Over 14,000 luxury homes sold in Delhi in H1 2024

More than 60% was sold in Q2 alone.

A total of 14,112 housing units were sold in Delhi during the first six months of 2024, according to a recent JLL report. Of this, 9,003 units (64%) were sold in Q2 alone. A majority (81%) of the high-end homes sold in Delhi NCR this year were in Gurugram.

“New Gurgaon, Dwarka Expressway and Southern Peripheral Road were the top performing micromarkets in Gurugram, whereas in Noida, the micromarkets of Yamuna Expressway and Greater Noida, known for affordable housing, also saw the sale of luxury homes,” the report said.

Here’s more from JLL:

A total of 13,258 high-end housing units were launched in Q2 2024, more than the annual supply of 2023, which itself was the highest-ever annual supply. During the first six months of this year, over 17,300 high-end housing units have been launched.

Around 74% of the newly launched high-end homes this year were in Gurugram, followed by Noida with 18%. Established developers like DLF, Godrej Properties, Sobha and M3M launched multiple projects in Delhi NCR this year.

Capital values and rents increase marginally

On average, prices for high-end homes in Delhi NCR were up by 2% compared to the previous quarter.

Rents also increased marginally in Delhi NCR and were up by 2%.

Outlook: Housing demand to remain strong, backed by quality supply

Developers are constantly acquiring land parcels in NCR. Even developers from other parts of the country are looking to foray into NCR, either by buying land or by signing development agreements. Thus, the housing supply is expected to remain strong.

Factors like increasing disposable income, an aspirational lifestyle and infrastructure advancements are expected to drive up the demand for luxury housing. Luxury housing sales in Delhi NCR are expected to exceed 30,000 units by end-2024.

Note: Delhi Residential refers to Gurgaon's prime residential market. Data is on a GFA basis.