December 27, 2024 GURGAON: The Delhi-NCR real estate market demonstrated exceptional growth in 2024, emerging as a standout performer despite a 4% year-on-year dip in housing sales across India’s top seven cities. As per ANAROCK’s year-end report, NCR saw a remarkable 44% increase in new housing launches, the highest among major regions, contributing significantly to the 4,12,520 units launched nationwide.
NCR also recorded a staggering 30% rise in property prices, the steepest hike among all regions, reflecting robust buyer demand. This price growth outpaced the average 21% increase seen across other top cities, underscoring NCR’s pivotal role in driving India’s real estate momentum.
Commenting on this trend, Surinder Singh of GLS Group, stated, “The 44% surge in new launches highlights developers’ confidence in the NCR market, fueled by rising demand and favorable infrastructure developments. NCR’s growth story is attracting both end-users and investors.”
India’s top cities collectively saw housing sales worth ₹5.68 lakh crore in 2024, a 16% jump from the previous year. While the Mumbai Metropolitan Region (MMR) retained its leadership in sales, followed by Pune, NCR stood out for its significant price growth and fresh supply additions.
The report also emphasized that NCR, along with Bengaluru and Chennai, was among the few regions to witness a rise in new supply. Unsold inventory in NCR declined by 8%, reflecting healthier demand-supply dynamics and increased absorption rates.
“Rapid urbanization and an influx of job opportunities have significantly boosted housing demand in NCR,” noted Singh. “This demand is driving price appreciation, making it one of the most lucrative markets for both developers and buyers.”
While MMR and Bengaluru accounted for nearly half of the new supply in 2024, NCR’s performance was notable due to its 44% growth in launches, signaling heightened developer and buyer interest.
Backed by infrastructure upgrades and economic recovery, NCR continues to strengthen its position as a prime real estate hub, setting benchmarks for growth and becoming a key contributor to India’s housing market momentum.
