Delhi-NCR Becomes Indias Top Housing Market in 2024
Delhi-NCR has overtaken Mumbai and Hyderabad to emerge as the top-performing housing market in India for 2024. The region saw an extraordinary 63% surge in total sales value, reaching a remarkable Rs 1.53 lakh crore, driven largely by Gurugram, which alone accounted for over 66% of the region’s sales. This growth catapulted Delhi-NCR past the Rs 1 lakh crore mark in overall sales, a first in its history, while Mumbai trailed with a more modest growth of 13%, bringing its total sales value to Rs 1.38 lakh crore.
The record-breaking performance of Delhi-NCR’s housing market reflects a significant shift in India’s real estate landscape. A report by PropEquity, a data analytics firm, reveals that while Gurugram was the chief contributor, other cities within the NCR, such as Ghaziabad, Greater Noida, Faridabad, and New Delhi, also witnessed a sharp rise in demand and sales value. Noida, however, recorded a slight dip, underscoring the region’s varied growth trajectories. The surge in Delhi-NCR’s housing market can be attributed to a combination of factors, not least the ongoing infrastructure developments and increasing corporate presence in the region. As one of the most robust employment hubs in India, Delhi-NCR continues to attract a large number of professionals, driving demand for high-quality residential properties. The region’s growing dominance in office leasing also reflects the shift in its status from a peripheral market to a central economic powerhouse.
While Gurugram’s sales figures have grabbed the spotlight, the region’s overall performance is also noteworthy. At Rs 64,314 crore in 2023, Gurugram’s sales were already one of the highest in the country. In 2024, this figure surpassed Rs 1 lakh crore, confirming its place as a key player in India’s real estate sector. Notably, the absorption of large homes priced Rs 2 crore and above now comprises more than half of the total sales volume in the NCR, further cementing the region’s appeal to high-net-worth individuals and investors.
Rising property prices, which have now reached an average of Rs 12,469 per square foot in Delhi-NCR, are also reflective of the region’s rapidly expanding real estate market. Despite these price hikes, the demand remains resilient, with average home sizes increasing to 2,229 square feet. This is a direct result of the robust infrastructure and superior quality of living offered in areas such as Gurugram, which have attracted residents seeking more space and better amenities.
The situation in Hyderabad, however, paints a different picture. The city’s residential market experienced a notable decline in 2024, with both new property launches and absorption rates hitting their lowest points since 2020. With a 25% drop in supply and a staggering 49% decrease in absorption, the city’s market faced a challenging year, resulting in an inventory overhang that increased from 17 months in 2023 to 20 months in 2024. This downturn, coupled with the region’s dwindling share in the overall housing sales value, further highlights the shifting dynamics of India’s real estate market.
At the national level, the top nine cities—Delhi-NCR, Mumbai, Navi Mumbai, Pune, Thane, Kolkata, Bengaluru, Chennai, and Hyderabad—collectively saw a 12% increase in sales value, totalling Rs 6.73 lakh crore in 2024. While Delhi-NCR’s dominance expanded from 16% of the total sales value in 2023 to 23% in 2024, Hyderabad’s share declined from 21% to 16% over the same period.
This change in the housing market’s top performers could indicate a broader trend towards more sustainable and resilient urban centres. As cities like Delhi-NCR continue to evolve, the government’s push for sustainable infrastructure, particularly with the upcoming Master Plan Delhi 2041, is expected to drive further growth and attract more real estate investments. The rising demand for eco-friendly, gender-neutral, and sustainable living spaces could shape the future of Indian urban landscapes, making them not just more livable but also more sustainable in the long run.
With the housing sector continuing to be a significant driver of economic growth, Delhi-NCR’s rise as the top housing market in 2024 marks a turning point, not only for real estate investors but also for the urban development strategies shaping India’s cities of tomorrow. The challenge now will be ensuring that this growth remains inclusive, equitable, and environmentally sustainable, as the country looks to build more resilient cities for its growing population.
