Delhi-NCR has pipped Mumbai and Hyderabad to emerge as the top selling housing market in 2024 owing to 66% growth in sales value in Gurugram alone. With this, Delhi-NCR has breached the Rs 1 lakh crore sales value threshold.
The total sales value of Delhi-NCR rose by 63% in 2024 to Rs 1.53 lakh crore while that of Mumbai stood at Rs 1.38 lakh crore, up 13% and Hyderabad at Rs 1.05 lakh crore, down 18%, according to a report by data analytics firm PropEquity.
The total sales value of homes sold in 2023 in Delhi-NCR stood at Rs 94,143 crore, Mumbai at Rs 1.22 lakh crore and Hyderabad at Rs 1.28 lakh crore.
The total sales value of Gurugram, at Rs 64,314 crore in 2023, was nearly half of Hyderabad with the former surpassing the latter in 2024.
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Samir Jasuja, Founder & CEO, PropEquity, said, “Gurugram, with over Rs 1 lakh crore sales, alone accounted for over 66% of the total sales value in Delhi-NCR, thereby helping it emerge on the top. In fact, the sales value of Gurugram is second only to Mumbai. Cities like Ghaziabad, Greater Noida, Faridabad and New Delhi have also seen a substantial rise in sales value in 2024. Noida, however, saw a slight decline.”
“In Delhi-NCR, the weighted average sales price has gone up to Rs 12,469 per sq. ft. with absorption size of units rising to 2229 sq. ft. in 2024. More than half of the absorption has been in homes priced Rs 2 crore and above and a quarter in homes priced between Rs 1-2 crore,” he added.
Sharing his views on Gurugram’s strong performance, Adil Altaf, Managing Director, Trinity Infratech, said, “The Gurugram housing market is experiencing strong demand with sales growing by 66%. The city’s real estate market has witnessed a remarkable surge in 2024, with luxury housing sales rising by 66% to approximately Rs 1.07 lakh crore. This growth is driven by the city’s strategic location and ongoing infrastructure developments, such as the Dwarka Expressway and Delhi-Mumbai Expressway. As a major corporate hub, Gurugram attracts professionals seeking premium living spaces. The demand for luxury properties remains robust, fueled by high-net-worth individuals and NRIs. With developers focusing on upscale projects, Gurugram has emerged as a leader in India’s luxury real estate sector, surpassing cities like Mumbai in ultra-luxury housing deals.”
Rising prices and demand buoyance in Delhi-NCR is due to the robust infrastructure development, growing corporate presence and ample employment opportunities as is evident from Delhi NCR’s rising dominance in office leasing. With the new government in place in Delhi, and MPD 2041 likely to see the light of the day, the real estate market will further see a surge with entry of new supply.
Hyderabad’s residential market witnessed a significant downturn in 2024 with new launches lowest since 2020 and absorption lowest since 2021. The supply and absorption have declined by 25% and 49% on Y-o-Y basis, respectively. As a result, the inventory overhang has increased from 17 months in CY’23 to 20 months in CY’24.
The report added that with this feat, the share of homes sales value in Delhi-NCR rose from 16% in 2023 to 23% in 2024. The share of Mumbai in total sales value rose from 20% in 2023 to 21% in 2024 while that of Hyderabad declined from 21% in 2023 to 16% in 2024.
The total sales value of top 9 cities rose by 12% to Rs 6.73 lakh crore in 2024 as compared to Rs 6 lakh crore in 2023.
The top 9 cities are Delhi-NCR, Mumbai, Navi Mumbai, Pune, Thane, Kolkata, Bengaluru, Chennai and Hyderabad.
Commenting on the findings of the report, Santosh Agarwal, CFO & Executive Director at Alpha Corp Development Limited, said, “The strong performance of Delhi-NCR’s real estate market signals a sustained growth trajectory, driven by evolving buyer aspirations and a robust investment climate. At Alpha Corp Development Limited, we anticipate this momentum to continue with increasing demand for high-quality residential and commercial developments. Gurugram remains at the forefront, attracting discerning buyers who seek a blend of premium living and strategic connectivity. Looking ahead, we see innovation, sustainability, and enhanced urban infrastructure as key drivers shaping the next phase of growth. The focus will be on delivering value-driven developments that not only meet market demand but also set new benchmarks in quality and livability.”
Abhishek Trehan, Executive Director, Trehan Iris, said, “The remarkable 63% surge in Delhi-NCR’s real estate market in 2024, with Gurugram alone surpassing Rs 1 lakh crore, is a testament to its position as the epicenter of luxury and premium residential developments. This growth reflects strong buyer confidence, fueled by enhanced infrastructure, regulatory stability, and evolving lifestyle aspirations. As a developer, we remain committed to delivering world-class projects that cater to this dynamic market, ensuring sustainability, innovation, and unmatched living experiences. Moreover, the future of Delhi-NCR’s real estate market looks more promising than ever, attracting both end-users and investors alike.”
Vipin Sharma, Founder and Chairman, Aarize Group, said, “Gurugram’s real estate market showcased remarkable resilience and growth, with housing sales surpassing Rs 1.07 lakh crore. This surge underscores the city’s evolution into a premier destination for luxury living, driven by robust infrastructure and a burgeoning corporate presence. The substantial investments reflect not just economic prosperity but also a collective aspiration for elevated lifestyles. As Gurugram continues to attract discerning homeowners and investors, it solidifies its position as a beacon of modern urban development, blending contemporary amenities with strategic connectivity. This milestone is a testament to the city’s dynamic transformation and its promising trajectory in the real estate landscape.”
