Delhi-NCR has pipped Mumbai and Hyderabad to emerge as the top-selling housing market in 2024, owing to 66 per cent growth in sales value in Gurugram alone.
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Delhi-NCR has pipped Mumbai and Hyderabad to emerge as the top-selling housing market in 2024, owing to 66 per cent growth in sales value in Gurugram alone.
As per a recent report by an NSE-listed real estate data analytics firm, Delhi-NCR has breached the Rs 1 lakh crore sales value threshold.
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The total sales value of Delhi-NCR rose by 63 per cent in 2024 to Rs 1.53 lakh crore, while that of Mumbai stood at Rs 1.38 lakh crore, up 13 per cent and Hyderabad at Rs 1.05 lakh crore, down 18 per cent, PropEquity said.
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The total sales value of homes sold in 2023 in Delhi-NCR stood at Rs 94,143 crore, Mumbai at Rs 1.22 lakh crore, and Hyderabad at Rs 1.28 lakh crore.
The total sales value of Gurugram, at Rs 64,314 crore in 2023, was nearly half of Hyderabad, with the former surpassing the latter in 2024, it added.
Speaking on the numbers, Samir Jasuja, Founder & CEO, PropEquity said, “Gurugram, with over Rs 1 lakh crore sales, alone accounted for over 66 per cent 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.”
“In Delhi-NCR, the weighted average sales price has gone up to Rs 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 at Rs 2 crore and above and a quarter in homes priced between Rs 1-2 crore.”
Talking about the rise in price in Delhi-NCR, Jasuja said that the 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.
The report added that with this feat, the share of home sales value in Delhi-NCR rose from 16 per cent in 2023 to 23 per cent in 2024. The share of Mumbai in total sales value rose from 20 per cent in 2023 to 21per cent in 2024 while that of Hyderabad declined from 21 per cent in 2023 to 16 per cent in 2024.
The total sales value of top 9 cities rose by 12 per cent to Rs 6.73 lakh crore in 2024 as compared to Rs 6 lakh crore in 2023.
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