Delhi-NCR Real Estate Sets Record in Q3 2024

New Delhi, December 23, 2024: Delhi-NCR is rewriting India’s real estate playbook. In Q3 2024, it emerged as the frontrunner among the country’s major markets, registering the sharpest housing price hike at 32 per cent year-on-year (YoY). With sustained demand for luxury homes and increased activity in premium segments, the region is outpacing its peers in growth and market momentum. 

Breaking Records: India’s Housing Market in 2024 

The Indian real estate market is close to the end of a record-breaking year. According to a JLL India study, the top seven cities—Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata—are expected to collectively sell over 300,000 homes worth ₹510,000 crore by the end of 2024. The total saleable area is pegged at 485 million sq ft, reflecting strong buyer interest and renewed confidence. 

Delhi-NCR remains a key driver in this surge. Micro-markets like Dwarka Expressway and Golf Course Extension/Sohna Road have seen prices skyrocket by over 50 per cent YoY, fueled by luxury projects and demand for spacious homes. Noida Expressway has also been among the frontrunners in NCR.

Says Amit Modi, Director County Group, “With steady price appreciation and high consumer confidence, NCR continues to attract attention from both buyers and investors. The 32 per cent YoY price surge in Q3 2024 underscores the region’s growing prominence. This growth is not just a result of rising demand but also the strategic focus of developers on delivering premium projects that cater to modern lifestyles and aspirations”

Luxury Housing Drives Momentum 

The luxury housing segment—defined by units priced at ₹4 crore and above—witnessed unprecedented growth. Sales in this category shot up by 37.8 per cent YoY between January and September 2024, as highlighted in CBRE South Asia’s India Market Monitor Q3 2024 – Residential report. 

Says Sandeep Chhillar, Founder and Chairman, Landmark Group, “The market has seen a clear pivot from affordable housing to luxury and ultra-luxury offerings. Developers focus on high-demand areas while recalibrating their portfolio to include compact homes for price-sensitive buyers and larger units—3BHK and 4BHK—for families seeking more space. Gurugram and its emerging corridors stand out as a highly lucrative market with high demand for luxury homes in the region.”

This shift is evident in price trends, with larger homes in cities like Bengaluru and Delhi-NCR experiencing price hikes of up to 26 per cent YoY. 

Says Prateek Tiwari, Managing Director, Prateek Group, “Demand from affluent buyers, including NRIs and HNIs, is driving this trend. NCR has emerged as a preferred destination, thanks to a blend of premium housing, improved infrastructure, and proximity to key economic hubs. Siddharth Vihar in Ghaziabad has been an active realty market throughout the year demonstrating its potential of quality living and high capital appreciation.”

Sustained Price Growth Across Cities 

Housing prices in India’s top eight cities rose by an average of 11 per cent YoY in Q3 2024, reaching ₹11,000 per sq ft. However, Delhi-NCR outshone all with its 32 per cent YoY price jump. Bengaluru followed at 24 per cent YoY, showcasing robust growth in the southern market. 

Says Sehaj Chawla, MD, TREVOC: “NCR is fast overtaking India’s top real estate market on most parameters. A longer-term perspective shows even more dramatic changes. Compared to pre-pandemic levels in early 2020, Delhi-NCR housing prices have soared by 75 per cent, underscoring its increasing prominence and upward growth.”

Delhi-NCR Leads the Way 

While Delhi-NCR is surging ahead, some cities are hitting saturation. Markets like Pune, Hyderabad, and MMR are nearing a plateau in sales and new launches. Supply shortages in NCR and Tier II cities may lead to a fresh wave of new launches in the coming quarters. 

Says Gautam Kanodia, Founder KREEVA and Kanodia Group says: “As India’s real estate market transforms, Delhi-NCR has emerged as a clear winner. Strong luxury demand, steep price growth, and robust sales activity cement its position as a market leader. With the momentum likely to continue, NCR is setting the pace for India’s real estate growth story in 2024 and beyond.”

Future Positive

Looking ahead, market fundamentals remain strong. Potential repo rate cuts in 2025 could further fuel housing demand, ensuring steady growth across segments. Flexible payment plans, incentives, and a focus on luxury offerings are set to keep the market vibrant in the coming year.

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