The luxury real estate market has once again emerged as the star performer in the National Capital Region (NCR). According to the latest data from ANAROCK, NCR witnessed a staggering 45% share of sales in the luxury segment during the first half of 2024, a stark contrast to the mere 3% share it held in 2019.
Gurugram has emerged as the epicenter of this luxury housing boom, accounting for nearly 60% of luxury sales in the NCR. While affordable housing continues to be a significant segment in Noida and Greater Noida, the overall trend leans towards higher-end properties.
ANAROCK data indicates that out of NCR’s total housing sales of approximately 32,200 units in H1 2024, only 24% were in the affordable segment. Back in 2019, affordable sales share stood at 49%.
In terms of overall sales numbers:
- Approx. 14,630 luxury units were sold in NCR in H1 2024, against approx. 1,580 units in entire 2019.
- Approx. 7,730 units are sold in the affordable segment in H1 2024, against approx. 23,180 units in 2019.
Key Highlights:
- Luxury Surge:The luxury segment has witnessed a phenomenal growth of over 1,100% in sales compared to 2019.
- Gurugram Dominance: Gurugram has emerged as the luxury housing capital of the NCR, with a 59% share in the luxury segment.
- Shifting Dynamics: The affordable housing segment, which once dominated the market, has seen a decline in sales share.
- Price Segmentation: The mid and premium segments (Rs 40 lakh – Rs 1.5 crore) continue to be a major contributor to overall sales.
“Among all NCR cities, Gurugram has been the most active real estate market in recent years. Millennium City saw approx. 17,570 units sold across different budget segments in H1 2024. Of these, a whopping 59% (approx.10,365 units) were luxury homes, followed by 27% (approx. 4,710 units) in the affordable segment. Back in 2019, Gurugram saw approx. 13,245 units sold, of which 43% or approx. 5,740 units were affordable housing,” said Anuj Puri, chairman of Anarock. The sales share of luxury homes was just 4%, or approx. 470 units.
Source : Business-Standard
