The luxury real estate market in Delhi-NCR is witnessing an extraordinary upswing, with a remarkable 72 percent increase in sales recorded from January to September 2024. Over 34 percent of the homes available for sale in Delhi-NCR are listed at prices of Rs 10 crore or higher, according to data analyzed by eXP India, the Indian division of the global real estate company eXP World Holdings.

This growth rate surpasses that of other prominent Indian cities, including Mumbai, which experienced an 18 percent rise in luxury property sales during the same time-frame. The surge in demand for upscale properties is primarily driven by wealthy buyers in search of more spacious and opulent living environments, bolstered by substantial investments from Non-Resident Indians (NRIs) and a continuous expansion in infrastructure development.

Significant projects, such as DLF’s USD 4 billion ultra-luxury development near New Delhi, have already seen a considerable number of units sold at $8 million each, highlighting the robust demand for high-end properties in the area.

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According to eXP India, Delhi-NCR is ideally situated to capitalize on the overall growth of India’s luxury property market. This assertion is supported by a 49 percent increase in property values in the region over the past year, making it the leader in price appreciation across the country.

The total sales value for Delhi-NCR in 2024 has reached Rs 1.53 lakh crore, exceeding Mumbai’s Rs 1.38 lakh crore and Hyderabad’s Rs 1.05 lakh crore. While the housing market in Delhi-NCR flourishes, other regions like Bengaluru and Hyderabad continue to expand.

The report highlighted that the current availability of properties is limited in Mumbai, where only 6 percent of homes on the market are priced at Rs 10 crore or higher, followed by Gurgaon at 3 percent. Hyderabad and Bengaluru also feature in the top five, each with a 2 percent share.

Despite the constrained stock, regions such as Sarjapur Road, Devanahalli, Bellary Road, and Panathur Road remain appealing to high-net-worth individuals. This trend solidifies Bengaluru’s reputation as a premier luxury destination, while Hyderabad is progressively establishing itself in India’s luxury sector.

Commenting on the report, Keshav Mangla, GM-Business Development, Forteasia Realty Pvt. Ltd, said, “Delhi-NCR isn’t just capitalizing on the luxury boom—it’s building it. The sales figure for 2024 are estimated at Rs 1.53 lakh crore, which is more than Mumbai and Hyderabad, in a market currently driven by innovative infrastructure and a strong belief in its potential from the global investment community. Where many other cities experience ultra-luxury property stock shortages, Delhi-NCR offers unprecedented supply, accounting for 10 crore homes. It’s not just wealth—it’s history. Both NRIs and domestic elites aren’t just investing in properties, they’re investing in an ethos of living that combines tradition with modernity. As values increase and developments push the boundaries of luxury, Delhi-NCR is set to spearhead India’s luxury story for several decades.”

Aman Gupta, Director, RPS Group, said, “The luxury real estate surge in Delhi-NCR is rewriting the standards in India’s high-end property sector. Sales jumped 72% this year, largely due to affluent buyers and investments from NRIs. The region is no longer simply in competition but in total domination. The fact that over 34% of listings are priced over Rs 10 crore shows a massive shift in demand for luxury and space. While other cities like Mumbai and Bengaluru displayed positive growth, the 49% price appreciation in Delhi-NCR in just one year places it firmly at the top of the luxury living market.”