The Delhi-NCR real estate market has experienced a dramatic shift in 2024, with average home prices rising by a significant 56% in the first half of the financial year (H1 FY25), according to Anarock Group’s latest data. The report reveals that the average ticket size for homes sold in the region has surged to ₹1.45 crore, compared to ₹92 lakh in the same period last year.
This increase marks the highest rise in real estate prices across India, driven primarily by growing demand for luxury properties post-pandemic. Despite the surge in prices, the total number of units sold saw a slight dip of 1%, with approximately 32,120 units sold in the first half of FY25, valued at ₹46,611 crore. The pandemic has undeniably reshaped the housing landscape, with an increasing appetite for high-end homes in major Indian cities. In Delhi-NCR, this demand has been particularly robust, as buyers have opted for larger and more expensive homes. The report also highlights that the value of sold inventory in Delhi-NCR increased by 55%, reflecting this shift towards more expensive properties.
Interestingly, while Delhi-NCR recorded the highest increase in home prices, the overall unit sales across the top seven cities in India saw a modest decline. However, the total sales value surged by 18% compared to the previous year, underlining the continued strong demand for luxury homes. Anarock Chairman noted that despite a 3% drop in unit sales, the sales value was up, demonstrating the resilience of the luxury segment.
The rise in luxury home demand was not confined to Delhi-NCR alone. Anarock’s data indicates that other key markets, including Mumbai, Bengaluru, and Chennai, also experienced notable increases in average ticket sizes. Across the top seven cities—Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Chennai, Kolkata, Hyderabad, and Pune—the average ticket size for homes sold jumped by 23%, reaching ₹1.23 crore. The total sales across these cities amounted to approximately ₹2.79 lakh crore for 227,400 units between April and September 2024. While overall unit sales declined by 3%, the total value of sales showed strong growth, emphasising the unrelenting demand for high-value properties.
While Delhi-NCR and other cities saw significant jumps in home prices, Mumbai’s real estate market has maintained stability. The average ticket size in MMR remained unchanged at ₹1.47 crore in H1 FY25, holding steady as the highest in India. However, the number of units sold in the region increased slightly, with 77,735 units sold for ₹1.14 lakh crore, compared to 76,410 units sold in the same period last year. While the overall number of homes sold may have decreased, the premiumisation of real estate, with a clear shift towards luxury homes, continues to dominate the market. Delhi-NCR, in particular, is emerging as the leader in this transformation, highlighting a wider trend of growing affluence and changing buyer preferences across India’s urban landscapes.
