NCR's Real Estate Market Sees Significant Shift Towards Luxury Housing
The National Capital Region (NCR) has witnessed a remarkable transformation in its real estate market, with a significant shift towards luxury housing. According to recent data, luxury housing now accounts for over 45% of the total housing sales in NCR, w
Ncr Real EstateLuxury HousingAffordable HousingAnarock GroupGurugramReal EstateAug 08, 2024
The latest Anarock data indicated that out of NCR's total housing sales of approx. 32,200 units in H1 2024, an over 45% share was in the luxury segment, and 24% in the affordable segment. Back in 2019, sales of luxury homes were a mere 3% while the affordable sales share stood at 49%.
In terms of overall sales numbers
Approx. 14,630 luxury units were sold in NCR in H1 2024, against approx. 1,580 units in entire 2019.
Approx. 7,730 units are sold in the affordable segment in H1 2024, against approx. 23,180 units in 2019.
Gurugram, a city in NCR, has been the most active real estate market in recent years. Millennium City saw approx. 17,570 units sold across different budget segments in H1 2024. Of these, a whopping 59% (approx.10,365 units) were luxury homes, followed by 27% (approx. 4,710 units) in the affordable segment.
Anuj Puri, Chairman – Anarock Group, says, “Among all NCR cities, Gurugram has been the most active real estate market in recent years. Back in 2019, Gurugram saw approx. 13,245 units sold, of which 43% or approx. 5,740 units were affordable housing.”
Noida and Greater Noida together saw approx. 8,425 units sold in H1 2024. Of this, 42% (approx. 3,550) units were luxury homes and just 13% (approx. 1,100) units were in the affordable segment.
Other cities like Ghaziabad, Faridabad, Delhi, and Bhiwadi together saw approx. 6,205 units sold in H1 2024, of which the luxury segment accounted for 715+ units, while affordable housing saw 1,920 units sold.
New supply dynamics in the region have followed demand, with developers adding more supply in the luxury segment and curtailing it in the affordable segment.
Out of approx. 24,300 units launched in NCR in H1 2024 across budget segments, just 2,570 units or 11% were in the affordable segment – a massive 18,600 units, or 77%, were in the luxury segment.
Frequently Asked Questions
What is the current trend in NCR's real estate market?
The current trend in NCR's real estate market is a significant shift towards luxury housing, with luxury housing accounting for over 45% of the total housing sales.
What is the sales share of luxury homes in Gurugram?
In Gurugram, the sales share of luxury homes is 59% (approx.10,365 units) in H1 2024.
What is the new supply dynamics in NCR?
New supply dynamics in NCR have followed demand, with developers adding more supply in the luxury segment and curtailing it in the affordable segment.
What is the sales share of affordable housing in Noida and Greater Noida?
In Noida and Greater Noida, the sales share of affordable housing is just 13% (approx. 1,100) units in H1 2024.
What is the total number of units launched in NCR in H1 2024?
Approx. 24,300 units were launched in NCR in H1 2024 across budget segments.
Related News Articles
Piyush Goyal Hands Over Keys to 149 Families in Kandivali: A New Chapter Begins
Union Minister Piyush Goyal recently handed over the keys to 149 families in Kandivali, marking a significant step towards the completion of the Slum Rehabilitation Authority (SRA) housing project. During the event, Goyal emphasized the importance of timely project execution and warned contractors and real estate builders against derailing such initiatives.
Maharashtra Rolls Out Online Property Registration from May 1
In a significant move to streamline property transactions, the Maharashtra government will launch an online property registration system from May 1 under the 'One State One Registration' program. This initiative aims to simplify the process for residents and businesses, enhancing transparency and reducing bureaucratic delays.
MahaRERA Orders Developers to Refund Buyers Amid Complaints Over Pending Home Sales
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against developers in Pune, a region heavily affected by pending home sales. MahaRERA has ordered developers to refund buyers to address the growing complaints.
BMW Art Car Collection Tours the Globe to Celebrate 50th Anniversary
The prestigious BMW Art Car Collection is embarking on a global tour to mark its 50th anniversary. This exclusive exhibition will showcase some of the most iconic and artistically significant vehicles, including works by Roy Lichtenstein, Andy Warhol, and
Sunteck Realty Reports 33% Year-on-Year Growth in Pre-Sales for Q2 2024
Real estate developer Sunteck Realty has reported a 33% year-on-year increase in pre-sales, reaching Rs 524 crore for the quarter ended September 2023. The company also recorded a 25% rise in collections to Rs 267 crore.
Transforming Corporate Landscapes: The New Era of Real Estate
In the ever-evolving world of real estate, corporate landscapes are undergoing a significant transformation. From eco-friendly offices to high-tech business hubs, the future of corporate real estate is bright and promising. This article explores the trend