NCR's Real Estate Renaissance: Gurugram and Noida Lead the Way in 2025

In 2025, the National Capital Region (NCR) experienced a significant turnaround in its real estate market, moving away from the volatility and uneven growth of previous years. This year was characterized by a more balanced and role-driven performance, with Gurugram and Noida-Greater Noida leading the way.

H1 2025 data showed Delhi-NCR recording over 5,100 luxury home sales, with Gurugram accounting for the majority of these premium transactions. The demand for luxury homes in Gurugram was driven by a growing preference for lifestyle-led living, with buyers increasingly prioritizing factors like clean air, green spaces, and overall well-being.

In contrast, Noida-Greater Noida delivered steady, scale-led performance through the year, supported by progress on the Noida International Airport, expanding metro connectivity, and the gradual maturation of industrial and IT corridors. The region's infrastructure developments played a crucial role in attracting both residential and commercial investments.

Sahil Agrawal, CEO of Nimbus Group, highlighted the growing importance of environmental concerns in real estate development. 'The environment is no longer a peripheral concern; it is the new luxury. Health and air quality must now sit at the core of urban planning and real estate development. Buyers are increasingly prioritizing clean air, green spaces, and overall well-being over purely aesthetic features,' he said. Looking ahead to 2026, lowering AQI levels will require collective accountability from developers, governments, and citizens alike.

Dr. Gautam Kanodia, Founder of KREEVA and Kanodia Group, noted a shift in luxury buyers' preferences in Gurugram. 'One of the clearest shifts we noticed in 2025 was how focused luxury buyers became about location within Gurugram. Instead of broad preferences, attention narrowed to specific micro-markets like SPR, New Gurugram, and others. These corridors are benefiting from tangible infrastructure upgrades, better connectivity, and the availability of larger, low-density luxury developments,' he explained. Luxury housing in Gurugram is becoming increasingly corridor-led, with demand concentrating in these micro-markets, offering both lifestyle depth and long-term appreciation.

Umang Jindal, CEO of Homeland Group, emphasized Gurugram's unique combination of strong luxury housing demand, global connectivity, and visible infrastructure progress. 'Buyer conversations this year were far more mature; families and investors are thinking long-term, evaluating livability, access, and community planning rather than just pricing. But the real driver has been sustained wealth creation and employment growth,' he said.

Ashwani Kumar of Pyramid Infratech highlighted the role of infrastructure in enhancing connectivity and making previously underserved areas more appealing to luxury buyers. 'The luxury segment, particularly in Gurugram, played a pivotal role, supported by evolving lifestyle preferences, higher disposable incomes, and a clear shift towards spacious, well-planned homes. Improved infrastructure has enhanced connectivity, making previously underserved areas more appealing to luxury buyers,' he noted.

Prop Equity data showed a year-on-year rise in residential sales value across leading Tier-II cities in Q1 2025, reflecting sustained end-user and first-time investor participation. These trends positioned Tier-II markets not just as spillover destinations but as complementary growth centers contributing meaningfully to NCR's evolving real estate cycle.

Sehaj Chawla, Managing Director of TREVOC Group, emphasized the growth of real estate in emerging cities. 'As 2025 comes to a close, India's real estate sector reveals a highly growth-oriented market. Not only did metro cities and NCR record a massive demand for luxury residential spaces, but tier 2 cities also rose in prominence. 2026 will add further impetus to these developments, and tier 2 cities, especially those close to the NCR, will share a significant portion of the growth. We also expect the RBI to maintain its proactive stance, which will further bring down interest rates and boost the sector,' he said.

Complementing the residential recovery, commercial and retail real estate emerged as a key validation layer for NCR's growth in 2025. Harinder Singh Hora, Founder Chairman of Reach Group, pointed out the strong phase of expansion for India's retail real estate. '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. Both high-street and enclosed retail formats performed well, supported by rising demand for organized retail as consumers increasingly gravitate towards structured, experience-led destinations in well-connected urban catchments,' he said.

Pankaj Jain, Founder and Chairman of SPJ Group, highlighted the growing traction for mixed-use developments in Gurugram. '2025 sharpened the industry's focus on where commercial retail demand is forming in Gurugram. Beyond established corridors, retail space demand gained traction in micro-markets where residential catchments have matured, but organized retail supply remains limited. Notably, pockets of Old Gurugram—long driven by dense, self-sustained neighborhoods—re-emerged as strong consumption hubs as infrastructure upgrades, improved road connectivity, and renewed developer interest unlocked latent demand,' he said.

Azad Ahmad Lone, President of Business Development and Operations at Biigtech, noted the strong commercial performance of Noida and Greater Noida. 'In NCR, Noida and Greater Noida had one of their strongest commercial years in 2025. Average office rentals in the city have increased 18% between 2019 and 2025, benefiting from a combination of infrastructure readiness, improved connectivity, and sustained demand from IT, data centers, and manufacturing-linked occupiers. What stood out was the quality of leasing; occupiers were clear about efficiency, compliance, and future scalability,' he said.

As NCR looks ahead, 2025 stands out as the year the region entered a more mature and clearly segmented phase of its real estate cycle. Together, Gurugram, Noida, and tier 2 markets now operate with sharper roles and clearer demand drivers, reducing volatility and improving depth across the region.