The Indian real estate landscape has witnessed a significant transformation since the pre-pandemic era. This evolution is evident not only in the numbers but also in emerging industry trends and changing buyer preferences.
As per Anarock’s Housing Boom Report, there has been a notable increase in homeownership over renting in the past few years, catalyzed by factors such as rising rental prices and the growing capital appreciation of properties. In particular, the premium and luxury housing segment has seen a steady surge in demand in recent years.
Today’s affluent homebuyers are no longer just searching for spacious homes; they are looking for spaces that seamlessly combine functionality, aesthetics, cutting-edge innovation, state-of-the-art amenities, and sustainable practices, all while enhancing comfort and convenience. Amidst this dynamic environment, as real estate developers in India are trying to optimize their offerings to meet the buyer demand, Gurugram has emerged as a popular hub. The city’s growing appeal can be attributed to factors such as its modern infrastructure, job opportunities, and the high quality of life. The frequent new project launches in Gurugram in the past few years are a testament to its rising popularity in the premium housing sector.
Market Data
According to the year-end market report by JLL, India’s residential real estate market delivered a standout performance in 2024, marked by record-high sales and surge in new project launches. A rising demand for upscale living significantly boosted the premium and luxury housing segments across major cities, with Delhi NCR emerging as the leading contributor.
Sales in the luxury segment (homes priced above INR 5 crore) soared by 80% year-on-year, catalysed by a rising demand for high-value homes. In Delhi NCR alone, premium housing contributed 27% and luxury housing 20% to total annual sales. For the first time, homes priced above INR 1 crore accounted for over half of all annual residential sales. This strong momentum also led to a significant drop in the average Months to Sell in tier-1 cities. Overall, the residential sector attracted the highest share of total real estate investment in 2024, accounting for nearly 24% of inflows.
In the first quarter of 2024 alone, approximately 23,500 residential units were launched across the Delhi NCR region, JLL reports. Notably, luxury apartments accounted for over 26% of these new launches, totalling around 6,200 units. Among the top seven real estate markets in India, Delhi-NCR led the numbers, commanding an impressive 64% of all luxury residential launches during this period. Gurugram emerged as the clear frontrunner in the luxury segment, with a significant 88% share of the region’s high-end launches concentrated in the Dwarka Expressway and Southern Peripheral Road corridors. Additionally, areas like Golf Course Extension Road and New Gurugram also emerged as key hubs for luxury housing development.
CBRE data also highlights a clear upward shift in demand for premium and luxury housing, with these segments gaining a significantly larger share of both sales and new launches in recent years. With real estate developers in India actively trying to tap into the potential of this maturing market, we can expect a new project launch in Gurugram to be a common occurrence in the years to come. This increasing demand is further fueled by the region’s rapid infrastructure development – key projects like the Dwarka Expressway, the upcoming Delhi-Gurugram-SNB RRTS corridor, and the expansion of metro connectivity are dramatically improving accessibility and driving residential interest across Gurugram’s emerging micro-markets.
Future Projections
The luxury and premium housing market is evolving rapidly. In the years ahead, the real estate market is likely to witness newer and innovative integration of smart home technology, sustainable design, wellness-focused amenities, and community lifestyle. As more people migrate to tier-1 cities like Gurugram in search of improved job prospects and quality of life, the region is expected to be proliferated with newer and more refined luxury residential projects. Intergenerational communities are likely to gain further popularity in the coming years as a response to individuals and families seeking closer connections in these fast-paced times.
Leading the way in real estate innovation, we’re setting new benchmarks with the launch of our latest project in Gurugram—Estate 360. The first intergenerational community of its kind in Delhi NCR, Estate 360, offers a diverse range of amenities for both the young and the young-at-heart.
With real estate developers in India focusing on expanding and optimizing their portfolios tailored to the needs of the market, cities like Gurugram are likely to emerge as the most preferred choice due to factors like availability of space and excellent connectivity. Enhanced road networks and accessibility to major parts of the National Capital Region has also made living in and around the city extremely convenient. With new infrastructural projects on the horizon, such as Delhi Metro Phase 4 expansion project, Gurugram is set to benefit from improved connectivity, further boosting its appeal as a prime destination for luxury and premium residential investments.
Emerging as a hub for modern, upscale living, Gurugram is capturing the attention of buyers, investors, and developers alike. Offering a blend of world-class infrastructure, evolving luxury housing options, connectivity, and a strong investment potential, the city is perfectly positioned to lead the upcoming wave of premium real estate in India.
