India’s property market has been buzzing over the past three years, and the National Capital Region (NCR) again stood out among the 8 major real estate markets in the country, according to the latest report by realty consulting firm Anarock.
From affordable homes to luxury penthouses, NCR has delivered the strongest price appreciation across every category. With a massive 72% jump in luxury home prices, 54% growth in mid-range and premium housing, and 48% rise in the affordable segment, NCR has firmly positioned itself as the country’s most aggressive growth market in real estate.
India’s housing market across Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, Chennai and Kolkata has entered a clear two-track phase, with luxury homes pulling far ahead of every other segment. New ANAROCK Research data shows high-end units priced above Rs 1.5 crore have appreciated 40% since 2022, while affordable homes below Rs 40 lakh rose only 26% in the same period. This widening split is now shaping which buyers are making real wealth gains in the current cycle.
The contrast indicates deeper buyer behaviour. Premium launches by branded developers have gained traction, while the entry-level segment continues to face weak demand, higher input costs and slower sales.
The sharpest rise came from Delhi-NCR, where luxury homes shot up 72% between 2022 and 2025. Prices moved to about Rs 23,100 per sq. ft. from Rs 13,450 per sq. ft. in 2022. No other city or price band recorded a rise of this magnitude, as per the report.
Rohit Kishore, CEO, Hero Realty said, “The demand for luxury homes in India has moved beyond seasonal spikes and cyclical upswings-it is now a structural reality. Delhi-NCR has emerged as a vibrant hub for high-end residential development, with micro-markets like the Dwarka Expressway seeing sustained interest from discerning buyers. What started during the pandemic as a reaction to uncertainty has evolved into a long-term shift in how Indians view lifestyle, security, and investment in real estate. The COVID years were a turning point. They created a widespread re-evaluation of priorities-space, health, comfort, and self-sufficiency became central to the idea of a home. But this shift isn’t just emotional-strong economic and structural fundamentals underpin it. Within Delhi-NCR, the Dwarka Expressway stands out as a prime example of this transformation. Its strategic location offers seamless access to Gurgaon, the international airport, and Central Delhi. But beyond location, what truly sets the corridor apart is its infrastructure-led planning and its vision for the future. With a growing ecosystem of premium residential communities, green spaces, social amenities, and retail developments, it offers not just homes-but holistic lifestyles. The livability index of this region continues to improve in tandem with infrastructure delivery, making it an increasingly attractive choice for both end-users and investors.”
The momentum is broad in NCR. Mid and premium homes rose 54% in three years, and even the affordable segment, despite low purchase capacity among buyers, posted a 48% increase. The region’s depth of demand in Gurgaon, Noida and parts of Delhi has kept absorption steady across ticket sizes.
Sanjay Sharma, Director, SKA Group, said, “The surge in luxury-home prices across India’s top cities and especially in the luxury segment within NCR since 2022 validates what we have been observing on the ground: demand is decisively shifting to infrastructure-led corridors. The strong outperformance of luxury homes nationally underscores why corridors like Wave City Ghaziabad, Noida- Greater Noida and the Yamuna Expressway are emerging as the most dynamic micro-markets. Their combination of connectivity, modern amenities and value relative to legacy pockets makes them natural recipients of this luxury-housing wave.”
Why has demand stayed firm at the top
“The current trends indicate that the luxury segment’s growth trajectory is eminently sustainable, since it is driven by India’s ever-increasing number of HNIs and ultra-HNISs,” says Anuj Puri, Chairman – ANAROCK Group. He adds that these buyers are choosing bigger layouts, stronger developer credentials and better neighbourhoods, which has allowed luxury projects to stay in demand through rising prices.
This has separated luxury and mid-premium projects from the entry-level market, where most buyers remain sensitive to even small price changes and higher EMIs, as per ANAROCK.
Bengaluru, Hyderabad stay strong in the mid-premium band
Bengaluru recorded the strongest rise in the mid-premium band of Rs 40 lakh to Rs 1.5 crore. Prices in this category rose 62% to about Rs 9,920 per sq. ft. from Rs 6,120 per sq. ft. Hyderabad followed with a 49% rise.
Across the seven cities, the mid-premium bracket rose 39% to Rs 9,537 per sq. ft. from Rs 6,880 per sq. ft. The category has benefited from demand from end-users with stable incomes and a preference for organised developers, the report added.
MMR retains the title of India’s costliest luxury market
Mumbai Metropolitan Region remained the highest-value luxury market in the country. Prices in the segment moved to Rs 40,200 per sq. ft. from Rs 28,044 per sq. ft., a 43% rise. Even in the lower price bands, MMR remains well above the other metros, as per report.
For investors, MMR offered steady demand and deeper liquidity, though the high entry prices limit participation. Bengaluru also posted a strong 42% rise in luxury prices to Rs 16,700 per sq. ft., driven by high-income households in the city’s technology and services sectors.
Affordable housing stays weak despite policy attention
Affordable homes posted the slowest rise of the cycle, climbing to Rs 5,299 per sq. ft. from Rs 4,220 per sq. ft. since 2022. The segment continued to struggle across most metros due to weak purchase capacity, higher loan rates and limited new supply from developers.
Hyderabad recorded one of the better outcomes in this band, with a 35% rise to Rs 5,235 per sq. ft. from Rs 3,880 per sq. ft. NCR saw a 48% rise, but this is driven largely by the region’s overall price momentum rather than a revival in affordable demand.
Developers remain cautious about launching large volumes in this category due to tight margins and a buyer base that remains stretched.
ANAROCK’s sales data supported the trend. Out of the 2.87 lakh homes sold in the top seven cities in the first nine months of 2025, nearly 30% were luxury units. This marks a major shift for a market that once relied heavily on affordable and mid-income homes for volumes.
The preference for larger homes, reliable developers and better locations has grown since the pandemic period, and the numbers show that the trend has not faded, it added.