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.
City-wise performance
Delhi-NCR: strongest rise across all segments
Delhi-NCR remained the fastest-growing market in the country. Luxury home prices surged 72% to about Rs 23,100 per sq. ft. from Rs 13,450 per sq. ft. in 2022, the highest jump recorded across any segment or city.
The trend extended across the mid-premium and affordable bands as well. Mid and premium homes rose 54%, while affordable homes climbed 48%. Gurgaon, Noida and emerging corridors such as Dwarka Expressway and parts of Greater Noida West have seen firm absorption for both branded and mid-range projects.
“Gurugram has been the major driver for the growth in average price of luxury homes in NCR.” Vijay Harsh Jha, founder and CEO of property brokerage firm VS Realtors stated. “The emergence of new micro-markets, infrastructure development, growing presence of corporates, domestic and GCCs, rising demand for luxury homes from HNIs, CXOs, NRIs, founders etc. have driven this growth.”
“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 notes that these buyers prefer larger formats, reliable developers and better locations, which has helped luxury projects stay insulated from price pressure.
This demand pattern has set luxury and mid-premium homes apart from the affordable segment. Buyers in the entry-level market remain more sensitive to interest costs and overall inflation, which has limited appreciation.
“The exponential rise in average price of luxury homes in top 7 cities in the last three years point to sustained demand for bigger homes from HNIs and NRIs,” Lalit Parihar, managing director, Aaiji Group said.
Mumbai Metropolitan Region: The costliest market
Mumbai Metropolitan Region (MMR) remained the highest-priced luxury market in India. Prices rose to Rs 40,200 per sq. ft. from Rs 28,044 per sq. ft., a 43% rise. Even mid-premium and affordable homes in the region sit at higher baselines than other metros due to land scarcity and deep end-user demand.
Report suggests, for investors, MMR seemed to have offering steady liquidity and a reliable resale market, although the high entry cost limits participation. Luxury absorption remains stable in areas such as South Mumbai, BKC, Andheri East and parts of Thane.
Bengaluru: Strongest mid-premium growth
Bengaluru recorded the sharpest rise in the mid-premium segment priced between Rs 40 lakh and 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% increase.
Luxury homes in Bengaluru also delivered steady gains, rising 42% to Rs 16,700 per sq. ft. The city’s strong employment base and preference for branded developers helped sustain demand, especially in North Bengaluru, Whitefield and Outer Ring Road, the report added.
Hyderabad: Strong mid-premium and stable luxury
Hyderabad continued to deliver solid growth in the mid-premium band, rising 49% since 2022. Luxury prices rose 41% to Rs 14,200 per sq. ft., making it more affordable than Bengaluru, NCR and MMR in absolute terms, as per the report.
Affordable housing in Hyderabad performed better than most metros, rising 35% to Rs 5,235 per sq. ft. from Rs 3,880 per sq. ft. The city’s mixed-use developments and new infrastructure have helped support pricing across mid-range and premium categories, the report added.
| City | Luxury 2022 (Rs/sq ft) | Luxury 2025 (Rs/sq ft) | Luxury Growth (%) | Mid-Premium 2022 (Rs/sq ft) | Mid-Premium 2025 (Rs/sq ft) | Mid-Premium Growth (%) | Affordable 2022 (Rs/sq ft) | Affordable 2025 (Rs/sq ft) | Affordable Growth (%) |
| Delhi-NCR | 13,450 | 23,100 | 72% | 4,800 | 7,400 | 54% | 3,520 | 5,200 | 48% |
| MMR | 28,044 | 40,200 | 43% | 9,300* | 12,000* | 30%* | 4,400* | 5,000* | 14%* |
| Bengaluru | 11,760 | 16,700 | 42% | 6,120 | 9,920 | 62% | 3,950* | 4,600* | 16%* |
| Hyderabad | 10,040* | 14,200 | 41% | 6,200* | 9,250* | 49% | 3,880 | 5,235 | 35% |
| Pune | 11,200* | 15,200 | 36%* | 5,900* | 8,200* | 39%* | 4,000* | 4,800* | 20%* |
| Chennai | 14,500* | 18,500 | 28%* | 6,600* | 7,900* | 20%* | 3,800* | 4,300* | 13%* |
| Kolkata | 10,100* | 14,200 | 41%* | 5,200* | 6,900* | 33%* | 3,500* | 4,100* | 17%* |
Pune, Chennai, Kolkata: Moderate but steady
These three metros recorded moderate appreciation across segments, based on Anarock data.
Pune: Luxury prices touched about Rs 15,200 per sq. ft., mid-premium around Rs 8,200 per sq. ft., and affordable homes remained in the Rs 4,500 to Rs 4,800 per sq. ft. range.
Chennai: Luxury stood near Rs 18,500 per sq. ft., mid-premium around Rs 7,900 per sq. ft., and affordable units near Rs 4,300 per sq. ft.
Kolkata: Prices remain the lowest among the seven metros. Luxury averages around Rs 14,200 per sq. ft., while mid-premium and affordable homes remain below the national averages.
All three cities saw stable launches and sales from branded builders but did not match the acceleration seen in NCR and Bengaluru.
Affordable housing: slowest rise across metros
Affordable housing rose only 26% nationally to Rs 5,299 per sq. ft. from Rs 4,220 per sq. ft. since 2022. The segment continues to struggle due to stretched purchase capacity, fewer new launches and tighter margins for developers.
Hyderabad and NCR were exceptions, delivering 35% and 48% gains respectively, though the NCR rise was driven more by overall regional momentum rather than a dedicated improvement in the affordable category.
Across Mumbai, Bengaluru, Pune and Chennai, the segment stayed sluggish with little new supply.
Meanwhile, of the 2.87 lakh homes sold across the top seven cities in the first nine months of 2025, nearly 30% were luxury units. This is a significant shift for a market that once relied on affordable and mid-income homes for most of its volumes, as per the report. The move toward larger homes, reliable developers and better neighbourhoods has stayed firm since the pandemic and continues to guide buying decisions.
