Delhi-NCR Real Estate Surges Past ₹1 Lakh Crore in 2024, Outpaces Hyderabad, Mumbai

New Delhi, March 17, 2025: The real estate sector in Delhi-NCR has achieved a historic milestone in 2024, surpassing INR 1 lakh crore in housing sales, with Gurugram emerging as the driving force behind this remarkable growth. According to a report by PropEquity, Delhi-NCR has outpaced Hyderabad and Mumbai, reinforcing its position as India’s leading real estate hub.

The surge in housing sales has been fuelled primarily by the growing demand for luxury and premium homes in Gurugram. The city’s well-developed infrastructure, improved connectivity, and expanding corporate presence have significantly contributed to this unprecedented rise in real estate transactions.

The shift toward high-end residential properties in Delhi-NCR, particularly in Gurugram, has been notable. Developers are responding to evolving homebuyer preferences by offering world-class amenities, sustainable designs, and integrated lifestyle experiences. This shift has not only propelled record-breaking sales but also attracted substantial investments from both domestic and international players. Key drivers of this growth include enhanced infrastructure and seamless connectivity.

Amit Modi, Director, County Group, said, “The increase in prices and strengthening demand in Delhi-NCR is due to strong infrastructure development, growing corporate presence, and more job opportunities. Recently, there has been a significant rise in office leasing in Delhi-NCR. Additionally, the government’s stance towards real estate is also positive, as evident from the last budget and the subsequent reduction in the repo rate. People are now moving towards luxury homes to improve their lifestyles. As a result, there has been a rapid increase in the demand for homes priced at two crores and above. While this trend is expected to continue, a potential stabilization in prices could emerge if supply aligns with demand and interest rates remain conducive to homebuyers.”

Vishal Sabharwal, Head Sales, Orris Group says, the Delhi-NCR’s real estate boom is the direct impact of infrastructure expansion and strong economic growth. The 63 per cent rise in sales of residential properties highlights the growing demand for properties. This substantial growth is largely attributed to Gurugram, where housing sales escalated to 66 per cent. With the advent of the Dwarka Expressway, upcoming metro extensions, and improved road networks, the city has become even more accessible for businesses and residents. This, coupled with Gurugram’s status as a corporate hub, has fueled an influx of professionals seeking premium housing. As connectivity and commercial activity continue to expand, we foresee Delhi-NCR continuing to remain a key driver of India’s property market.

Umesh Rathore, VP-Sales & Marketing at VVIP Group, emphasized the transformation of Delhi-NCR’s luxury housing segment, particularly in Noida-Greater Noida. He noted, “Luxury real estate in the region has evolved tremendously, driven by robust infrastructure, enhanced connectivity, and an increasing appetite for premium living. Noida-Greater Noida, in particular, offers aspirational homebuyers an ideal blend of opulence and investment potential at competitive prices. With property values appreciating and rental yields on the rise, Delhi-NCR is shaping up as India’s next major luxury real estate destination. As future developments unfold, we aim to create projects that cater to this growing demand in this thriving hub.”

Neeraj Sharma, MD of Escon Infra Realtors, underscored the growing investor interest in Delhi-NCR’s real estate market. “With the Noida International Airport nearing completion, land values along the Noida-Greater Noida and Yamuna Expressway corridors have doubled. The upcoming 3,500-hectare Fintech City and dedicated zones for Japanese and Korean enterprises have further attracted developers to the region. As a result, prices along the Noida Expressway have surged by 66 per cent since 2019. Additionally, private equity firms and REITs are channelling capital into Delhi-NCR’s luxury segment, banking on India’s rapid urbanization.”

Gurugram’s ascent as a premier real estate destination is intrinsically linked to its infrastructural advancements. Improved road networks, the expansion of metro corridors, and the development of the Dwarka Expressway have significantly enhanced connectivity to Delhi and other parts of the National Capital Region. These developments have boosted the region’s desirability, attracting both investors and homebuyers. The surpassing of Hyderabad and Mumbai in sales value further underscores investor confidence in Delhi-NCR’s real estate potential, driven by a flourishing startup ecosystem, a steady influx of multinational corporations, and rapid urban expansion.

As policy support strengthens, infrastructure continues to advance, and demand for luxury housing rises, experts believe that Delhi-NCR’s dominance in the real estate sector will persist, making it a prime location for both residential and commercial investments.