Real estate 2025: Gurugram shines the most in Delhi-NCR market 

As year 2025 inches closer to end, Delhi-NCR’s real estate market is setting high hopes for 2026. NCR real estate market has solidified its position as one of the most dynamic markets with record-breaking growth numbers across residential, commercial, and retail segment. H1 2025 underlined the growing weight of luxury housing in NCR’s residential market.

JLL data showed that Delhi-NCR recorded sales of 5,168 luxury homes in H1, marking an 8.5% year-over-year increase, despite overall residential sales volumes softening across major Indian cities. Gurugram dominated the segment, accounting for an overwhelming 91% of NCR’s luxury sales, helping the region secure nearly 65% of luxury home transactions across the top seven cities.

The residential market remained the most notable performer amongst all the sectors. The Delhi NCR market has experienced one of the steepest appreciations in the country. The prices of apartments in the NCR region appreciated by an average of 20-25% during the year 2025. This is against the national average appreciation of 8-10%. The Gurugram market saw the highest appreciation in prices. This was closely followed by the Noida market. The prices were driven by the end-user demand for quality homes. The sales of apartments in the region have registered an increase of over 15% on a year-over-year basis. The new launches were carefully balanced to reduce the unsold stock to multi-year lows of 18-20 months.

On the investment and commercial side, Delhi-NCR saw office space leasing of over 12 million sq ft in a year, while retail and logistics properties saw continued enthusiastic buying by institutional investors. Total real estate investment in the assets of NCR was estimated to be in the range of USD 3-3.5 billion in 2025, marking continued investor Confidence. The developers in NCR have continued to emphasize execution, balance-sheet management, and integrated projects, paving the way for steady growth. As NCR embarks on the journey of the year 2026, the future looks promising, driven by infrastructure-driven growth, growing demand in urban areas, and being the main economic driver in North India.

Gautam Kanodia, Founder, KREEVA and Kanodia Group, says, "One of the clearest shifts we noticed in 2025 was how focused luxury buyers became about location within Gurugram. Instead of broad preferences, attention narrowed to specific micro-markets like SPR, New Gurugram, Golf Course Road, and Golf Course Extension Road. These corridors are benefiting from tangible infrastructure upgrades, better connectivity, and the availability of larger, low-density luxury developments. Buyers and investors are seeking livability factor, access, future value, and community planning. That change in mindset has driven steady absorption in these pockets. Hence, luxury housing in Gurugram is no longer a one-size-fits-all story; it’s becoming increasingly corridor-led. Going ahead, demand will continue to concentrate in these micro-markets, offering both lifestyle depth and long-term appreciation."

Ajay Malik, Chief Strategy Officer, RISE Infraventures says, “If there was one takeaway from 2025, it’s that India’s commercial real estate moved from reaction to strategic planning. Offices, retail, and mixed-use assets saw developers focus on execution, asset quality, leasing strength, and operational efficiency rather than land banking. Institutional investors remained active, while the RBI’s 125 basis points rate cut boosted liquidity and confidence across occupiers and investors. Across segments, office spaces emphasised flexibility and efficiency, while retail focused on high-footfall, curated destinations. This intentional approach drove outperformance in select micro-markets and asset classes. As 2026 begins, the sector looks less volatile, more predictable, and ready for long-term capital.”