The real estate market in Delhi-NCR has changed a lot in the first half of 2024. According to Anarock, a top real estate consultancy luxury housing now makes up 45% of total sales. Delhi-NCR Affordable housing share dips to 24%. This is a big shift from 2019 when luxury homes were only 3% of the market. Back then affordable housing was 49%.
Gurugram known as the Millennium City leads this trend. In the first half of 2024 Gurugram sold about 10,365 luxury units. This is much more than Noida and Greater Noida which together sold 3,550 luxury units. Other cities like Delhi, Ghaziabad, Faridabad and Bhiwadi sold a combined 715 luxury units.
Several factors explain this rise. More high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) live in Gurugram. Affluent millennials also prefer luxury homes near their workplaces. The investment potential and lifestyle perks of luxury homes make them attractive to buyers.
Decline in Affordable Housing Sales
Delhi-ncr affordable housing share dips. In the first half of 2024 Gurugram sold around 4,705 affordable units. Other cities sold about 1,920 units. Noida and Greater Noida sold over 1,100 affordable units. Overall the affordable segment saw 7,730 units sold as this is a sharp drop from the 23,180 units sold in 2019.
Buyer preferences have shifted to mid and premium segments. Many buyers now want homes that balance affordability with premium features. This has led to a drop in demand for strictly affordable housing.
Changing Market Dynamics
Total housing sales in Delhi-NCR for the first half of 2024 were about 32,200 units. Of these luxury units made up 14,630. This is a big jump from the 1,580 luxury units sold in all of 2019. This shift shows a growing preference for luxury homes. People see them as better investments and enjoy the improved lifestyle they offer.
The market has adjusted to these changes. In the first half of 2024 over 18,600 luxury units were launched. This is up from 4,230 units in 2019. Meanwhile the launch of affordable units dropped from 16,675 units in 2019 to just 2,570 units in 2024 which have led to delhi-ncr affordable housing share dips.
Performance in Other NCR Cities
Noida and Greater Noida together sold about 8,425 units in the first half of 2024. Of these 42% were luxury homes (about 3,550 units). Only 13% were affordable homes (about 1,100 units) due to which delhi-ncr affordable housing share dips. The mid and premium segments priced between ₹40 lakh and ₹1.5 crore had the highest sales share and they accounted for 45% (about 3,770 units).
In 2019 these two cities sold about 21,770 units. Affordable housing made up 44% of sales (about 9,565 units) and luxury homes were just 4% (about 990 units). The mid and premium segments together made up 52% of sales (about 11,215 units).
Ghaziabad, Faridabad, Delhi, and Bhiwadi together sold about 6,205 units in the first half of 2024. Of these the luxury segment accounted for more than 715 units. The affordable segment saw 1,920 units sold and the mid and premium segments had the highest sales with about 3,570 units.
In 2019 these cities sold about 11,900 units. The affordable segment had the highest share with 7,875 units. The mid and premium segments followed with about 3,910 units. The luxury segment had only 115 units sold.
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