Experts say the National Capital Region (NCR) is slowly becoming a hotspot for developers from Mumbai and Bengaluru, with prices rising faster than in other regions.
Mumbai’s Oberoi Realty plans to launch its first project in Gurugram this fiscal year. Meanwhile, Lodha and Rustomjee are looking into land acquisitions in the area, as per sources familiar with the situation. Prestige Group and Sobha from Bengaluru, which were among the first to join, are now rapidly expanding, with NCR as their fastest-growing market. Based in Mumbai, Godrej Properties and Tata Realty are increasing their presence in the NCR. New players, including Dalmia, are choosing Gurugram to kick off their real estate ventures.
In the NCR, about 50,000 to 60,000 housing units are launched every year, with a total value that surpasses ₹1 lakh crore. High-end housing has significantly contributed to growth, with Gurugram accounting for almost 87% of NCR’s luxury developments in the quarter ending September 30. The increase in prices for premium segments, averaging 10-12% annually across major submarkets, indicates robust demand and long-term value prospects.
Anarock, a real estate services company, reports that the top cities in India saw a minor 3% increase in new housing supply last quarter, with approximately 96,690 units introduced, compared to 93,750 units a year prior. Among cities, the Mumbai metropolitan area led with 29,565 units introduced this quarter, followed by Pune with 19,375. Residential prices in the NCR rose by 24.2% in the quarter, making it the fastest-growing among the top seven Indian cities, while Bengaluru saw a 10% increase. The average price rise across all cities was 9%.
“For years, the NCR real estate market, barring a few notable names, lacked the consistent quality and professionalism seen elsewhere. The entry and expansion of top developers is said to transform the landscape,” As stated by Rahul Purohit, cofounder of the real estate services platform Square Yards.
