Luxury housing sales in NCR surge 15-fold since 2019, affordable options fade

NCR's luxury housing: The NCR housing market has undergone a notable shift, with luxury homes now representing over 45 per cent of sales, a striking increase from just 3 per cent in 2019, according to a report by Anarock. 

Meanwhile, the share of affordable housing has plummeted from 49 per cent to just 24 per cent, highlighting a growing divide between high-end and budget-friendly options.

In terms of raw numbers, the change is even more pronounced. NCR saw approximately 14,630 luxury units sold in H1 2024, an increase from the 1,580 units sold throughout 2019. 

On the other hand, the affordable housing segment witnessed a decrease, with around 7,730 units sold in H1 2024 compared to 23,180 units in 2019.

NCR housing market: 2024 vs 2019

In the first half of 2024, NCR's total housing sales reached 32,200 units. Of these, 24 per cent were in the affordable segment (Rs 40 lakh), 31 per cent in the mid-range segment (Rs 40 lakh to Rs 1.5 crore), and 45 per cent in the luxury segment (over Rs 1.5 crore). 

In contrast, the 2019 data shows that NCR had 46,920 units sold, with 49 per cent in the affordable segment, 47 per cent in the mid-range segment, and just 3 per cent in the luxury segment.

Gurugram’s market makeover

Gurugram, in H1 2024, saw 17,570 units sold, with 27 per cent in the affordable segment, 14 per cent in the mid-range segment, and a notable 59 per cent in the luxury segment. 

This is a stark change from 2019, when Gurgaon sold 13,250 units, with 43 per cent in the affordable segment, 53 per cent in the mid-range segment, and only 4 per cent in the luxury segment.

Noida’s market makeover

Noida and Greater Noida together sold 8,425 units in H1 2024, with 13 per cent in the affordable segment, 45 per cent in the mid-range segment, and 42 per cent in the luxury segment. 

This also represents a shift from 2019, when these cities sold 21,770 units, with 44 per cent in the affordable segment, 52 per cent in the mid-range segment, and 4 per cent in the luxury segment.

Rest of NCR

The rest of NCR, which includes cities like Ghaziabad, Faridabad, Delhi, and Bhiwadi, sold 6,205 units in H1 2024, with 31 per cent in the affordable segment, 57 per cent in the mid-range segment, and 12 per cent in the luxury segment. 

Back in 2019, this region had 11,900 units sold, with a predominant 66 per cent in the affordable segment, 33 per cent in the mid-range segment, and just 1 per cent in the luxury segment.