Delhi-NCR leads India's luxury real estate market growth

Delhi is becoming the new luxury capital of India, surpassing Mumbai and Bengaluru in high-end real estate. A recent report shows that 34% of homes for sale in Delhi are priced over Rs 10 crore. This growth is driven by Non-Resident Indian (NRI) investments and improvements in infrastructure. Luxury property sales in Delhi surged by 72% from January to September 2024. In contrast, Mumbai only saw an 18% increase in luxury home sales during the same period. Major developers, like DLF, are responding to this trend with high-end projects. The report indicates that Mumbai currently has only 6% of homes listed at prices over Rs 10 crore. Gurgaon follows with 3%, while Hyderabad and Bengaluru each have 2%. Meanwhile, Bengaluru is growing as a luxury destination, targeting wealthy buyers in areas like Sarjapur Road and Devanahalli. Despite rising construction costs, the housing market in Delhi-NCR continues to thrive. Gurugram, Greater Noida, and Noida have experienced significant sales growth, making Delhi NCR the top-selling housing market in 2024. Gurugram alone accounts for 66% of this growth, with total sales in the region exceeding Rs 1 lakh crore.