A recent report has showed that the luxury real estate market has once again emerged as the star performer in the National Capital Region (NCR).
As per ANAROCK, NCR witnessed a staggering 45% share of sales in the luxury segment during the first half of 2024, a stark contrast to the mere 3% share it held in 2019.
The report highlighted that Gurugram emerged as the epicenter of this luxury housing boom, accounting for nearly 60% of luxury sales in the NCR.
While affordable housing continues to be a significant segment in Noida and Greater Noida, the overall trend leans towards higher-end properties.
Out of NCR’s total housing sales of approximately 32,200 units in H1 2024, only 24% were in the affordable segment. Back in 2019, affordable sales share stood at 49%.
In terms of overall sales numbers, the report highlighted that approx 14,630 luxury units were sold in NCR in H1 2024, against approx 1,580 units in entire 2019.
In the affordable segment, approx 7,730 units are sold in H1 2024, against approx 23,180 units in 2019.
The report highlighted that the luxury segment has witnessed a phenomenal growth of over 1,100% in sales compared to 2019.
While the mid and premium segments ranging between Rs 40 lakh to Rs 1.5 crore continue to be a major contributor to overall sales.
Anuj Puri, chairman of Anarock said, “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% (approx.10,365 units) were luxury homes, followed by 27% (approx. 4,710 units) in the affordable segment. Back in 2019, Gurugram saw approx. 13,245 units sold, of which 43% or approx. 5,740 units were affordable housing,” he added.
In H1 2024, Noida and Greater Noida together saw approx. 8,425 units sold. Of this, 42% (approx. 3,550) units were luxury homes and just 13% (approx. 1,100) units were in the affordable segment.
The highest sales share of 3,770 units or 45% was in the mid and premium segments priced between Rs 40 lakh and Rs 1.5 crore.
In 2019, these two cities together saw the highest sales in NCR – approx. 21,770 units. Of this, 44% (approx. 9,565) units were in the affordable segment, and just 4% (approx. 990) units were in the luxury segment. The maximum sales of 11,215 units or 52% were in the mid and premium segments together.