Luxury sells. And, the capital leads in lapping it up. With this month’s landmark deal of a flat in Gurugram’s DLF Camellias for Rs 190 crore, luxury real estate in Delhi-NCR is on a new high. Among the top seven cities in India, Delhi-NCR stood out with a remarkable 64% share of luxury residential launches in H1 2024, as per real estate consultancy JLL. Several developers, including DLF, TARC, Sobha, Paras Buildtech, M3M India, BPTP, Krisumi Corporation, Central Park, and Experion Developers, have all launched new luxury projects here.
The H12024 saw around 23,500 residential units launched in Delhi-NCR, exceeding the total launches of 2023, which stood at 22,707 units, as per JLL estimates. Gurugram dominated with 55% of the new launches, while Noida contributed 35% in 2024. Notably, over 26% of these new launches, totalling about 6,200 units, comprised luxury apartments (priced at Rs 5 crore or above).
DLF will soon launch 400 residences in DLF Dahlias with prices starting at Rs 80,000 per square foot, and apartments averaging Rs 100 crore each.
Factors driving high price tags include superior amenities, location and exclusivity. Properties in prime urban locations with superior connectivity will command higher prices, along with developments featuring sustainable designs, smart technologies, and luxury finishes. The increasing demand for larger, more personalised spaces will also push prices upward, as will the presence of HNIs and UHNIs seeking investments in high-end assets.
As per Anshuman Magazine, chairman & CEO—India, South-East Asia, Middle East & Africa—CBRE, a commercial real estate services and investments firm, “Factors such as the size of the property, location, and range of amenities offered within a specific micro-market play a significant role in determining price trends. As demand for premium residential spaces continues to grow, especially in key locations with robust infrastructure and connectivity, these elements collectively contribute to price appreciation in the region.”
Anuj Puri, chairman of real estate company, ANAROCK said, “The average property prices in nine months of 2024 witnessed a 32% rise in the top seven cities as against 2023-end, from `6,669 per sq ft in 2023-end to nearly Rs 8,390 sq ft in Q32024. Among the top seven cities, Hyderabad recorded the highest 37% jump with prices here at Rs 7,150 per sq ft as of Q3 2024-end. Bengaluru recorded a 33% rise in average prices in the same period, followed by NCR, which witnessed a 32% increase. Mumbai Metropolitan Region (MMR) witnessed a 26% rise in the period, while Pune recorded an 18% rise in average prices. The increase in prices is largely due to both rising input costs and strong buyer demand.”
ANAROCK data shows that a total of 25 ultra-luxury homes priced over Rs 40 crore were sold in Mumbai, Hyderabad, Gurugram and Bengaluru in the first eight months of 2024 for a collective sales value of approximately Rs 2,443 crore.
The trend to buy luxury homes will continue in 2025 with increased demand in newly developing areas in metros, and prime areas of Tier-2 cities, with improved connectivity and world-class infrastructure, and the rise of luxury gated communities and smart homes.
Ritesh Mehta, senior director, and head (north and west), residential services and developer initiative, JLL India, said, “These developments are set to attract affluent, discerning buyers and reshape the market.”
For 2025, the real estate market in NCR will be supported by infrastructure development, rising housing demand and a flourishing commercial ecosystem.
“Completion of projects like the Dwarka Expressway, Southern Peripheral Road and the Delhi-Mumbai Industrial Corridor and Rapid Transit System with expanding metro lines have enhanced accessibility, fostering both business and residential growth. This will improve connectivity, increasing demand from homebuyers and investors alike. All this is fuelled by rising incomes and investments from HNIs and NRIs,” said Sudeep Bhatt, director-strategy, Whiteland Corporation, a real estate firm which in 2024 collaborated with Marriott International to introduce Westin Residences in Gurugram.
For M3M, high-value real estate transactions with luxury residential properties in Delhi-NCR range from Rs 1 crore to over Rs 20 crore. “The demand is high in areas with rising income levels, strong infrastructure, and increasing urbanisation. Properties near business hubs or serene, upscale locales continue to attract significant interest,” said Yash Garg, director of M3M Noida.
In 2025, 11 listed developers have a significant pipeline of new supply, as per ANAROCK data. Bengaluru-based Prestige Group is one which has maximum (75 million sqft) new supply planned starting H1FY2025. Of this, they launched 10.05 million sqft (or 13%) in H1FY2025 across geographies. Signature Global has the second-highest launch plan with approx. 29.3 million sqft over the next few years. In H1FY2025, they launched about 9.5 million sqft (32%) of their scheduled supply.
“Multiple real estate classes ride high on investor and end-user optimism in 2025,” said Badal Yagnik, CEO, Colliers India, real estate services, adding enquiries and primary sales in plotted developments, villas within gated communities and vacation homes are likely to be strong, while ready-to-move-in properties and reputed developers with established project execution capabilities will continue to be preferred by homebuyers.
Also, infrastructure development will fast-track real estate growth in tier-II & III cities, including temple towns such as Amritsar, Ayodhya, Dwarka, Puri, Shirdi, Tirupati, Varanasi, etc, as per Colliers India report.
Mumbai-based Runwal Realty has built The Residence at Napean Sea Road Malabar Hill in Mumbai which was sold out in April this year for over Rs 50 crore, while apartments at The Reserve at Worli, Mumbai, were sold at over Rs 10 crore each.
NCR-based Gaurs Group is also planning to launch an ultra luxury project in Noida. The company recently launched a Rs 3,100-crore luxury housing project in Ghaziabad that got sold in just three days.