Delhi NCR And Mumbai Reset Property Cycles
Delhi–NCR closed 2025 as India’s fastest-rising residential price market, even as transaction volumes cooled, signalling a structural shift in how housing demand is shaping the region. New market assessments indicate that while fewer homes changed hands over the year, buyers paid significantly more per square foot, underlining a decisive move towards premium housing and selective urban densification.
Across the region, annual home sales moderated to just over 52,000 units, reflecting a cooling from the post-pandemic surge. Yet average residential prices rose sharply to about ₹6,000 per square foot, marking the strongest annual growth among major Indian housing markets. Analysts attribute this divergence to product mix rather than speculative inflation, with higher-value homes increasingly dominating new supply and absorption. Gurugram remained the principal driver of this trend. Large-format, amenity-rich developments along key infrastructure corridors accounted for a disproportionate share of new launches and buyer interest. Urban planners say this “premiumisation” reflects changing household expectations, including demand for larger homes, better energy efficiency and integrated social infrastructure. It has also pushed average prices higher even as overall volumes stabilised.
By contrast, Mumbai continued to assert itself as India’s largest and most resilient housing market by scale. The city maintained steady residential absorption while simultaneously delivering one of its strongest years for office leasing in over a decade. Market observers note that Mumbai’s depth lies in its diversified demand base, spanning end-users, investors and institutional occupiers, supported by long-term infrastructure upgrades and redevelopment-led supply. Commercial real estate trends mirrored this divergence. Delhi–NCR recorded its second-highest level of annual office leasing in 2025, crossing 11 million square feet, though activity slowed in the second half of the year due to limited availability of Grade A space. New office completions reached a multi-year high, suggesting that supply pipelines are finally catching up with sustained demand from domestic firms and global capability centres.
Gurugram once again led NCR’s office market, while Noida gained traction as improved connectivity and the impending operationalisation of the new international airport reshaped occupier strategies. In Mumbai, suburban business districts attracted large-format deals, reinforcing a decentralised office geography that aligns with evolving work patterns. Rising rents across prime office micro-markets in both regions further underline tightening availability of high-quality space. Industry experts say this trend places a premium on well-planned, transit-connected commercial districts that can support lower commuting emissions and higher workforce productivity.
From an urban policy perspective, the data points to a broader recalibration underway. Delhi–NCR’s price-led housing growth highlights the need for balanced supply across income segments, while Mumbai’s scale-driven stability underscores the importance of redevelopment and infrastructure-led renewal. As both regions move into 2026, the challenge will be to convert price momentum into inclusive, climate-resilient urban growth that aligns housing, jobs and mobility more sustainably.
Delhi NCR And Mumbai Reset Property Cycles
Gurugram Reinforces Its Lead In NCR Housing
Gurugram has once again emerged as the central driver of residential growth across the Delhi National Capital Region, underscoring how infrastructure-led planning and disciplined supply can shape a resilient urban housing market. Latest market data for the final quarter of 2025 shows the city accounting for roughly half of all new residential launches in NCR, a performance that has significant implications for homebuyers, developers and regional planners alike.
According to recent residential market assessments, NCR recorded a sharp rise in new housing supply during the quarter, with launches rising substantially both on a quarterly and annual basis. Gurugram alone contributed the largest share, far outpacing neighbouring micro-markets such as Noida and Ghaziabad. Industry analysts attribute this dominance to a convergence of factors rather than a short-term surge, pointing to sustained buyer confidence built over several years.
A key factor underpinning Gurugram residential growth has been the steady rollout of transport and urban infrastructure. Peripheral corridors such as the Dwarka Expressway and emerging sectors of New Gurugram have expanded the city’s residential footprint while improving regional connectivity. Urban planners note that these corridors have reshaped buyer preferences, shifting demand towards larger, master-planned developments that combine housing with social and commercial infrastructure.
Equally important has been the role of branded, professionally managed projects. Housing demand in Gurugram is increasingly concentrated in developments delivered by established players with strong balance sheets and a track record of timely completion. Market observers say this preference reflects a maturing buyer base that values delivery certainty, long-term asset quality and governance standards over speculative pricing gains. Pricing behaviour has also played a critical role. While average launch prices across NCR recorded a moderate upward movement in the final quarter of 2025, Gurugram’s increases remained measured. This pricing discipline, coupled with calibrated supply, has helped avoid the volatility seen in earlier real estate cycles. Analysts describe the market as stable rather than overheated, with transaction values supported by genuine end-user and long-term investor demand.
Another notable trend is the gradual broadening of demand beyond ultra-luxury housing. Developers are increasingly introducing mid-to-upper segment products aligned with changing household structures, remote work patterns and lifestyle expectations. This diversification has helped sustain absorption even as overall ticket sizes rise, reinforcing Gurugram’s ability to balance scale with market depth.
From a wider urban perspective, Gurugram’s performance highlights the importance of integrated planning in large metropolitan regions. Concentrated growth near infrastructure corridors reduces pressure on older city cores, supports more efficient commuting patterns and creates opportunities for transit-linked, mixed-use development.
However, experts caution that sustained leadership will depend on parallel investments in water security, energy efficiency and social infrastructure to ensure long-term liveability. As NCR transitions into a more stable, user-driven housing cycle, Gurugram’s experience offers a template for how infrastructure, governance and market discipline can work together. The next phase will test whether this growth can remain inclusive, climate-resilient and evenly distributed across the region’s expanding urban landscape.
Gurugram Reinforces Its Lead In NCR Housing
DDA Advances Transit Oriented Housing In East Delhi
The Delhi Development Authority has moved ahead with the second phase of its high-density residential development at Karkardooma, reinforcing a growing shift towards transit-oriented housing in the capital. The latest rollout at the East Delhi Hub adds hundreds of premium homes directly integrated with mass transit, a model increasingly seen as critical for managing Delhi’s land scarcity, commuting pressures and environmental footprint.
Under the new phase of the DDA Towering Heights project, 848 apartments are being offered, with the majority available to individual buyers through a digital, first-come framework and a smaller portion set aside for institutional allotment. Registration opens this month through the authority’s housing portal, with allotments scheduled to remain open until the end of the financial year. Urban housing officials say the timeline is designed to ensure quicker absorption while limiting speculative holding. Pricing for the DDA Towering Heights units places the development firmly in the premium category, reflecting both its vertical design and strategic location. Buyers are required to commit a partial payment upfront, with the balance payable closer to possession, a structure that reduces immediate capital burden while ensuring delivery discipline. Charges related to taxation, utilities and long-term maintenance will be levied separately, aligning the project with prevailing regulatory norms for completed housing stock.
What distinguishes this project is not just scale, but form. Rising to nearly 50 storeys, the residential tower is currently the tallest of its kind within Delhi’s municipal limits. Urban planners note that such vertical expansion marks a departure from the city’s traditionally low-rise character, signalling a cautious but deliberate embrace of compact development near transport nodes. The project sits directly above a major interchange station connecting two metro corridors, with additional road and inter-state bus connectivity close by.
The larger East Delhi Hub spans roughly 30 hectares and is being shaped as a mixed-use district combining housing, mobility infrastructure and civic amenities. Officials involved in the planning say the intent is to reduce dependence on private vehicles by placing homes within walking distance of rail-based transit, retail and workplaces. This aligns with the broader principles of transit-oriented development, which aim to curb urban sprawl, shorten travel times and lower per-capita emissions. Market response to the first phase of DDA Towering Heights offered insights into demand dynamics. That launch attracted more registrations than available units, indicating appetite for well-located, ready-to-occupy housing even at higher price points. Real estate analysts caution, however, that long-term success of such projects will depend on seamless last-mile access, public realm quality and affordable service charges.
As Delhi looks to redevelop ageing neighbourhoods and accommodate future population growth, projects like DDA Towering Heights are likely to shape how density is perceived and delivered. The next challenge will be ensuring that vertical living is matched with social infrastructure, climate resilience and inclusive access, turning transit-linked towers into complete urban communities rather than isolated landmarks.
DDA Advances Transit Oriented Housing In East Delhi
Dulux Collaborates with Nooku on Low VOC Paints
The quality of air inside homes and offices is emerging as a critical factor in sustainable urban living, and leading paint manufacturer Dulux has taken a step to make this visible. In collaboration with indoor air quality monitor maker Nooku, the company is demonstrating how low-emission paints can significantly reduce volatile organic compounds (VOCs) and improve the air residents breathe. The initiative addresses growing concerns that indoor spaces can contain up to five times the pollutants found outdoors.
VOCs, primarily released by traditional solvent-based paints, have long been recognised as contributors to indoor air pollution, with potential health implications. Through this partnership, Dulux is highlighting its water-based and low-VOC formulations, including trade and consumer products that maintain durability and finish quality while lowering chemical emissions. Experts in building sustainability note that such innovations align with global green building benchmarks, including BREEAM, LEED, and WELL standards. Using Nooku’s real-time monitoring devices, which track VOCs, humidity, CO₂, and other airborne pollutants, the collaboration is quantifying the immediate impact of paint choices on indoor environments. Measurements consistently show that spaces painted with Dulux’s 99.9% VOC-free emulsions maintain ‘Good’ air quality during application and drying, whereas conventional solvent-based paints exhibit more fluctuating and often poorer readings. For urban planners and homebuilders, these data provide tangible evidence of how material selection can enhance indoor environmental quality without sacrificing aesthetics or performance.
Dulux has been systematically replacing solvent-based paints with advanced water-based technologies across its product lines, including quick-dry finishes for wood and metal, which combine lower VOC content with faster drying times. Industry analysts suggest that such developments reflect a broader trend in construction and design: targeting emissions at the source rather than relying solely on post-construction air treatment. The initiative also underscores the intersection of product innovation, occupant health, and climate-conscious building practices. From an urban development perspective, this partnership has wider implications. As cities densify and more people spend extended periods indoors, ensuring the air quality of residential and commercial buildings becomes a social and economic priority. Corporate sustainability officials and environmental designers indicate that solutions integrating low-emission materials, alongside monitoring tools, can help meet regulatory compliance, enhance occupant wellbeing, and support long-term asset value.
The collaboration between Dulux and Nooku exemplifies how traditional industries can adapt to evolving expectations for health, safety, and environmental responsibility in the built environment. By linking paint technology to measurable air quality outcomes, the initiative offers builders, designers, and homeowners practical pathways to healthier, more climate-resilient interiors.
Dulux Collaborates with Nooku on Low VOC Paints
SWAMIH Fund Completes Thousands of Stalled Homes
A government-backed housing stress resolution mechanism has emerged as one of India’s most consequential urban interventions in recent years, with the SWAMIH Fund enabling the completion of more than 61,000 homes across stalled residential projects by mid-December 2025. Spread across multiple cities, these deliveries mark a significant shift in addressing one of the country’s most persistent urban challenges: unfinished housing that locks families into years of financial and social uncertainty.
The Special Window for Affordable and Mid-Income Housing, better known as the SWAMIH Fund, was created to provide last-mile financing to distressed residential developments that had run out of capital due to legal disputes, weak developer balance sheets, or legacy debt. Its progress reflects a rare convergence of social impact and financial discipline in India’s real estate ecosystem, where delays have historically eroded buyer confidence. According to officials familiar with the programme, completed homes now span 110 projects, including a substantial share earmarked for economically weaker sections and rehabilitation categories. This has provided direct relief to households that were paying both rent and home loan instalments while waiting for possession. Urban planners note that such completions have a ripple effect, restoring trust in formal housing markets and stabilising neighbourhoods affected by partially built sites.
Beyond homebuyers, the SWAMIH Fund housing intervention has delivered wider economic outcomes. The revival of paused construction sites has generated employment across skilled and unskilled segments, supported ancillary industries such as cement and steel, and reactivated local supply chains. Public finance experts point out that revived projects have also contributed sizeable revenues to both central and state governments through taxes, statutory dues, and stamp duties, reinforcing the fiscal logic of targeted urban interventions. From a market perspective, the fund’s portfolio now spans over 145 residential projects across roughly 30 cities, making it the country’s largest platform focused exclusively on resolving stressed housing assets. Nearly half of the built area under its umbrella caters to low- and middle-income households, aligning the programme with inclusive urban growth objectives rather than speculative development.
Importantly, the fund has also demonstrated capital discipline. A substantial portion of deployed capital has already been returned to investors, including public-sector backers, underlining that social housing outcomes need not come at the cost of financial prudence. Industry analysts say this balance strengthens the case for blended finance models in urban infrastructure and housing. The announcement of a second SWAMIH Fund in the latest Union Budget signals policy continuity. The proposed successor vehicle aims to expedite the completion of another one lakh homes, suggesting that stalled housing resolution will remain a national urban priority. With land scarcity, climate resilience pressures, and affordability concerns intensifying, such mechanisms are increasingly seen as essential tools in building more stable, people-first cities.
SWAMIH Fund Completes Thousands of Stalled Homes
Ritika Sajdeh Acquires High Value Prabhadevi Residence for Rs 26.3 Crore
Mumbai’s premium residential market has recorded another high-value transaction in the Prabhadevi micro-market, reinforcing the area’s position as a core destination for luxury housing in the city. A senior public figure’s family member has acquired a large apartment in a high-rise residential tower for over ₹26 crore, according to publicly available registration records. The transaction highlights the continued appetite for luxury housing Mumbai, even as broader housing segments remain sensitive to affordability and interest rate pressures.
The apartment is located in a well-established residential development in central Mumbai, a zone that has steadily transformed from its industrial past into a high-density, high-value residential corridor. Registration data indicates the home offers a carpet area exceeding 2,700 sq ft along with multiple parking slots, placing it firmly within the upper tier of Mumbai’s residential market. Statutory levies, including stamp duty and registration charges, accounted for over ₹1.3 crore, underlining the revenue contribution such deals make to the state exchequer. Urban real estate analysts say transactions of this scale are increasingly shaping market sentiment. “Luxury housing Mumbai functions differently from the mid-income segment,” noted a property market expert. “Buyers at this level are driven by location security, long-term capital preservation, and quality of construction rather than short-term price movements.” As a result, prime neighbourhoods with established infrastructure tend to outperform during periods of economic uncertainty.
Prabhadevi’s appeal lies largely in its geography. Positioned between key commercial hubs such as Lower Parel, Worli, and Bandra Kurla Complex, the locality offers reduced commute times for senior professionals and business owners. Connectivity via arterial roads, suburban rail, and sea link infrastructure has further strengthened its residential attractiveness. Urban planners point out that this concentration of jobs and housing also supports a more compact city form, reducing travel distances and associated emissions when managed responsibly. The area’s redevelopment journey has been closely linked to the transformation of former mill lands into mixed-use precincts. This shift has brought upgraded civic services, improved social infrastructure, and higher development standards. However, experts caution that sustained liveability will depend on parallel investments in public transport, pedestrian safety, and climate-resilient urban services as density continues to rise.
Data from property consultants suggests that new supply in central Mumbai remains constrained due to land scarcity and regulatory complexity. This limited pipeline is expected to keep prices resilient in established luxury housing Mumbai pockets such as Prabhadevi, even as peripheral suburbs absorb larger volumes of new housing stock. Looking ahead, policymakers and developers face the challenge of balancing premium residential growth with inclusive urban outcomes. As luxury transactions continue to set benchmarks, attention will increasingly turn to how such developments contribute to neighbourhood sustainability, efficient infrastructure use, and long-term urban resilience in India’s most expensive real estate market.
Ritika Sajdeh Acquires High Value Prabhadevi Residence for Rs 26.3 Crore
Mumbai Slum Renewal Plan Targets Next Decade
Mumbai’s long-standing challenge of informal housing is set to enter a decisive phase, with the state government outlining a time-bound strategy to transition the city towards formal, serviced housing over the next decade. At the centre of this effort is the Dharavi redevelopment, positioned as a template for large-scale urban renewal that integrates housing delivery with infrastructure, mobility, and economic opportunity.
Senior government officials indicated that the roadmap aims to replace fragmented slum-upgrading efforts with a coordinated redevelopment framework. The approach links in-situ rehabilitation, transit-oriented planning, and utility modernisation to reduce pressure on land while improving living conditions for residents. For a city where informal settlements house a significant share of the workforce, the initiative has implications not just for shelter, but also for productivity, public health, and climate resilience. Urban planners note that Dharavi’s scale makes it a test case for whether dense, inner-city redevelopment can be both socially inclusive and financially viable. The proposed model prioritises formal housing with clear tenure, access to sanitation, and proximity to employment clusters. By aligning housing with upgraded transport corridors and last-mile connectivity, planners argue the project could reduce daily commute times and emissions, supporting Mumbai’s broader low-carbon mobility goals.
From an economic perspective, the redevelopment is expected to unlock underutilised land while safeguarding livelihoods embedded in Dharavi’s micro-industries. Industry experts highlight that integrating commercial spaces, light manufacturing zones, and skill centres into residential layouts will be critical to preventing displacement. “Housing cannot be separated from jobs in a city like Mumbai,” an urban economist said, adding that mixed-use planning would determine whether the Dharavi redevelopment strengthens or fragments local economies. Infrastructure upgrades form another pillar of the plan. Officials point to stormwater management, decentralised sewage treatment, and energy-efficient buildings as core design elements, reflecting lessons from recent monsoon disruptions and heat stress events. Climate-responsive construction, including improved ventilation and materials suited to high-density living, is expected to reduce long-term operating costs for both residents and civic bodies.
However, execution remains the defining challenge. Past slum redevelopment schemes have faced delays due to financing gaps, consent issues, and coordination failures across agencies. Policy analysts stress that transparent timelines, community participation, and independent monitoring will be essential to maintain credibility. Equally important is ensuring that women, migrant workers, and informal-sector households are not marginalised in allocation or design. If implemented as outlined, Mumbai’s slum transition strategy could recalibrate how Indian cities address housing deficits—moving from incremental upgrades to integrated urban regeneration. The coming years will test whether the city can translate ambition into liveable neighbourhoods that balance density with dignity.
Mumbai Slum Renewal Plan Targets Next Decade
Sika India: The Invisible Force That Chose to Shape a Nation
Every nation’s growth is marked by what it builds.
But history remembers how it was built — and who ensured it endured.
India’s construction story is often told through skylines, highways, and megaprojects. Rarely is it told through the materials, chemistry, and decisions that quietly determine whether those structures will last decades — or crumble under time, climate, and neglect.
This is where Sika India Private Limited has positioned itself — not as a visible brand, but as an indispensable force behind India’s built environment.
Legacy as Responsibility, Not Longevity
For Sika’s leadership, legacy is not a number.
It is not age, scale, or market presence.
As Nilotpol Kar, Managing Director of Sika India, articulates it, legacy is a footprint — one that connects emotionally with people while remaining structurally embedded in the nation’s growth.
Sika does not seek recognition on building facades. Its ambition is more profound: to be present behind every grain of concrete, every waterproofed basement, every structure that must quietly withstand time, pressure, and climate extremes.
That philosophy reframes what leadership means in construction.
Not visibility — but dependability.
Turning India’s Harsh Realities into Design Intelligence
India is not a uniform market.
It is a laboratory of extremes.
Coastal corrosion. Inland heat. Monsoon saturation. Mountainous logistics. Accelerated timelines. Variable workmanship. Regulatory complexity.
Rather than seeing these as constraints, Sika has treated India as a design intelligence engine.
Since 1987, Sika India has worked shoulder to shoulder with what it calls the ABCDE of construction — architects, builders, contractors, developers, and engineers — embedding itself deep within the decision-making fabric of projects.
This proximity has allowed Sika to move beyond generic formulations toward context-specific solutions, engineered for real conditions rather than theoretical performance.
R&D with a Moral Compass
Innovation at Sika is not driven by novelty.
It is driven by consequence.
As the industry confronts the environmental cost of construction, Sika has placed low-carbon concrete at the centre of its R&D strategy. The ambition is not symbolic sustainability, but measurable impact — reducing emissions while enhancing efficiency and performance.
Guided by its 3E principle — Economy, Ergonomy, and Environment — Sika’s molecular engineering ensures that sustainability does not compromise durability. On the contrary, it strengthens it.
When structures last longer, require fewer repairs, and consume less energy during construction, sustainability becomes systemic — not cosmetic.
Making the Invisible Earn Trust
Waterproofing membranes, admixtures, chemical additives — these are invisible once applied. Yet their failure is immediately visible.
Sika’s response to this paradox has been uncompromising control. A significant portion of its waterproofing systems are developed entirely in-house, allowing performance to be engineered at the molecular level.
For CXOs and developers, this matters. Trust in construction is not built on claims, but on predictability. When roofs remain leak-free and basements dry years after completion, brands earn credibility that no campaign can manufacture.
Digital Intelligence Meets Material Science
Sika’s view of digitalisation is pragmatic. AI is not an accessory — it is an accelerator.
Tools like the sand analysis app, which reduces concrete preparation time by nearly 75 percent, demonstrate how digital intelligence can eliminate inefficiency at the most fundamental level. By replacing manual testing with instant digital analysis, Sika has redefined speed, accuracy, and accountability in concrete design.
For an industry that consumes more concrete than any material except water, such precision is transformative.
Yet Sika’s ambition goes further. The long-term vision is predictive intelligence — AI systems capable of forecasting structural performance over 40–50 years, using real-world data captured from completed buildings.
This is not automation.
It is anticipation.
Execution Under Extreme Conditions
Sika’s credibility has been forged in environments where failure was not an option.
From accelerating delayed slum rehabilitation projects in Bengaluru, to delivering concrete through two-kilometre tunnel stretches in North Sikkim, to executing time-critical waterproofing solutions for the Mumbai Trans Harbour Link and Coastal Road — Sika’s solutions have repeatedly been tested under pressure.
These projects reveal the true nature of innovation: the ability to deliver speed, quality, and reliability simultaneously.
India as an Innovation Export Hub
Looking ahead to 2030, Sika’s strategy signals a shift in global balance. India is no longer just a market. It is becoming an innovation capital.
With plans for a major regional R&D hub, Sika India is poised to export technologies across Asia Pacific and beyond — powered by India’s talent pool and real-world complexity.
This move reflects confidence — not only in products, but in people.
The Human Chemistry of Leadership
At its core, Sika’s leadership philosophy mirrors its chemistry.
Strong bonds. No breaks. Resilience under stress.
For Nilotpol Kar, leadership is not hierarchical — it is collaborative. Commercial teams, technologists, service engineers, supply chains, finance, and HR operate as a single system, aligned by customer centricity and mutual trust.
Growth, in this worldview, is not an outcome.
It is a byproduct of alignment.
Why Sika Belongs Among India’s Preferred Manufacturers
In the Preferred Manufacturers of India ecosystem, distinction comes not from dominance, but from discipline.
Sika India stands out because it has consistently chosen the harder path:
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Long-term durability over short-term gains
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Engineering rigour over cosmetic innovation
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Invisible excellence over visible noise
By anchoring India’s growth with materials that endure, Sika has ensured that its legacy will not be remembered by nameplates — but by structures that continue to stand, long after the headlines fade.
That is leadership.
Quiet. Relentless. Lasting.









