Luxury housing shines in NCR with 9% growth, Gurugram grabs lion’s share: JLL

Luxury homes priced at Rs 5 crore and above continued to dominate buyer interest in India, with 5,168 luxury units sold in the first half of 2025, according to a JLL analysis. Delhi-NCR’s luxury housing segment saw a positive start to the year, registering a 9% increase in sales over H1 2024, when 4,763 such units were sold.

Among the top seven Indian cities, Delhi-NCR accounted for a commanding 65% share of total luxury home sales. Factors such as rising disposable income, aspirational lifestyle priorities and homebuyers scouting for homes with better amenities have kept the demand for luxury housing steady in the National Capital Region. Despite an annual decline in residential sales volume in the first half of 2025 across all cities, including Delhi NCR, real estate developers are actively launching luxury supply with finest amenities, and superior construction quality.

“Developers remain confident about Delhi-NCR’s vast market expanse to absorb such products, particularly because of the upcoming festive season and tamed inflationary scenario in the country at large. In fact, prominent real estate developers with a strong foothold in Delhi-NCR are finally venturing beyond the home turf to take exposure in markets like Mumbai,” said Dr Samantak Das, Chief Economist and Head of Research & REIS, India, JLL.

Despite a significant annual dip of 23% in Delhi-NCR’s overall sales across ticket sizes, the luxury segment remained unaffected. “The share of luxury sales to the overall sales has also swelled to 27% in H1 2025, as compared to 19% and 12% in H1 2024 and H1 2023 respectively,” added Das.

“Gurugram has firmly established itself as the epicentre of luxury real estate in India, contributing an overwhelming 91% of Delhi NCR’s luxury residential sales transactions and helping the region capture 65% of luxury sales nationwide. NCR’s luxury housing market has demonstrated remarkable resilience, growing by 9% year-over-year, reflecting both the changing preferences of affluent homebuyers and Gurugram’s strategic transformation into a premium housing destination. The Southern Peripheral Road and Dwarka Expressway corridors have emerged as particular hotspots, now accounting for 61% of Gurugram’s luxury market. Since 2020, 22,000 housing units have been launched in Delhi NCR’s primary residential market which caters to the price segment of INR 5 crore and above. Eighty-nine percent of all such units have been in various locations of Gurugram and have fuelled homebuyer interest in fancy homes that come with resort like amenities,” said Manish Aggarwal, Senior Managing Director (North & East) India, JLL

Southern Peripheral Road (SPR) accounted for 39% of all such sales in Gurugram in H1 2025. Prominent national and large regional players launched luxury projects across SPR in the first half of the year. The recent completion of Dwarka Expressway (Northern Peripheral Road) has boosted the demand for luxury housing in the Dwarka Expressway and Southern Peripheral Road submarkets.

Dwarka Expressway’s completion was a major factor behind a hefty fillip to residential property prices in this belt, which led to high-end products boasting of a higher price tag and hence came within the ambit of products above INR 5 crore. Southern Peripheral Road and Dwarka Expressway together constituted 61% of the total luxury sales in Delhi NCR in H1 2025. Other upcoming Infrastructure initiatives like the upcoming Gurugram Metro line would further enhance the appeal of these emerging corridors and make them a viable investment and a feasible living option.

Established submarkets for luxury and uber luxury products, such as Golf Course Road, witnessed steady demand for such projects launched in the past couple of months. However, the overall sales volume for products above INR 5 crore remained limited to 10% of the pie because most of the newly launched projects on the Golf Course Road have extremely limited units available for sales now.

Going forward, Delhi-NCR is expected to maintain its dominance across the country’s top metros in terms of luxury housing demand and supply in the country. Physical infrastructure advancements, better employment opportunities and increased urbanization would continue to strengthen Delhi NCR’s luxury housing market in the near to mid-term.