The affordable housing segment (<Rs 5 million) continued to face challenges as sales in this category fell by 43% YoY to 4,223 units in 2024, hindered by rising borrowing costs and higher equated monthly installment (EMI) burdens, according to Knight Frank report.

Similarly, the Rs 5-10 million segment saw a 45% YoY decline, with sales dropping to 7,510 units. These figures highlight a growing shift in the market towards premium and luxury housing. Moreover, residential prices in NCR have also shown steady appreciation. The average price rose by 6% YoY to RS 5,066/sq ft/month.

Notable areas such as NH-24 Bypass in Ghaziabad, Sector 81 in Gurugram, and Sector 78 in Noida experienced a 6% YoY increase, while other micro-markets like Dwarka in Delhi and Raj Nagar Extension in Ghaziabad saw price growth of 6% and 5%, respectively.

Furthermore, properties priced above Rs 10 million accounted for 80% of the total residential units sold in the National Capital Region (NCR) in 2024.

This underscores a shift toward premium housing, with affluent buyers driving demand for spacious homes equipped with modern amenities in prime locations.

Segment Wise Housing

Among the high-value segments, the Rs 10-20 million category recorded the highest sales volume, with 19,111 units sold, contributing over 33% of NCR’s residential sales. This was followed closely by the Rs 20-50 million category, where NCR led the sales across eight major markets in India, registering 18,997 units–an 84% year-on-year (YoY) growth.

Mudassir Zaidi, Executive Director – North, Knight Frank India, highlighted this trend, stating, “Homebuyers’ preference for residential products priced upwards of RS 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 among homebuyers in the higher ticket size segment.”

The premiumization of NCR’s residential market extended to other high-ticket categories as well. Moreover, Sales in the Rs 50-100 million bracket grew 35% YoY, from 5,469 units in 2023 to 7,361 units in 2024.
Similarly, the RS 100-200 million segment witnessed a 44% YoY rise, with sales increasing from 275 units in 2023 to 397 units in 2024.

Even the ultra-luxury category, with properties priced above Rs 500 million, saw a sharp rise in sales, growing from 6 units in 2023 to 49 units in 2024. NCR accounted for 33% of the national sales in this segment.

(ANI Copy)

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