The residential market in the National Capital Region (NCR) has taken a breather after growing consistently since 2020. Although sales saw a slight decline last year, the region’s robust fundamentals and growing demand for higher ticket size segments with upscale living spaces continue to highlight its enduring appeal among homebuyers seeking lifestyle upgrades and strategic investments.
Developers launched 60,699 housing units in 2024, reflecting a strategic alignment with buyer preferences and emerging infrastructure projects.
Average price grew by 6% YoY, and this consistent price appreciation is largely attributed to a steady demand and supply for the higher ticket size segment at elevated price points. Locations such as NH-24 in Ghaziabad and Golf Course Extension Road in Gurugram have seen significant price growth due to their strategic connectivity and premium offerings.
NCR Residential Market Summary
| Parameter | 2024 | 2024 Change (YoY) |
| Launches (housing units) | 60,699 | -3% |
| Sales (housing units) | 57,654 | -4% |
| Average Price in INR/ sq ft | INR 5,066 | 6% |
Source: Knight Frank Research
Home Price Ticket Categories
The segment priced between INR 20-50 million dominated the demand as well as supply in the market , comprising 33% of sales last year.The shift toward higher ticket size segments remained a defining trend in NCR’s residential market. Properties priced above INR 10 million constituted 80% of market share, registering 15% YoY growth. This growth is indicative of sustained demand for spacious homes with state-of-the-art amenities, driven by affluent homebuyers prioritizing quality living spaces. Within this segment, the INR 10-20 million and INR 20-50 million bracket saw the most significant activity, contributing to 66% of overall sales , supported by well-established developers offering projects in strategic locations.
Ticket-Size Split of Sales
| Ticket Size Categories | <5 mn | 5-10 mn | 10–20 mn | 20–50 mn | 50–100 mn | 10–200 mn | 200–500 mn | >500 mn | Total |
| 2024 | 4,223 | 7,510 | 19,111 | 18,997 | 7,361 | 397 | 6 | 49 | 57,654 |
| YoY % change | -44% | -45% | -16% | 84% | 35% | 44% | -83% | 717% | -4% |
Source: Knight Frank Research
According to Mudassir Zaidi, Executive Director-North, Knight Frank India, homebuyers’ preference for residential products priced upwards of INR 10 mn continued to remain strong as spacious homes with high-end amenities are redefining post pandemic living by high-net-worth individuals. Gurugram and key locations of Noida and Greater Noida continue to draw a substantial interest amongst homebuyers in the higher ticket size segment.”
Residential Price Movement in Select Locations
| Location | Micro-market | Price range in H1 2023 INR/sq ft | 12-month change | 6-month change |
| Dwarka | Delhi | 7,000 – 11,500 | 6% | 3% |
| Greater Kailash -II | Delhi | 23,000 – 37,000 | 0% | 0% |
| Sector 82 | Faridabad | 3,200 – 3,600 | 3% | 0% |
| Sector 88 | Faridabad | 3,100 – 3,400 | 2% | 0% |
| NH-24 Bypass | Ghaziabad | 2,950 – 3,450 | 6% | 4% |
| Raj Nagar Extension | Ghaziabad | 2,950 – 3,670 | 5% | 3% |
| Sector 1 | Greater Noida | 3,215 – 4,500 | 0% | 0% |
| Omicron 1 | Greater Noida | 2,995 – 3,700 | 2% | 0% |
| Sector 77 | Gurugram | 5,300 – 8,000 | 4% | 2% |
| Sector 81 | Gurugram | 5,500 – 7,700 | 6% | 2% |
| Sector 78 | Noida | 4,800 – 6,400 | 6% | 2% |
| Sector 143 | Noida | 4,300 – 5,400 | 4% | 1% |
Source: Knight Frank Research
The residential prices in NCR have grown by 6% to INR 5,066/sq ft/month. NH-24 bypass in Ghaziabad witnessed 6% YoY increment in the price change, followed by Sector 81 in Gurugram and 78 of Noida at 6% YoY price jump. Similarly, other micro markets like Dwarka in Delhi and Raj Nagar Extension in Ghaziabad saw an appreciation of 6% and 5% respectively in residential prices.
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