Delhi-NCR Real Estate News: Delhi-NCR has overtaken Mumbai and Hyderabad to become the top-selling housing market in 2024, driven by a 66% surge in sales value in Gurugram alone. This growth has propelled Delhi-NCR past the Rs 1 lakh crore sales milestone.
According to a report by NSE-listed real estate data analytics firm PropEquity, the total sales value in Delhi-NCR increased by 63% in 2024 to Rs 1.53 lakh crore, surpassing Mumbai at Rs 1.38 lakh crore (a 13% rise) and Hyderabad at Rs 1.05 lakh crore (an 18% decline).
In 2023, the total home sales value stood at:
- Delhi-NCR: Rs 94,143 crore
- Mumbai: Rs 1.22 lakh crore
- Hyderabad: Rs 1.28 lakh crore
Gurugram’s sales value in 2023 was Rs 64,314 crore, nearly half of Hyderabad’s, but in 2024, it outpaced Hyderabad.
Gurugram Leads Delhi-NCR’s Growth
PropEquity Founder & CEO Samir Jasuja stated:
- Gurugram alone accounted for 66% of Delhi-NCR’s total sales at over Rs 1 lakh crore.
- It is now second only to Mumbai in total sales value.
- Other cities like Ghaziabad, Greater Noida, Faridabad, and New Delhi also experienced strong growth, while Noida saw a slight decline.
Real Estate Price Trends in Delhi-NCR
- The weighted average sales price has increased to Rs 12,469 per sq. ft.
- The average unit size absorbed in 2024 was 2,229 sq. ft.
- More than 50% of sales were for homes priced above Rs 2 crore, while 25% were in the Rs 1-2 crore range.
Why Is Delhi-NCR’s Housing Market Booming?
Jasuja attributes the rising property prices and strong demand to:
- Robust infrastructure development
- Expanding corporate presence and job opportunities
- Increase in office leasing activity
- The upcoming Master Plan Delhi (MPD) 2041, which is expected to bring new real estate supply and further market growth.
Hyderabad’s Real Estate Market Declines
In contrast, Hyderabad’s housing market faced a major slump in 2024:
- New launches hit their lowest since 2020.
- Home absorption rates were the lowest since 2021, with supply down 25% and absorption down 49% YoY.
- Inventory overhang increased from 17 months in 2023 to 20 months in 2024, indicating slower sales.
Market Share Shift in India’s Housing Sector
- Delhi-NCR’s share in total housing sales value rose from 16% in 2023 to 23% in 2024.
- Mumbai’s share slightly increased from 20% to 21%.
- Hyderabad’s share declined from 21% to 16%.
Real Estate Sales Across Top 9 Cities
The total sales value across India’s top 9 real estate markets grew by 12% in 2024, reaching Rs 6.73 lakh crore, up from Rs 6 lakh crore in 2023.
The top 9 cities contributing to this growth are:
Delhi-NCR, Mumbai, Navi Mumbai, Pune, Thane, Kolkata, Bengaluru, Chennai, and Hyderabad.
About PropEquity
P.E. Analytics Ltd., a NSE-listed company, owns PropEquity, India’s largest real estate data and analytics platform. Covering over 1,70,000+ projects from 57,000+ developers across 44+ cities, PropEquity has over 17 years of real estate data and adds approximately 700 new projects each month. It is India’s first premium Business Intelligence product in the real estate sector.
