total sales in H1 2024 being luxury units.
What is the sales share of mid and premium segments in Noida and Greater Noida?
The sales share of mid and premium segments in Noida and Greater Noida is 45%, with around 3,770 units sold in H1 2024.
What is the total number of units sold in NCR in H1 2024?
The total number of units sold in NCR in H1 2024 is approximately 32,200 units.
What is the sales share of luxury units in Gurugram in 2019?
The sales share of luxury units in Gurugram in 2019 was just 4%, with around 470 units sold.
Related News Articles
Resilient Delhi-NCR Real Estate Market Sees 95% Surge in New Launches in Q2 FY 2024
Despite a mixed performance in Tier 1 cities, Delhi-NCR's residential market shines with a 95% year-on-year increase in new launches.
India on Track to Become Asia's Real Estate Hub, Surpassing China
India's real estate market is booming, driven by a young population, increasing urbanization, and a growing middle class, while China's market struggles with excess supply and high debt levels.
Investing in a Plotted Development Project near Mumbai? Here's What You Need to Know
Several real estate developers have launched plotted development and villa projects in areas such as Lonavala, Khandala, Dapoli, Alibag, and Karjat near Mumbai.
Ventive Hospitality Files Draft IPO Papers to Raise Rs 2,000 Crore
Ventive Hospitality, a joint venture between Blackstone Group and Panchshil Realty, has filed preliminary papers with Sebi to raise Rs 2,000 crore through an initial public offering (IPO).
Jai Corp and RIIL Stocks Surge Post Maharashtra Elections; Infrastructure Optimism Drives Rally
Jai Corp and RIIL shares witnessed a robust rally of up to 20% following the BJP-led alliance's win in the Maharashtra assembly elections, fueled by strong trading volumes and positive infrastructure outlook.
BDA to Unveil 50,000 Residential Sites Along PRR-2 with PPP
The Bangalore Development Authority (BDA) has announced the launch of 50,000 residential sites along the Peripheral Road Ring-2 (PRR-2) under a Public-Private Partnership (PPP) model. This initiative aims to address the growing housing demand and promote