Affordable housing sales dip to 24%, luxury units up 45% in NCR

NCR is currently one of the most vibrant realty markets. In a region that has witnessed several notable trend reversals in the past five years, housing demand has now tilted towards luxury units. 

According to the latest ANAROCK data, NCR saw total housing sales of approximately 32,200 units in H1 2024, with 45 per cent share being commanded by the luxury segment, and the affordable segment restricted to 24 per cent. In comparison, sales of luxury homes were a mere 3 per cent while the affordable sales share stood at 49 per cent in 2019. 

The data showed that 14,630 luxury units were sold in NCR in H1 2024, as compared to 1,580 units in the entire of 2019. Meanwhile, in the affordable segment, 7,730 units are sold in H1, while 23,180 units were sold in 2019.

“Among all NCR cities, Gurugram has been the most active real estate market in recent years. The ‘Millennium City’ saw approximately 17,570 units sold across different budget segments in H1 2024. Of these, a whopping 59 per cent (approx.10,365 units) were luxury homes, followed by 27 per cent (approx. 4,710 units) in the affordable segment. Back in 2019, Gurugram saw approximately 13,245 units sold, of which 43 per cent or around 5,740 units were affordable housing. The sales share of luxury homes was just 4 per cent, or approximately 470 units,” said Anuj Puri, Chairman, ANAROCK Group. 

Noida and Greater Noida together saw 8,425 units sold in H1 2024, with 42 per cent (3,550) units being luxury, and 13 per cent (1,100) units being in the affordable segment. The highest sales share of 45 per cent or 3,770 units was in the mid and premium segments priced between Rs 40 lakh and Rs 1.5 crore.

In 2019, Noida and Greater Noida saw sales of 21,770 units, with 44 per cent (9,565) units in the affordable segment, and just 4 per cent (990) units were in the luxury segment.

Ghaziabad, Faridabad, Delhi and Bhiwadi together saw 6,205 units sold in H1 2024, of which the luxury segment accounted for over 715 units, while affordable housing saw 1,920 units sold. The maximum sales of 3,570 units were in the mid and premium segments.