In 35 years of attracting corporate houses through affordable real estate and now emerging as a top destination for luxury housing to house those working there, Hayana’s capital Gurugram has now helped Delhi-NCR to the top position in terms of housing sales value in 2024 by pipping Mumbai and Hyderabad according to a study by Proptech firm PropEquity.
Gurugram contributed 66% growth in sales value to Delhi-NCR’s kitty.
The sales value in India’s top 9 cities rose by 12% to Rs. 6.73 lakh crore in 2024. The sales value in Delhi-NCR grew by 63% in 2024 to Rs 1.53 lakh crore with Gurugram alone crossing Rs. 1 lakh crore threshold in 2024, as per PropEquity.
Sales value in Mumbai grew by 13% and declined by 18% in Hyderabad in 2024. Delhi-NCR, Mumbai and Hyderabad account for 60% share of total sales value in top 9 cities in 2024, the firm said.
Sales value in Gurugram at Rs 1.07 lakh crore has surpassed Hyderabad.
The total sales value of homes sold in 2023 in Delhi-NCR stood at Rs 94,143 crore, Mumbai at Rs 1.22 lakh crore and Hyderabad at Rs 1.28 lakh crore.
The total sales value of Gurugram, at Rs 64,314 crore in 2023, was nearly half of Hyderabad with the former surpassing the latter in 2024, the firm said.
Samir Jasuja, Founder & CEO, PropEquity said “Gurugram, with over Rs 1 lakh crore sales, alone accounted for over 66% of the total sales value in Delhi-NCR thereby helping it emerge on the top.”
“In fact, the sales value of Gurugram is second only to Mumbai. Cities like Ghaziabad, Greater Noida, Faridabad and New Delhi have also seen a substantial rise in sales value in 2024. Noida, however, saw a slight decline,” he said.
“In Delhi-NCR, the weighted average sales price has gone up to Rs 12,469 per sq. ft. with absorption size of units rising to 2229 sq. ft. in 2024. More than half of the absorption has been in homes priced Rs 2 crore and above and a quarter in homes priced between Rs 1-2 crore,” he added.
“Rising prices and demand buoyance in Delhi-NCR is due to the robust infrastructure development, growing corporate presence and ample employment opportunities as is evident from Delhi NCR’s rising dominance in office leasing. With the new government in place in Delhi, and MPD 2041 likely to see the light of the day, the real estate market will further see a surge with entry of new supply,” Mr Jasuja said.
As per the study the share of homes sales value in Delhi-NCR rose from 16% in 2023 to 23% in 2024. The share of Mumbai in total sales value rose from 20% in 2023 to 21% in 2024 while that of Hyderabad declined from 21% in 2023 to 16% in 2024.
Commenting on the findings Rajjath Goel, Managing Director, MRG Group said, “This surge in Delhi-NCR is a testament to the region’s expanding infrastructure, corporate growth, and increasing demand for premium housing.”
“A major contributor to this upswing has been Gurugram, which alone crossed the Rs 1 lakh crore sales mark. With a strong influx of high-value transactions and a thriving business ecosystem, we foresee Gurugram continuing to set new benchmarks in the NCR real estate landscape,” he added.
Amit Modi, Director, County Group, said, “The increase in prices and strengthening demand in Delhi-NCR is due to strong infrastructure development, growing corporate presence, and more job opportunities. Recently, there has been a significant rise in office leasing in Delhi-NCR.”
“People are now moving towards luxury homes to improve their lifestyles. As a result, there has been a rapid increase in the demand for homes priced at two crores and above. Hence, we expect this growth to gain momentum in the coming years,” he added.
Published – March 11, 2025 08:16 pm IST
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