Summary of this article
Shift from address to value: Buyers prioritise scale, amenities and future returns over legacy pin codes.
NCR’s growth edge: Gurugram has emerged as India’s fastest-growing luxury market, driven by sharp price appreciation and rising super-luxury demand.
Infrastructure-led transformation: Connectivity upgrades and upcoming projects like Noida Airport are reshaping luxury living.
For generations, the final address in India’s elite realty grid had been Mumbai. Sea-facing penthouses in Malabar Hill, colonial bungalows in Bandra, or towering skyscrapers in Worli – these were the pinnacles of luxury, which in many ways represented Bollywood royalty residing in this Indian city. Even in the Indian capital city, wide avenues in central Delhi stand at the epitome of the city’s realty aspirations. But in the last few years, a paradigm shift has been in progress. The National Capital Region (NCR), with Gurugram at its forefront, is no longer just challenging that might, but it has decisively emerged as the new epicentre for luxury residential real estate, offering grandeur without the stratospheric costs of India’s financial capital.
The turnaround started somewhere in 2024, when the sale of luxury properties in Gurugram stood at Rs 79,000 crore, representing half of the total sales in the luxury market in India. In contrast, Mumbai’s sales stood at Rs 29,000 crore, according to PropEquity data.
“The paradigm has shifted from mere address to tangible value. Buyers today are exceptionally informed. They seek the holistic luxury experience, world-class amenities, security, and design, but with financial prudence. In the NCR, especially in high-value locations like Golf Course Road in Gurugram, you acquire a substantially superior asset, both in scale and future potential, for a rational investment. This is the new calculus of luxury,” says BK Malagi, vice chairman, Experion Developers.
According to PropEquity data, between 2020 and 2025, property prices in Gurugram surged by over 113 per cent, far outpacing Mumbai’s 42 per cent growth. This stark divergence underscores Gurugram’s emergence as one of India’s top-performing real estate markets. Despite this, the demand for property in Gurugram is hard to ignore, especially since it recorded a rise of 296 per cent for the super-luxury segment between Q1 2023 and Q1 2025, easily overpowering the demand for property in Mumbai.
The growth drivers are multifarious. It includes increasing corporate presence, world-class road, rail, air and metro infrastructure, including the soon to be operationalised Noida Airport, and a booming ecosystem that has made the region India’s corporate nerve centre.
“This isn’t a temporary boom; it’s a structural transformation. Infrastructure has permanently altered the luxury map. The NCR now offers well-planned, connected corridors that rival global cities. The demand is for legacy assets, including ultra-luxury condominiums, grand low-rises that offer privacy and land,” explains Amit Modi, director, County Group.
Real estate consultants observe that this trend mirrors a strategic diversification in investment portfolios, even among high-net-worth individuals traditionally focused on Mumbai.
“The ‘Bollywood lifestyle’ is an ethos, not an address. While Mumbai’s legacy and scarcity ensure its unique position for record-breaking, trophy asset deals, the NCR represents the dynamic growth frontier. Our clients recognise that lucrative deals may happen in South Mumbai, but consistent, high-velocity appreciation and liveability are here. The NCR offers a compelling blend of aspirational living and robust investment logic,” notes Ajay Malik, chief strategy officer, RISE Infraventures, a real estate advisory firm.
Mumbai’s developers rightly defend the city’s unparalleled prestige and record per-square-foot values. The sale of two sea-facing duplex apartments in Worli for Rs 639 crore marks yet another record for Mumbai’s luxury property market, reinforcing its enduring appeal among ultra-wealthy buyers chasing status and exclusivity. Nevertheless, the emergence of the NCR shows how there is a democratisation of luxury. This is because it suits not just the wealthy, elite class but also has appeal for a larger number of successful individuals, as well as NRIs returning to the country. This is because it offers them space as well as improved infrastructure.
In short, the contrast is clear. Mumbai offers vertical opulence and legacy prestige on constrained land. The NCR delivers both horizontal and vertical grandeur, future-ready connectivity, and dramatic growth on a rapidly transforming landscape. One city holds the record for the costliest square foot; the other is setting records in sales volume, space, and the creation of complete luxury ecosystems.
What this effectively means is that the NCR, including Gurugram, has outperformed its Mumbai counterparts on multiple fronts. In doing so, it has redefined luxury in the Indian real estate market—demonstrating that aspiration need not be anchored only in legacy, but can also be shaped by value, space, and a future-oriented lifestyle.
