Adani, Tata, Mahindra, Godrej double down on NCR real estate market

Reat estate developers predominantly active in western and southern parts of India are making a big splash in Delhi-NCR’s realty market, giving tough competition to regional players who have established land banks.

The share of new NCR residential supply by developers outside the region has quadrupled in the last four years from 3% of the region's total new residential supply in 2022 to over 13% by 2025-end, according to ANAROCK Research data.

Large developers such as Adani Realty, Godrej Properties, Prestige Estates, Tata Housing, Mahindra Lifespaces, Sobha, Birla Estates, and Shapoorji Pallonji, which earlier focused mainly on their primary markets like Mumbai, Bengaluru, Pune, Hyderabad, and Ahmedabad, are now launching several projects in NCR.

Even as regional real estate players continue to dominate the NCR market, large developers from beyond NCR are now actively participating in the national capital’s ongoing housing market boom. Anarock says this highlights a broader shift towards a more institutionalised and brand-driven residential real estate landscape.

Of approximately 25,355 residential units launched in NCR in 2022, national developers accounted for just 3%, or less than 700 units, says Santhosh Kumar, Vice Chairman of Anarock Group. In 2025, out of the around 61,775 units launched in the entire region, nearly 8,100 units were by national players, Kumar adds.

Godrej dominates NCR launches

Collectively, these national players launched over 15,130 units across 30 residential projects in Delhi-NCR between 2022 and Q1 2026. Among these developers, Godrej Properties stood out as the most active by a considerable lead. The Mumbai-headquartered firm contributed more than 47% of the total units launched, strengthening its footprint across Gurugram, Noida, and Greater Noida. Godrej’s strategy of entering multiple micro-markets with both premium and upper-mid-range projects has helped it build considerable scale, says Anarock Research.

Other entrants with notable supply include Bengaluru-based Prestige Group and Sobha. Prestige holds a 27% share of the total NCR units among these developers, with its presence concentrated entirely in Ghaziabad. Sobha contributes a 10% share, distributed between Gurugram and Greater Noida. Meanwhile, Shapoorji Pallonji, Birla Estates, Adani Realty, Tata Housing, and Mahindra Lifespaces have relatively smaller volumes but are prioritising premium developments in key locations, especially Gurugram.

Notably, projects launched by these national developers are largely focused on spacious 3-, 4-, and 5-BHK configurations. On average, 3-BHK units measure around 1,830 sq. ft., 4-BHK units about 2,600 sq. ft., and 5-BHK units approximately 4,465 sq. ft.

“The limited supply of smaller configurations suggests that most national developers are targeting affluent, lifestyle-oriented homebuyers," says Kumar. "Average pricing across these developers' projects falls within the premium category, with several of these developments positioned squarely in the luxury and ultra-luxury segments. Geographically, Gurugram remains their most preferred destination - of the total new supply in NCR by these national players, Gurugram has the highest share at 47%, followed by Ghaziabad with 27%, Noida 13%, and Greater Noida with 12%," he explains.

Gurugram’s appeal is supported by robust corporate demand, well-developed infrastructure, close connectivity to the airport, and the ongoing growth of employment centres.

The participation of these players reflects homebuyers' growing preference for trusted brands with strong execution capabilities, says Kumar. “It also highlights the growing confidence of India’s most prominent real estate brands in their ability to expand beyond their traditional home markets and tap into the opportunities of one of the country’s largest residential markets,” he explains.

NCR realty boom

The NCR’s growing appeal across markets is being driven by rapid urbanisation, increasing demand for branded residential developments, and a continuously expanding corporate ecosystem. These trends gained further momentum after COVID-19, as sector consolidation, along with NCR’s scale and strong connectivity, positioned it as an attractive market for diversification. Large-scale infrastructure initiatives such as the Dwarka Expressway, Noida International Airport, Delhi–Mumbai Expressway, RRTS, and ongoing metro expansions are transforming regional connectivity and opening up new residential corridors with strong long-term growth prospects.

"Residential demand from both end-users and investors is led by premium and luxury housing in Gurugram, Noida, Greater Noida, and New Gurugram. While enduser demand matches it in most precincts, investor activity is a prime demand driver in NCR," says Kumar. "Also, buyer preferences are shifting toward credibility and execution. Branded developers are gaining share, especially in the premium segments where buyers can depend on timely delivery, quality, and trust - mirroring trends seen in global real estate markets,” he adds.

The rise of national developers does impinge on regional players' relevance, says Kumar. “Local developers retain critical advantages, including deep market knowledge and entrenchment, strong land relationships and historic land banks, and established customer networks,” he says.

The growing presence of branded national players has elevated overall product quality, transparency, and customer confidence within NCR, believes Kumar. “They regularly introduce better design standards, larger amenity packages, sustainable construction practices, and stronger governance frameworks. Their entry has also intensified competition, encouraging local developers to improve execution capabilities and project delivery standards,” he says.