Gurugram still rules NCR real estate, but Ghaziabad's housing boom is turning heads

Gurugram continued to dominate the National Capital Region (NCR) residential real estate market in the second quarter of 2026, retaining its position as the region's largest housing market. However, Ghaziabad has emerged as the surprise performer, recording the strongest quarterly momentum with a sharp rise in project launches and becoming the only NCR micro-market to post quarter-on-quarter (QoQ) growth in home sales.

The NCR witnessed 11,200 residential launches during the quarter, down 30% from the previous quarter amid a temporary moderation in supply. Despite the slowdown, Gurugram accounted for 46% of all new launches, reaffirming its status as the region's primary residential development hub, according to ANAROCK's Residential Market Viewpoints – NCR Q2 2026 report.

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Gurugram remains the market leader

Gurugram continued to attract the bulk of developer interest despite softer quarterly activity. The city captured nearly half of all new residential launches in NCR, although launches declined 48% quarter-on-quarter and 8% year-on-year.

The city also remained the largest sales market, accounting for 41% of total housing absorption across NCR. Demand for premium and luxury homes continued to support the market, even though sales fell 17% sequentially and 4% annually. Gurugram also held the largest share of unsold inventory, with 46% of the region's available stock, reflecting its extensive development pipeline and sustained construction activity.

Ghaziabad emerges as the growth story

While Gurugram retained leadership, Ghaziabad delivered the strongest growth numbers in the region.

The city recorded a remarkable 96% QoQ jump in new launches, securing a 26% share of NCR's total residential supply, making it the second-largest contributor after Gurugram. The surge indicates growing developer confidence in the city's improving infrastructure and expanding residential demand.

More importantly, Ghaziabad stood out on the demand side as the only NCR micro-market to register quarterly growth in housing sales, posting a 4% QoQ increase even as overall regional sales declined by 12%. The city captured 19% of total residential sales during the quarter, highlighting resilient buyer demand despite broader market moderation.

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Contrasting market dynamics

The contrast between the two cities reflects different stages of market evolution.

Gurugram remains NCR's premium residential powerhouse, driven by luxury and high-end housing demand, established business districts, and strong investor confidence. However, its quarterly moderation suggests the market is stabilising after a prolonged period of aggressive expansion.

Ghaziabad, on the other hand, is witnessing rapid acceleration. New project launches, improving connectivity, and sustained buyer interest are helping the city emerge as one of NCR's fastest-growing residential markets. Its ability to record positive quarterly sales growth when every other major micro-market saw a decline underscores its increasing appeal among both developers and homebuyers.