Delhi-NCR has surpassed Mumbai and Hyderabad in residential property sales, reaching a record Rs 1.53 lakh crore in 2024, according to a report by PropEquity released on March 11. This marked a 63 per cent annual increase, with Gurugram alone accounting for over Rs 1 lakh crore in sales, overtaking Hyderabad.
Delhi-NCR Surges Ahead in Housing Market
The report indicated strong overall performance in India’s top nine cities, where total housing sales value grew by 12 per cent to Rs 6.73 lakh crore in 2024. Mumbai saw a 13 per cent rise, reaching Rs 1.38 lakh crore, while Hyderabad declined by 18 per cent to Rs 1.05 lakh crore.
Vishal Sabharwal, Head of Sales at Orris Group, attributed this boom to infrastructure expansion and economic growth while speaking with Outlook Money. He says, “Gurugram’s 66 per cent growth has been driven by the development of the Dwarka Expressway, new metro lines, and improved road connectivity, making the city more attractive for businesses and homebuyers.”
Luxury Housing on the Rise
The demand for premium homes in Delhi-NCR has intensified, with over half of the units absorbed priced at Rs 2 crore and above. The weighted average price has risen to Rs 12,469 per sq. ft., while the average unit size has expanded to 2,229 sq. ft.
Amit Modi, Director of County Group, noted the impact of infrastructure upgrades and increased office leasing while speaking with Outlook Money. He says: “The rise in prices and strong demand showed the region’s growing corporate presence and job market. Government policies, such as the repo rate cut, have further boosted the sector.”
He adds: “Recently, there has been a significant rise in office leasing in Delhi NCR. Also, the government’s stand towards real estate is positive as we saw it from the last budget and the subsequent cut in the repo rate. People are now upgrading to luxury homes to enhance their standard of living. Hence, there has been a steep rise in the demand for homes priced two crores and above.”
Market Shifts and Future Outlook
Delhi-NCR, Mumbai, and Hyderabad accounted for 60 per cent of India’s total housing sales value in 2024. Gurugram’s performance propelled Delhi-NCR’s share from 16 per cent in 2023 to 23 per cent in 2024, while Hyderabad’s share dropped from 21 per cent to 16 per cent.
PropEquity’s Founder & CEO, Samir Jasuja, said in the official statement, “Growth in Ghaziabad, Greater Noida, Faridabad, and New Delhi also played a crucial role in Delhi-NCR’s total sales value.
Meanwhile, Hyderabad experienced its weakest housing sales since 2021, with new launches and absorption declining by 25 per cent and 49 per cent year-on-year, respectively. As a result, the city’s inventory overhang increased from 17 months in 2023 to 20 months in 2024.
Saurab Saharan, Group Managing Director, HCBS Developments spoke on price stabilisation while speaking with Outlook Money. He says: "However if supply increases and interest rates remain favourable, there is a possibility of price stabilization in the future. We are also planning to introduce more high-quality projects in the region to provide better options for both investors and homebuyers.”
