The luxury real estate market in Delhi-NCR is witnessing an extraordinary upswing, with a remarkable 72 percent increase in sales recorded from January to September 2024. Over 34 percent of the homes available for sale in Delhi-NCR are listed at prices of Rs 10 crore or higher, according to data analyzed by eXP India, the Indian division of the global real estate company eXP World Holdings.
This growth rate surpasses that of other prominent Indian cities, including Mumbai, which experienced an 18 percent rise in luxury property sales during the same time-frame. The surge in demand for upscale properties is primarily driven by wealthy buyers in search of more spacious and opulent living environments, bolstered by substantial investments from Non-Resident Indians (NRIs) and a continuous expansion in infrastructure development.
Significant projects, such as DLF’s USD 4 billion ultra-luxury development near New Delhi, have already seen a considerable number of units sold at $8 million each, highlighting the robust demand for high-end properties in the area.
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According to eXP India, Delhi-NCR is ideally situated to capitalize on the overall growth of India’s luxury property market. This assertion is supported by a 49 percent increase in property values in the region over the past year, making it the leader in price appreciation across the country.
The total sales value for Delhi-NCR in 2024 has reached Rs 1.53 lakh crore, exceeding Mumbai’s Rs 1.38 lakh crore and Hyderabad’s Rs 1.05 lakh crore. While the housing market in Delhi-NCR flourishes, other regions like Bengaluru and Hyderabad continue to expand.
The report highlighted that the current availability of properties is limited in Mumbai, where only 6 percent of homes on the market are priced at Rs 10 crore or higher, followed by Gurgaon at 3 percent. Hyderabad and Bengaluru also feature in the top five, each with a 2 percent share.
Despite the constrained stock, regions such as Sarjapur Road, Devanahalli, Bellary Road, and Panathur Road remain appealing to high-net-worth individuals. This trend solidifies Bengaluru’s reputation as a premier luxury destination, while Hyderabad is progressively establishing itself in India’s luxury sector.
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