Delhi NCR’s Luxury Residential Surge

In the first half of 2024, Delhi NCR has significantly outperformed other major Indian cities, capturing a substantial 64 percent share of luxury residential launches among the top seven cities in the country.

Gurugram Leads the Pack

According to real estate consultancy JLL, Gurugram has emerged as the top performer in the luxury residential sector. A staggering 88 percent of luxury launches are concentrated in the Dwarka Expressway and Southern Peripheral Road areas, reflecting a booming demand for high-end residences in these prime locations.

Key Developers in the Luxury Market

Several prominent developers, including DLF Limited, TARC, Sobha Ltd, Paras Buildtech, M3M India, BPTP, Krisumi Corporation, Central Park, and Experion Developers, have contributed to this luxury boom with new project launches.

Strong Market Rebound

The Delhi NCR residential market has experienced a robust rebound in the first half of 2024, with a total of 23,500 units launched. This figure surpasses the 22,707 units launched throughout 2023, signaling a clear shift towards luxury homes.

Luxury Homes Surge

Notably, 26 percent of these new launches, approximately 6,200 units, are luxury apartments priced at Rs 5 crore or above. This is a significant increase from 2023 when only 12 percent of launches were in the luxury segment.

Leading the Luxury Sales

Delhi NCR has led the luxury home sales among India’s top seven cities, accounting for 65 percent of the market share with 4,763 units sold. Factors such as rising disposable incomes, a growing aspirational lifestyle, and infrastructure improvements like the Dwarka Expressway are driving this demand.

Gurugram’s Dominance in Luxury Sales

In H1 2024, approximately 19 percent of total homes sold in Delhi NCR were in the luxury segment, with Gurugram accounting for 81 percent of these sales. The top performing micro-markets in Gurugram include New Gurgaon, Dwarka Expressway, and Southern Peripheral Road.