by THO
Delhi-NCR has pipped Mumbai and Hyderabad to emerge as the top selling housing market across nine cities in 2024 owing to 66% growth in sales value in Gurugram alone. With this, Delhi-NCR has breached the ₹1 lakh crore sales value threshold, a report by PropEquity, a real estate data analytics firm has said.
The total sales value of Delhi-NCR rose by 63% in 2024 to ₹1.53 lakh crore while that of Mumbai stood at ₹1.38 lakh crore, up 13% and Hyderabad at ₹1.05 lakh crore, down 18%, according to a report by NSE-listed real estate data analytics firm PropEquity.
The total sales value of homes sold in 2023 in Delhi-NCR stood at ₹94,143 crore, Mumbai at ₹1.22 lakh crore and Hyderabad at ₹1.28 lakh crore, it said
Gurugram housing market witnessed strong demand for luxury homes last year with sales rising 66% to nearly ₹1.07 lakh crore last year from ₹64,314 crore in 2023 calendar year, according to PropEquity. The total sales value of Gurugram, at ₹64,314 crore in 2023, was nearly half of Hyderabad with the former surpassing the latter in 2024.
PropEquity did not mention the name of real estate companies that have achieved strong sales in Gurugram last year.
“Gurugram, with over ₹1 lakh crore sales, alone accounted for over 66% of the total sales value in Delhi-NCR thereby helping it emerge on the top. In fact, the sales value of Gurugram is second only to Mumbai. Cities like Ghaziabad, Greater Noida, Faridabad and New Delhi have also seen a substantial rise in sales value in 2024. Noida, however, saw a slight decline,” said Samir Jasuja, founder and CEO, PropEquity.
“In Delhi-NCR, the weighted average sales price has gone up to ₹12,469 per sq. ft. with absorption size of units rising to 2229 sq. ft. in 2024. More than half of the absorption has been in homes priced ₹2 crore and above and a quarter in homes priced between ₹1-2 crore,” he said.
Factors contributing to the increase in property values and demand in Delhi-NCR
Rising prices and demand buoyance in Delhi-NCR is due to the robust infrastructure development, growing corporate presence and ample employment opportunities as is evident from Delhi NCR’s rising dominance in office leasing, it noted.
“With the new government in place in Delhi, and MPD 2041 likely to see the light of the day, the real estate market will further see a surge with the entry of new supply,” he said.
Hyderabad’s residential market witnessed a significant downturn in 2024 with new launches lowest since 2020 and absorption lowest since 2021. The supply and absorption have declined by 25% and 49% on Y-o-Y basis, respectively. As a result, the inventory overhang has increased from 17 months in CY’23 to 20 months in CY’24, the report noted.
The report added that with this the share of homes sales value in Delhi-NCR rose from 16% in 2023 to 23% in 2024. The share of Mumbai in total sales value rose from 20% in 2023 to 21% in 2024 while that of Hyderabad declined from 21% in 2023 to 16% in 2024.
