The National Capital Region (NCR) has witnessed a significant shift in housing demand trends, with the luxury housing segment gaining substantial traction over affordable housing in the first half of 2024. According to the latest Anarock data, out of the approximately 32,200 units sold in NCR in H1 2024, 45 per cent were in the luxury segment, while only 24 per cent were in the affordable segment.
In contrast, 2019 saw a dominant affordable housing market with a 49 per cent share, selling about 23,180 units, whereas the luxury segment comprised a mere 3 per cent, with 1,580 units sold.
In H1 2024, the NCR housing market saw significant shifts, with approximately 14,630 units sold in the luxury segment and around 7,730 units in the affordable segment. Gurugram led the luxury market with 10,365 units sold, followed by 4,705 affordable units. Noida and Greater Noida combined sold 3,550 luxury units and 1,100 affordable units. The rest of NCR, including Delhi, Ghaziabad, Faridabad, and Bhiwadi, accounted for 715 luxury units and 1,920 affordable units.
Comparing 2019 to H1 2024, the total units sold in NCR decreased from 46,920 to 32,200, with the affordable segment dropping from 49 per cent to 24 per cent and the luxury segment rising from 3 per cent to 45 per cent. In terms of new supply, H1 2024 saw 24,300 units launched, with 77 per cent (18,600 units) in the luxury segment and only 11 per cent (2,570 units) in the affordable segment. In 2019, out of 35,280 units launched, 47 per cent (16,680 units) were affordable, and 12 per cent (4,230 units) were luxury units.
Gurugram’s Market Leadership:
Anuj Puri, Chairman – ANAROCK Group, says, “Among all NCR cities, Gurugram 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 per cent (approx.10,365 units) were luxury homes, followed by 27 per cent (approx. 4,710 units) in the affordable segment.”
“Back in 2019, Gurugram saw approx. 13,245 units sold, of which 43 per cent or approx. 5,740 units were affordable housing,” says Puri. “The sales share of luxury homes was just 4 per cent, or approx. 470 units.”
The combined region of Noida and Greater Noida sold 8,425 units in H1 2024, with 42 per cent in the luxury segment and 45 per cent in the mid and premium segments. Ghaziabad, Faridabad, Delhi, and Bhiwadi together saw 6,205 units sold, with a balanced distribution across budget segments.
The NCR housing market’s shift towards luxury reflects changing consumer preferences and demand patterns, leading to a corresponding adjustment in new supply dynamics across the region.
