Luxury Homes Dominate Delhi-NCR Market, 34% Priced Over Rs 10 Crore

The Indian real estate market is experiencing a notable expansion in luxury property sales, driven by changing lifestyle preferences among wealthy buyers seeking larger, more premium living spaces

Developers have made substantial investments in premium residential projects

Source : Pexels

In Delhi NCR, over 34 per cent of homes listed for sale are priced at Rs 10 crore or higher. From January to September 2024, luxury property sales in the region surged by 72 per cent, according to data analysed by eXP India, the Indian division of global real estate company eXP World Holdings.

In comparison, Mumbai experienced a more modest 18 per cent increase in luxury property sales during the same period. The report indicates that Delhi-NCR is in the strongest position to capitalize on the robust growth in India's luxury property sector.

The Indian real estate market is experiencing a notable expansion in luxury property sales, driven by changing lifestyle preferences among wealthy buyers seeking larger, more premium living spaces. This surge in demand is supported by investments from Non-Resident Indians (NRIs) and ongoing infrastructural improvements.

In reaction to this demand, developers have made substantial investments in premium residential projects. A notable example is DLF’s $4 billion ultra-luxury development near New Delhi, which has already seen strong sales, with each unit priced at $8 million.

The report noted, “Current stock availability is lower across Mumbai, where just 6 per cent of all homes currently listed on the market boast a price tag of Rs 10 crore or more, followed by Gurgaon at 3 per cent. Both Hyderabad and Bengaluru also rank in the top five, each with 2 per cent. While stock availability is more restricted, areas like Sarjapur Road, Devanahalli, Bellary Road, and Panathur Road continue to attract high-net-worth individuals. This reinforces Bengaluru’s status as a top luxury destination, while Hyderabad continues to emerge as a player in India’s luxury market.” 

Surge In Property Value

The Delhi-NCR housing market has experienced a remarkable 49 per cent increase in property values over the past year, leading the nation in price growth, according to the latest report from PropTiger.com, a digital real estate transaction, and advisory platform. This surge is primarily driven by sustained demand for luxury homes, despite rising construction costs for materials and labor.

While price growth is part of a broader trend seen in major cities across India, Delhi-NCR stands out for its rapid appreciation. The report notes significant sales increases in areas like Gurugram, Greater Noida, and Noida, even as national housing markets experienced overall declines in sales. Delhi-NCR has also overtaken Mumbai and Hyderabad to become the top-selling housing market in 2024, driven by a 66 per cent growth in sales value in Gurugram alone. As a result, Delhi-NCR has crossed the Rs 1 lakh crore sales value mark, as per the report.