by THO
Out of NCR’s total housing sales of approximately 32,200 units in H1 2024, 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%, a report by Anarock has said.
Of the total luxury sales in NCR in H1 2024, Gurugram saw the highest at approximately 10,365 units, followed by Noida and Greater Noida together at 3,550 units and remaining 715 units collectively in Delhi, Ghaziabad, Faridabad and Bhiwadi
Of the total affordable sales in H1 2024, approximately 4,705 units were sold in Gurugram, followed by other cities with 1,920 units and more than 1,100 units in Noida and Greater Noida.
In terms of overall sales numbers, approximately 14,630 luxury units were sold in NCR in H1 2024, against approximately 1,580 units in the entire 2019. Approximately 7,730 units are sold in the affordable segment in H1 2024, against approximately 23,180 units in 2019, the data showed.
Supply of housing units in Delhi-NCR
New supply in sync with demand. Approximately 16,675 affordable units were launched in 2019, against more than 2,570 units in H1 2024; the luxury segment saw approximately 4,230 units launched in 2019 as against more than 18,600 units in H1 2024.
“Among all NCR cities, Gurugram has been the most active real estate market in recent years. Millennium City saw approximately 17,570 units sold across different budget segments in H1 2024. Of these, a whopping 59% (approximately 10,365 units) were luxury homes, followed by 27% (approximately 4,710 units) in the affordable segment,” said Anuj Puri, chairman – ANAROCK Group.
“Back in 2019, Gurugram saw approximately 13,245 units sold, of which 43% or approximately 5,740 units were affordable housing,” says Puri. “The sales share of luxury homes was just 4%, or approximately 470 units.”
Housing sales in Noida and Greater Noida
Noida and Greater Noida together saw approximately 8,425 units sold in H1 2024. Of this, 42% (approximately 3,550) units were luxury homes and just 13% (approximately 1,100) units were in the affordable segment. The highest sales share – 3,770 units or 45% – was in the mid and premium segments priced between ₹40 lakh and ₹1.5 crore, the analysis showed.
In 2019, these two cities together saw the highest sales in NCR – approximately 21,770 units. Of this, 44% (approximately 9,565) units were sold in the affordable segment, and just 4% (approximately 990) units were in the luxury segment. The maximum sales of 11,215 units or 52% were in the mid and premium segments together.
Ghaziabad, Faridabad, Delhi and Bhiwadi together saw approximately 6,205 units sold in H1 2024, of which the luxury segment accounted for more than 715 units, while affordable housing saw 1,920 units sold. The maximum sales of approximately 3,570 units were in the mid and premium segments.
Back in 2019, these cities saw approximately 11,900 units sold, of which the highest share of approximately 7,875 units were in the affordable segment, followed by approximately 3,910 units in the mid and premium segments. Just 115 units sold were luxury homes, the analysis showed.
“The luxury housing market in NCR has seen a transformation with luxury segment sales soaring to 45% in the first half of 2024, up from just 3% in 2019. Gurugram stands out as the epicenter of this trend, contributing nearly 60% of luxury sales in the region. This surge reflects a significant shift in the value placed on homeownership, where luxury homes are increasingly sought after for their investment potential and lifestyle benefits. The substantial returns offered by residential properties, especially luxury homes, have fueled an increasing trend of purchasing homes for investment purposes,” said Aakash Ohri, joint managing director and chief business officer, DLF Homes.
Also Read: Share of luxury homes’ sales now almost at par with affordable housing units
Within NCR, Gurugram, in particular, has emerged as a preferred choice for luxury homebuyers, with a large presence of HNWIs and UHNWIs and a significant rise in the number of affluent millennials in the region, who prefer to stay close to work and are willing to go the extra mile for their convenience and indulgent lifestyle. There has also been a newly stirred up insistence on luxurious integrated townships that offer affluent homes, safety, and security to the home buyers, he added.
