Massive surge in luxury home sales in NCR; Gurugram dominates scene

The real estate landscape in India has witnessed an astounding transformation in the luxury housing segment, particularly in the bustling National Capital Region (NCR). According to a recent report by real estate consultancy CBRE South Asia, the sales of luxury homes across the country have experienced an impressive 130 per cent surge in the first six months of 2023 compared to the corresponding period in the previous year. 

In the last three months (April-June quarter) luxury segment had clocked a 121 per cent year-on-year increase in sales. A total of 3,100 luxury homes were sold in the period recording a substantial rise from the 1,400 units sold in the same period in the preceding year.

“Notably, with Gurugram at its forefront, the NCR region has emerged as a trailblazer in this trend, offering a glimpse into the emerging preferences of discerning homebuyers. This particular development has captured the imagination of affluent individuals, reflecting the growing inclination towards lavish living spaces adorned with upscale amenities and spacious layouts,” says Nayan Raheja, Raheja Developers.

With 2,900 luxury homes sold in this region alone, Delhi-NCR spearheads this dramatic upswing. 

However, it is Gurugram that steals the show. Recently an ultra-luxury project comprising 1,137 opulent apartments, each priced at a whopping Rs 7 crore, received 3,000 applications to book it. 

“The shift towards luxury living stems from the increasing demand for expansive residences and lavish facilities. These include concierge services, rejuvenating spas, multi-level parking solutions, extensive green spaces, and heated pools. As the discerning homebuyer seeks more than just a house, the lure of such offerings has added thrust to the flourishing luxury real estate market,” says Rajjath Goel, Managing Director, MRG Group.

The surge in luxury home sales is also linked to the aspirations of a burgeoning class seeking opulence. Moreover, the influx of investments from non-resident Indians (NRIs) into the Indian real estate arena has significantly contributed to this heightened demand for luxury properties.

Accounting for a substantial 90 per cent of the luxury housing sales across the top seven Indian cities, Delhi-NCR, Mumbai, and Hyderabad have led the pack. However, Delhi-NCR has secured the No. 1 position with 2,900 luxury homes sold, followed at a distant second position by Mumbai with 1,900 units and Hyderabad with 1,400 units.

“The real estate market anticipates a robust second half of 2023. This optimism is fueled by factors such as a robust supply pipeline, the upcoming festive season, and, hopefully, the stabilization of interest rates by RBI. As the demand for luxury homes continues to soar, Gurugram's prominent position within the NCR real estate landscape remains a testament to the evolving preferences of affluent homebuyers,” says Raj Singh, Managing Director, Navraj Group.