APRIL 2025

NCR REAL
ESTATE
A BEACON OF GROWTH
AND OPPORTUNITY
2 | NCR Real Estate - A Beacon of Growth and Opportunity 3 | NCR Real Estate - A Beacon of Growth and Opportunity |3

Contents Foreword
pivotal urban centers such as Delhi, Gurgaon, Noida,
Foreword................................................................................................03 Greater Noida and Ghaziabad. The strategic location
NCR: An Overview............................................................................ 04 ofthesecitiescontinuetoexertasignificantpull
on a diverse demographic spectrum. It attracts
NCR Attractiveness: Highlights................................................... 06 not only career-driven professionals seeking
competitive job opportunities but also families who
Challenges Faced by the Ailing NCR aspire to enjoy contemporary urban living that is
Real Estate Market Prior to Structural Reforms................... 08 conveniently situated within proximity to various
employment hubs.
Structural Reforms – The Game Changer
in NCR Real Estate Market...............................................................10 As urbanization continues to accelerate at an
unprecedentedpace,largelydrivenbysignificant
Infrastructure as the Backbone of population growth and robust economic
NCR Real Estate Growth .................................................................15 development, the NCR continues to cater to a wide
arrayofhousingneedsandpreferences,reflecting
NCR–0 . 2 RevivalPostaDifficultRide ......................................18 the rich tapestry of lifestyles and aspirations present
within its population. From luxurious apartments
Growth Corridors of NCR...............................................................24 specificallyinGurgaon,equippedwithmodern
amenities to more affordable housing options in
Sohna ......................................................................................................24
micro markets of Greater Noida and Ghaziabad that
The National Capital Region (NCR) has consistently
Dwarka Expressway..........................................................................26 led India’s burgeoning real estate sector, with its
prioritize community and accessibility, the region
offers something for everyone.
New Gurgaon.......................................................................................28 vast spread of over 50,000 sq. km across four
states. Over the past decade, NCR has evolved, This burgeoning demand is further bolstered
Greater Noida West.......................................................................... 30 with many peripheral areas emerging as attractive by the government’s unwavering commitment
housing destinations, both for residential and to enhancing infrastructure initiatives aimed at
Noida International Airport (Jewar)...........................................32 commercial. Following a prolonged period of expanding road networks and metro connectivity.
stagnation since 2014, the residential market saw These enhancements play a vital role in improving
Way Forward........................................................................................35 a resurgence in both demand and supply after accessibility to various regions within NCR,
major reforms were implemented. While the ultimately broadening the horizons of potential
pandemicmarkedasignificantdipinsupplyand homebuyers.
sales, the market has since strengthened, with the
launch of approximately 53,000 units and sales of In this report, ANAROCK Research explores the
nearly 62,000 units in 2024. Further, the market criticalfactorsinfluencingthehousingmarketin
that previously recorded some of the highest NCR. The analysis includes a detailed look at the
unsold stock in the country is now undergoing region’s accelerating urbanization, infrastructure
a notable decline. At the end of 2024, NCR had development, the regulatory and policy framework
approximately 85,900 unsold units, representing impacting urban housing, trends in supply
nearly 16% of the total unsold stock across the top absorption and the major obstacles in the NCR
7 cities. In recent years, property prices across NCR trajectory.Additionally,thereportidentifieskey
have also experienced consistent growth, with key growth corridors and outlines the way forward for
hot spots seeing remarkable appreciation. future growth in this sector.

However, the residential real estate in NCR not

only shows a commitment to grow but also Santhosh Kumar
presents a multifaceted landscape replete with Vice Chairman ANAROCK Group
both opportunities and challenges that warrant
thorough examination and strategic consideration.
This dynamic region, characterized by its unique
geographical advantages, encompasses several
4 | NCR Real Estate - A Beacon of Growth and Opportunity |5

NCR: An Overview Demographic and Economic Profile

The National Capital Region (NCR) in India Haryana, 8 districts from Uttar Pradesh,
is recognized as one of the largest urban and 2 districts from Rajasthan, with the
conglomerations.Itexemplifiesan nation’s capital, New Delhi, as its core.
extraordinary model of inter-state regional
Over the last decade, spanning over
planning and development, incorporating
55,000 square kilometers, NCR has risen
the complete National Capital Territory of
as a premier economic hub within India.
Delhi, in addition to 14 districts from

Delhi Haryana Uttar Pradesh Rajasthan

National Capital Territory Faridabad, Gurgaon Meerut, Ghaziabad, Gautam Alwar, Bharatpur
(NCT) of Delhi (Gurugram), Nuh (erstwhile Budh Nagar, Bulandshahr,
Mewat), Rohtak, Sonepat, Baghpat, Hapur,
Rewari, Jhajjhar, Panipat, Muzzafarnagar & Shamli
Palwal, Bhiwani (including
Charkhi Dadri), Mahendragarh,
Jind & Karnal

Area (Sq Km) Area (Sq Km) Area (Sq Km) Area (Sq Km)

1,483 25,327 14,826 13,447

Population(2011) Population(2011) Population(2011) Population(2011)

16,790,000 16,430,000 18,710,000 6,220,000

Total — Area (Sq Km) - 55,083 | Population-58,150,000
Source: Draft Regional Plan 2041 – NCR Planning board
6 | NCR Real Estate - A Beacon of Growth and Opportunity |7

NCR Attractiveness:
Highlights
Though the residential real estate market of NCR has had a gloomy past, the new and
planned infrastructure projects coupled with more employment opportunities indicate
optimism about the future of the second largest residential market in the country.

1 3 5 7 9 11

During 2014-2016, Delhi -

NCR’s economic, political, NCR hosts the world’s NCR serves as a focal NCR’s strategic advantages,
NCR has risen as the NCR emerged as the
cultural and educational second-largest point for the automotive supportive ecosystem,
primary contributor to topmost employment
significance,coupledwith population, poised to and light engineering access to talent and capital,
India’s GDP, accounting generator in the country,
robust infrastructure and surpass Tokyo by 2030, sectors, manufacturing thriving industries, and
for over 8% of the national providing around 6.2 lakh
connectivity, make it a vital thus claiming the title of 30% of the nation’s cars quality of life make it an
economic output. jobs, surpassing Mumbai by
region driving India’s the world’s largest human and 50% of its two- ideal destination for startups
a third, which created only
growth and development. settlement conglomerate. wheelers. to establish and scale their
4.7 lakh jobs during the
businesses.
same period.

The recent establishment

NCR is home to some of the Delhi stands as one of the
NCR stands as the Additionally, NCR and refurbishment of
country’s top educational rapidly advancing union Delhi - NCR is now
foremost premier ranks as the sixth most convention centers in Delhi
institutions and research territory in the nation, dominated by Grade A - NCR, such as Bharat
Logistics Hub for North economically vibrant boasting an estimated
centers that enrich its developers in both Mandapam and
India, a region region among the top Gross State Domestic
intellectual landscape, residential and commercial Yashobhoomi, have
predominantly 300 metropolitan Product (GSDP) of US$
attracting students and supply. bolstered India’s capabilities
landlocked. cities worldwide. billion
031 forthefiscal
scholars from across the in the Meetings, Incentives,
globe. year 2023-24. Conferences, and
Exhibitions (MICE) sector.

2 4 6 8 10 12
8 | NCR Real Estate - A Beacon of Growth and Opportunity |9

Challenges Faced by the Ailing

NCR Real Estate Market Prior to
Structural Reforms
Prior to RERA, the real estate market was unique set of challenges. One reason for the
unorganised across the cities in NCR. Lack of influxofdeveloperslaunchingprojectsinNoida
regulatory oversight, a confusing mix of land between 2005 and 2011 was the availability of
regulations, misappropriation of funds by land at affordable prices. Moreover, Noida had a
unethical builders, supply surpassing demand, peculiar policy that favored builders. The 2007
financialconstraints,anddiminishingreturns policy allowed real estate companies to acquire
collectively led to NCR witnessing more land and commence projects by paying only
abandoned housing projects than any other 10% of the land cost upfront. They were then
region in India. permitted to pay the remaining amount in
The aftermath of these incidents
installments over several years, a condition not
NCR also had the maximum number of stalled applicable in other markets of NCR, such as shattered trust in the real estate
projects across India’s top 7 cities; However, the Delhi and Gurgaon. market, resulting in weakened
issues extend beyond the stalled projects. A
demand, limited launches and
large number of well-renowned developers Thousands of investors took advantage of the
such as Unitech Group, Amrapali Group, and pre-launch offers across NCR including Greater stagnant price growth in the Delhi -
Jaypee Group have garnered public attention Noida, Noida, Ghaziabad and Gurgaon, NCR. However, there has been a
due to prominent legal battles. Over thousands enabling them to reserve apartments at paradigm shift post various
of units that were booked by homebuyers substantial price discounts, creating a false government initiatives, and the market
across various projects between 2005-2011 senseofdemandandafragilefinancialpyramid
remained undelivered even after a decade. It of sorts. Numerous builders launched projects
started to experience a revival.
also encompassed properties situated in and accepted booking amounts from
uninhabitable areas purchased by investors, as unsuspecting buyers without obtaining the
well as the various legacy challenges faced by necessary approvals – all leading to a cycle that
real estate developers. eventually burst when developers failed to
deliver the projects and potential returns
While construction delays have been evident in ceased.
both Noida and Gurgaon, Noida faced its own
10 | NCR Real Estate - A Beacon of Growth and Opportunity | 11

Structural Reforms – The Game

Changer in NCR Real Estate Market Introduction of RERA SWAMIH Fund
Directives from RERA, initiated in the year SWAMIH (Special Window for Affordable and
signified
,1 6 0 2 anotabletransformationinthe Mid-Income Housing) Fund, a government-
Government initiatives and policy reforms, including the enactment of real estate landscape of India, especially in the backed initiative, played a crucial role in
the Real Estate Regulation Act, 2016 (RERA),” Smart City Mission”, struggling NCR market, placing emphasis on addressing the liquidity issues faced by the real
PMAY, SWAMIH Fund along with infrastructural developments and transparency, equity, and effectiveness. By estate sector, especially during challenging
industrialcorridorshaveplayedasignificantroleinrejuvenatingthe tackling issues concerning transaction metrics, economic conditions. It aimed at providing
DelhiNCR
- realestatesector,therebyreinstatinginvestorconfidence. document submission, and mutual settlements, financialsupporttostalledhousingprojectsi
the act had proactively molded the sector the affordable and mid-income housing
towards a more responsible and dependable segments, which were cash positive but were
real estate market. strugglingduetofinancialdeficiencies.

Current Status as of Feb 2025

SWAMIH Fund 2.0
With INR 15,000 crore of capital from
Projects Agents Complaints
government, banks and private investors, the
Registered Registered Registered blendedfinancefacilitySWAMIHFundto 2 be
since 2016 since 2016 since 2016
created to ensure the rapid completion of 1
lakh homes.

Delhi
111 857 953

Uttar Pradesh
3,828 6,714 56,716 State’s Endeavor to Ease the Home
Buyers’ Burden
The Uttar Pradesh Government implemented
the recommendation of the Amitabh Kant
Committee and expeditiously allowed the

(Gurgaon)
Haryana
registration of the halted housing projects.
895 3,475 NA Additionally, it also provided to absolve the
penal interest accrues for the period spanning
from April 2020 to March 2023 as a result of
pandemic-induced circumstances.

This was a major relief to the home buyers,

particularly in the micro markets of Noida,
Rajasthan

Greater Noida and Yamuna Expressway in the

3,427 10,638 2,613 NCR, where the buyers received their homes
with legal validation. The innovative move by
the state government has also had a positive
ripple effect on the local economy.

Source: Respective State RERA Website, Compiled by

ANAROCK Research
12 | NCR Real Estate - A Beacon of Growth and Opportunity | 13

PMAY — U NCR District Wise -

Pan India As on Nov 2024

S.no State City Houses Houses Houses

Sanctioned Grounded Completed
1 Delhi Delhi 29,976 69,058 52,458

2 Haryana Faridabad 9,621 9,025 8,866

118.64 112.46 ₹2 3 Haryana Gurgaon 12,509 11,702 11,522
Lakhs Lakhs Lakhs Cr. 4 Haryana Nuh (Mewat) 298 227 60
Houses Houses Central Assistance 5 Haryana Rohtak 4,067 3,647 2,569
Sanctioned Grounded Committed
6 Haryana Sonipat 3,235 2,160 1,982
01 04 05
7 Haryana Rewari 1,396 1,430 1,268

8 Haryana Jhajjar 876 998 552

9 Haryana Panipat 2,738 2,304 1,301

₹ 167,881 ₹ 8.07
10 Haryana Palwal 2,027 1,644 449
90.56 11 Haryana Bhiwani 4,211 2,150 1,391
Lakhs Crore Lakhs Cr.
12 Haryana Charkhi Dadri 1,344 402 152
Houses Central Assistance Total
13 Haryana Mahendragarh 460 213 62
Completed Committed Investment
14 Haryana Jind 2,699 2,446 1,314
02 03 06
15 Haryana Karnal 4,476 3,089 2,512

16 Uttar Pradesh Meerut 25,709 25,610 18,477

17 Uttar Pradesh Ghaziabad district 54,129 44,543 36,956

Gautam Buddha Nagar

18 Uttar Pradesh 28,612 28,099 27,865
district

19 Uttar Pradesh Bulandshahr 6,621 6,306 4,998

20 Uttar Pradesh Baghpat 2,876 2,443 1,635

21 Uttar Pradesh Hapur 8,134 5,322 4,291

22 Uttar Pradesh Shamli 2,045 2,022 1,600

23 Uttar Pradesh Muzaffarnagar 5,957 5,731 3,761

24 Rajasthan Alwar 8,622 7,658 7,432

25 Rajasthan Bharatpur, Rajasthan 1,798 1,177 875

Source: www.pmay-urban.gov.in, Compiled by ANAROCK Research

14 | NCR Real Estate - A Beacon of Growth and Opportunity | 15

PMAY — U — 2.0
Infrastructure: The Backbone of
InAugustIndia
,4 2 0 launchedthePradhanMantriAwasYojana-UrbanPMAY- ( 0 2. Ua
, ) 02. five-
year initiative aimed at building one crore homes for urban low and middle-income families.
Backed by a USD120 billion investment, including a USD27.6 billion government subsidy, the
NCR Real Estate Growth
programutilizesvariousstrategieslikebeneficiary-ledconstructionandpublic-private
partnerships to promote inclusive housing.
DelhiNCR
- hasbenefitedfromimmenseconnectiveinfrastructureinvestmentsoverti
such as the country’s most extensive metro rail network which covers over 389 km, built
with an investment of INR 810,000 million and the busiest airport - Indira Gandhi
International Airport.
NBCC to Deliver Amrapali’s Stuck Large Indian Real Estate Developers
Projects in Noida and Greater Noida Foraying into NCR Market
NBCC, in 2019, was appointed as the Many big national level players such as Key infrastructure projects that took shape in last few years
project management consultant to Mahindra Lifespaces, Tata Housing and
undertake completion of the stuck Godrej Properties have already made their
Samalkha
709B

projects of Amrapali Group in Noida and strong footprints in NCR market in the last Eastern Peripheral Expressway Gohana
Ganaur
Baraut
44

Greater Noida, after homebuyers couple of years. Now players like Sobha The 135 km-long Eastern Peripheral Meham Sonipat
(through a petition) demanded the Baghpat Meerut
and Prestige Group have also purchased
334B

Expressway (EPE) was made operational in Rohtak

Kharkhoda
Kundli Eas
ter
deliveryoftheirflatinprojectsthatwere land to mark their presence in Gurgaon. May 2018. The Delhi-Meerut Expressway which
nP
er
ip
he 34

kalanaur
launched in 2010.

ra
lE
is under implementation by National Highways Loni

xp
HARYANA Bahadurgarh

res
Hapur

sw
Authority of India (NHAI), was also made Jhajjar Ghaziabad

ay
Out of a total of 38,500, NBCC aimed to 334B
DELHI
deliver 22,000 units by the end of 2024. partially operational (8.7 km stretch from Charkhi
Dadri
Badli Noida
Dadri
Gurgaon Sikandrabad

Also, the NBCC will build an additional Nizamuddin Bridge, Delhi to UP Border), in Faridabad

13,500 apartments in Greater Noida’s May 2018. Manesar

Ballabgarh
Bulandshahr

Palaudi

fivehousingprojects,sellthemat Rewari
34

Palwal
current market rates and raise around UTTAR
INR 15,000 crore.
48 NUH Dholagarh PRADESH
Neemrana
248A
Tijara 19

Map not to scale, for representation purpose only

Samalkha
709B
Gohana

Western Peripheral Expressway Ganaur

44
Baraut

Western Peripheral Expressway (WPE) also Meham Sonipat Baghpat 334B

Meerut

known as the Kundli-Manesar-Palwal Rohtak

Kharkhoda Kundli
34

Expressway was carried out by the Haryana

ay
kalanaur

sw
res
Loni
State Industrial Infrastructure Development HARYANA

Western Peripheral Exp

Bahadurgarh
Hapur
Jhajjar Ghaziabad
Corporation (HSIIDC), Govt. of Haryana. The 334B
DELHI
Charkhi Badli Noida
part of the WPE from Palwal to Manesar was Dadri
Gurgaon Dadri Sikandrabad
commissioned in 2016 and the remaining part Faridabad

Bulandshahr
has been commissioned in November 2018. Palaudi
Manesar
Ballabgarh

34

Rewari
Palwal
UTTAR
48 NUH Dholagarh PRADESH
Neemrana
248A
Tijara 19

Map not to scale, for representation purpose only

16 | NCR Real Estate - A Beacon of Growth and Opportunity | 17

Dwarka Expressway Metro Network

Recently operational Dwarka Expressway, Metro rail encompasses all the major economic clusters of NCR, connecting Delhi with the
spanning over 29 km and built at a cost of INR adjoining regions of Gurgaon, Noida, Greater Noida, Ghaziabad and Faridabad. The proposed and
4,100 crore, features underpasses, tunnels, planned network is aimed at connecting Delhi with the prominent areas of Rajasthan.
elevatedstructuresandflyovers,whichareall
aimedattacklingthetrafficflowbetweenDelhi
and Gurgaon. DELHI-NCR
METRO NETWORK

DELHI Dwarka
Sector 21
IGI Airport

Kapashehra
New Palam
Vihar

Udyog
Vihar
Daulatabad
Kherki
48
Majra
ay
sw

Iffco
HARYANA Chowk
es
pr
Ex
ka
ar
Dw

48
Gari
Rajiv
Harsaru
Chowk
D w ark a E

Hero Honda
Chowk
xpr
ess

48
wa

Kherki
Daula
y

Manesar Toll
Plaza

Map not to scale,

for representation purpose only

Map not to scale, for representation purpose only

Mega projects are underway within the

region, such as the Delhi-Mumbai Industrial
Corridor (DMIC), the Orbital Rail Corridor,
The RapidX Transit System began and the Regional Rapid Transit System
operations in October 2023 to link (RRTS). Further strategic investment
Delhi with Meerut. By shortening projects such as the upcoming Jewar Airport
travel duration, it stimulates located south of Greater Noida, the Eastern
Dedicated Freight Corridor, FNG, Special
property market activity
Economic Zones in Noida and Greater Noida
throughout its railway route. in Uttar Pradesh, and industrial townships in
Haryana are either under development or
have been proposed in the region.
18 | NCR Real Estate - A Beacon of Growth and Opportunity | 19

NCR 2.0 – Revival Post Regulation of the Sector

Unregulated and highly unorganised sector.
a Difficult Ride Lack of Accountability
Developers hardly faced repercussions for unkept promises, leading to a dearth of
accountability within the sector.

Prior Reforms
Diversion of Funds
Over the past decade, the real estate market in the Delhi - NCR has Funds collected from one project were diverted for business expansion or construction
u de e i ifica t tu ule ce ide ead i ta ce f of other projects.
e u e dece ti i e t eal e tate c a ie t a Lack of Transparency in the Transactions
sharp decline in demand and minimal price appreciation, the Absence of transparency in transactions prompted developers to mislead homebuyers
with inaccurate assurances regarding project features, layout, and amenities, resulting
e i a e c u te ed iad c alle e e e t ele a i u in disillusionment.
t uctu al ef uc a R R u d etc led
Delay in Completion and Delivery
t e eal e tate ect t a d a i i tu f ec e it a Delaysincompletionanddeliveryofflats/homesduetounscrupulousbuilders
e u e ce i de a d a d u l cheating homebuyers despite full payment were prevalent issues.

Regulation of the Sector

RERAensuredregulationinanefficient,transparentandaccountablemanner.
Lack of Accountability
Distinct clauses outlining reimbursement, interest, compensation, and penalties for all
parties in case of breach of legal obligations.

Post Reforms
Diversion of Funds
RERA mandates that 70% of the funds collected from homebuyers for a project must
be kept in a dedicated bank account, exclusively for the construction of that project
and its land cost.
Lack of Transparency in the Transactions
RERA aims to tackle critical concerns regarding fair transactions, timely delivery, and
quality construction by expeditiously resolving disputes, thereby empowering
homebuyers.
Delay in Completion and Delivery
Developers are now mandated by law to guarantee transparent, accountable, and
timely delivery of projects to homebuyers, operating within the regulatory framework
of RERA.
20 | NCR Real Estate - A Beacon of Growth and Opportunity | 21

Revival of Residential Real Estate Market of NCR Declining Available Stock and Inventory Overhang

Residential Real Estate market of NCR has Gurgaon dominated the supply addition in the A market that once held one of the highest basis, the inventory reduced by 9% from nearly
witnessed a revival of demand and supply post NCR, accounting for 52% share, primarily on number of unsold units in the nation is now 95,000 units at the end of 2023. A strong sales
reforms, after struggling for a long time since Golf Course Road Extension, followed by Sohna experiencingthemostsignificantdecline.NCR velocityovertheyearsalongwithsignificant
2014. Both supply and sales reached the lowest Road and the NH8 Region. Noida and Greater as a total held nearly 85,900 available units at new launches resulted in an inventory overhang
level in the pandemic era. Post that the market Noida together comprised 28% share of NCR’s the end of December 2024 as compared to of only 17 months at the end of the year 2024.
has continued to strengthen and recorded a total supply in 2024. Meanwhile, Gurgaon also over 2,00,000 units back in 2017. On a yearly
remarkable supply of 53,000 units in 2024, led in housing sales, capturing 52% of the
almost 44% higher than the launches witnessed market, while Noida and Greater Noida
in the year 2023. Sales, on the other hand, together accounted for 27% of the total sales. Available Inventory
dropped marginally by 6% Y-o-Y with
approximately 62,000 units sold in 2024. 2,50,000 100
88

Inventory Overhang (Months)

Available Inventory (Units)
2,00,000 80

65
1,50,000 60
52
Resurgence in Sales and Supply 55
45
1,00,000 36 17 40
1,80,000
36
Market Activity Supply 23
Sales
50,000 22 20
1,60,000
17
1,40,000 0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

1,20,000 Available Inventory Inventory Overhang

(No. of Units)

Source: ANAROCK Research

1,00,000

80,000

60,000
Rising Price Trend
40,000
NCR, as a whole, witnessed over 30% YoY (34% and 33% respectively), followed by
20,000
growth in average property prices during the Gurgaon with 30% price appreciation as
0 year 2024. However, while analyzing the compared to the previous year. Faridabad and
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 individual cities, we witnessed the maximum Ghaziabad are the two cities that recorded the
Source: ANAROCK Research hike in the city of Noida and Greater Noida lowest rise in price as compared to last year.

8,000 Average Capital Value 7,550

Price (INR/Sq. ft) 7,500

7,000

6,500

6,000
5,800
5,500 5,025
4,650 4,645 4,680 4,565 4,580 4,781
5,000 4,520 4,580
4,500

4,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: ANAROCK Research Note: Base Selling Price on BUA*

22 | NCR Real Estate - A Beacon of Growth and Opportunity | 23

Changing Budget Dynamics: Luxury Projects Gaining Traction

NCR Residential market, as a whole, has been AcrossNCR,therehasbeenasignificant

showing consistent signs of growth in terms of increase in the share of launches in the ultra-
volume and value. Talking about the budget luxury segment (units priced over INR 2.5 Cr.),
segmentation, unlike previous years when that contributed nearly 59% in 2024 as
affordable housing (< INR 40 Lakh) used to compared to 24% in the year 2023 and only 5%
hold the maximum share of supply, Luxury and in 2019. Affordable housing continued to
ultra-luxury housing supply and demand has witness a decline, accounting for only 11% share
increased exponentially during the last 3 years of the total launches in 2024 as compared to
as post-pandemic, homebuyers look for bigger 41% in 2022 and 47% in 2019.
livable spaces.

Budget Wise Supply

5% 3% 3%
8% 5% 10%
11% 21% 24%
15%
24% 7%
19% 59%
13% 17%
25%
28% 18%
27%
11%
62% 8%
47% 41% 15%
35% 4%
24%
11%
2019 2020 2021 2022 2023 2024

Affordable Mid-end High-end Luxury Ultra-luxury Sustained demand for luxury properties can be
Source: ANAROCK Research
attributed to the robust performance of capital
markets, resulting in an increased availability of
Budget Segmentation: Affordable (< INR 40 Lakh), Mid-end (INR 40 Lakh - INR 80 Lakh), High-end (INR 80 Lakh
- INR 1.5 Cr), Luxury (INR 1.5 Cr - INR 2.5 Cr), Ultra-luxury (> INR 2.5 Cr) disposable wealth among individuals.
Consequently, there is a heightened aspiration to
elevate one’s living standards by acquiring superior
residential accommodations along with an
aspiration for unparalleled amenities, a lifestyle
conducive to well-being, distinctive architectural
designs and a prestigious location that confers an
elevated social status upon its occupants.
24 | NCR Real Estate - A Beacon of Growth and Opportunity | 25

Growth Corridors of NCR Sohna – Residential Real Estate Dynamics

Driven by numerous 2023 set a new record

By the end of 2024, the
infrastructure and of launches with 3,400
Sohna micro market had
commercial developments, units, the highest in
SOHNA – A Satellite Town Set to Transform the Landscape nearly 4,280 units
Sanp Ki the Sohna micro market the last 5 years. 2024
GD Goenka
Nangli available, with an
University has seen approximately saw approximately
Gurgaon inventory overhang of
11,500 units launched 2,060 units added to
Ground 12 months.
since 2019. the micro market.
Sohna Rural
Dr Bhagat Farm Rd
ke
Sanp Ki Nangli La
a
dam
BAND COLONY Da
m
The average price in Sohna as of 2024
Richie Farm
248A
stands at approximately INR 6,000 per sq. The average size of units has doubled
Radha Krishna Temple
ft.significantly
, lowercomparedtoother from 1,000 sq ft in 2020 to over 2,000
Sohna developing areas in Gurgaon, offering sq ft in 2024.
Baluda
attractive options for homebuyers looking
28
HARINAGAR for affordable projects.
248A
919

Sohna Police Station PAHAD COLONY 919

Airtel Banking
Syndicate Bank
Sarva Haryana 4,000 7,000
Ja

919
Gramin Bank
ura

3,500 6,000
si

Zakupur
-A

Price (INR/Sq Ft.)

tta

3,000

Supply (Units)
Ro

5,000
ad

Aqsa Masjid KAWASIKA 2,500

EXPRESS Jakhopur 4,000
Lakhuwas 2,000
3,000
Sehsaula 248A 1,500
2,000
1,000
Map not to scale, for representation purpose only
500 1,000

Situated in the southern section of Gurgaon, clusters near Bhiwadi and Manesar. 0 0
2019 2020 2021 2022 2023 2024
Sohna is also commonly referred to as South
Gurgaon. This micro market boasts convenient One of the fastest growing localities in Supply Price
access to a variety of well-established Gurgaon, Sohna already has an established Source: ANAROCK Research

employment hubs in the region, including social infrastructure, featuring numerous

existingcommercialandofficecentersin educational institutions, healthcare facilities,
andhotels.Thisisexpectedtosignificantly Supply : 2023 - 2024
Gurgaon, up-and-coming business areas along
enhance within the next three to four years. On the budget segmentation front,
Sohna Road, and long-established industrial
affordable housing (< INR 40 Lakh) 14%
remained the most preferred price Luxury
segment amongst developers.

Over 75% of the total supply since the

75%
Affordable
Sohna is emerging as a prominent residential real estate beginning of 2023 was launched within this
destination in Gurgaon, thanks to its proximity to key business price bucket, leaving limited supply in
centers like DLF Cyber City, Udyog Vihar, MG Road, Golf other price segments. However, a little over 9%
Ultra Luxury
Course Road, and Sohna Road. Enhanced accessibility, 1,200 units were introduced in luxury and
competitive pricing, nearby industrial clusters, and planned ultra-luxury segments, contributing 23% of
infrastructure improvements all contribute to its appeal. thetotalsupply,afirsttimeinthehistoryof 2%
the micro market. High End
Source: ANAROCK Research
26 | NCR Real Estate - A Beacon of Growth and Opportunity | 27

DWARKA EXPRESSWAY – Redefining Dwarka Expressway – Residential Real Estate Dynamics

Access Between Delhi and Gurgaon
Following the pandemic, the
Dwarka Expressway Dwarka Expressway has emerged as Dwarka Expressway
A resurgence in demand,
a key player in the NCR real estate residential real estate market
Major Road once again the micro market
Dwarka market. Its appeal to both end-users saw a substantial surge in
attracted the attention of
Since 2019, the micro market
Sector supply, with nearly 12,350 has witnessed a total supply
26 and investors stem from excellent developers and recorded a
IGI units added in 2021 and 2022.
supply of nearly 11,300 units
of over 32,840 units.
Airport connectivity to established areas like However, there was a sharp
Dwarka, Golf Course Road, Golf during 2024, the highest in
113 decrease in launches in 2023,
Shiv the last 7 years.
109 Murti Course Extension, and Old Gurgaon. with only 1,880 units
Additionally, its proximity to the introduced.
105 international airport and the presence
of Grade A commercial spaces make The average property price
Gurgaon DLF
it a prime property hotspot. As of 2024, there are in the micro market stands at The average size of units in
approximately 9,880 units around INR 11,000 per sq. ft. this micro market has
99 The micro market boasts a range of still available, with an Thisreflectsasignificant gradually increased from 800
prestigious educational institutions, inventory overhang of 12 appreciation of over 2x from sq. ft. in 2020 to 2,720 sq. ft.
37D world-class healthcare facilities, and months. approximately INR 5,360 per in 2024.
88B sq. ft. in 2019.
48

premier shopping malls. Enhanced by

NH

a rich social and robust physical

88 infrastructure, the livability quotient 12,000 12,000

Kherki n
ofDwarkaExpresswayissignificantly
Ext 10,000 10,000
Dhaula R elevated.

Price (INR/Sq Ft.)

Toll GC
SPR

Supply (Units)
8,000 8,000
Maruti
Suzuki 6,000 6,000

Map not to scale, for representation purpose only 4,000 4,000

2,000 2,000

0 0
2019 2020 2021 2022 2023 2024

Source: ANAROCK Research Supply Price

Supply : 2023 - 2024

The expressway zone has been witnessing the rise of a number The micro market has transitioned from 1%
being an affordable market to an ultra- Mid End
of high-quality residential projects from reputed builders. luxurious market.
These range from affordable and mid-range housing to luxury
Affordable housing (under INR 40 lakh) has
3%
apartments and gated communities, catering to a diverse array High End
been the predominant segment in the
of preferences and budgets. market, comprising 66% of the total new
Overall, the residential real estate market along the Dwarka
units added during 2019 to 2023. 89%
Ultra Luxury
Expressway is dynamic and holds a promising future, with Conversely, the trend has seen a reversal in
opportunities for both residents looking for a quality living 2024 with all the launches recorded in ultra-
luxury segment (above INR 2.5 crore). 5%
environment and investors seeking valuable returns. Affordable
Overall, the luxury (INR 1.5 crore to INR 2.5
crore) and ultra-luxury (above INR 2.5 crore)
segments combined have contributed 91% to 2%
Luxury
the total supply of last 2 years. Source: ANAROCK Research
28 | NCR Real Estate - A Beacon of Growth and Opportunity | 29

PALAM VIHAR

DEL
HI New Gurgaon – Residential Real Estate Dynamics
NANKROLA – Fastest Emerging
NEW GURGAON Residential and Commercial HHub
DE
NA LH
A AR I
ARY
248BB
H YA
48
NA In 2023, the micro market
SGT
University Joyville
Shri Mata Sheetla Sarhol Over the past six years, the saw the launch of
Gurugram As of the end of 2024,

ay
Devi Mandir approximately 8,400 new

sw
New Gurgaon region has

es
there were over 11,200

pr
Dhankot AYA units, marking the highest

Ex
Basai Road
added nearly 45,000 units

la
NAGAR

ar
Sector 29 annual supply in the last units still available in the

Dw
DLF Phase 1
to its housing supply, driven
Gurgaon
48
Sultanpur fiveyearsand micro market, with an
National Park 248BB by several infrastructure constituting over 36% of inventory overhang lasting
GARHI HARSARU Sector 37D Sector 44 and commercial Gurgaon’s total supply for 12 months.
Weste

developments. the year. Another 6,900

rn

Medanta - The
units were added in 2024.
Perip

Medicity, Gurugram
heral

352W

Ghata
Expy

248A
The average property price in New Gurgaon
New 248BB Sector 49
as of 2024 was around INR 10,350 per sq. ft. The micro market also witnessed a
significantriseintheaverageunitsize,
352W
Gurgaon 48 BADSHAHPUR
Since 2019, average property prices in the
micro market have increased by over 76% from 600 sq. ft. in 2019 to 2,520 sq. ft.
and 34% since the previous year. in 2024.
Kadarpur
Wes

IMT MANESAR
te

248A
rn P

48
erip

12,000 12,000
hera

Karma Maruti Kunj

l Ex

Lakelands
py

MANESAR MadhavGarh 10,000 10,000

Farms

Price (INR/Sq Ft.)

Map not to scale, for representation purpose only

Supply (Units)
8,000 8,000

Driven primarily by demand from the NewGurgaonbenefitsfromitsproximityto 6,000 6,000

employment hubs in Gurgaon and Manesar, major roads such as the National Highway 8
4,000 4,000
New Gurgaon has become a popular and (NH8) and the recently operational - Dwarka
affordable alternative for many professionals. Expressway, enhancing its connectivity to 2,000 2,000
The region offers reasonable rental prices, major business districts and the national
0 0
excellent connectivity and an expanding array capital, Delhi. Its closeness to the Indira Gandhi
2018 2019 2020 2021 2022 2023 2024
of social and physical infrastructure facilities, all International Airport and established industrial
of which attract a growing number of buyers to hubs like Manesar also add to its appeal. Supply Price
Source: ANAROCK Research
this part of the NCR.

Supply : 2023 - 2024

Interestingly, nearly 91% of the supply 39%
New Gurgaon continues to develop as a vibrant and dynamic added in the last 2 years consists of High End
area within the NCR’s real estate landscape, drawing attention units priced above INR 80 lakh,
from both end-users and investors looking for promising indicatingasignificantshiftindemand
returns on their investment. from affordable to more upscale 40%
housing options. Ultra Luxury
The outlook for residential real estate in New Gurgaon is
optimistic and holds great promise owing to its great In contrast, affordable housing (under
INR 40 lakh), which previously
12%
connectivity and strategic infrastructure planning. However, Luxury
the successful completion and execution of planned and dominated the market, represented
ongoing infrastructure projects will be crucial to sustaining just 9% of the cumulative supply for 9%
and enhancing the future growth of this region. 2023 and 2024. Affordable
Source: ANAROCK Research
 Shalimar Bagh NH9 NH34
Pilukhwa
EPR
30 | NCR Real Estate - A Beacon of Growth and Opportunity | 31
NH9
Shahdara

SH57

Ghaziabad
DELHI Old Delhi
Greater Noida West – Residential Real Estate Dynamics

Easter
GT
GREATER NOIDA WEST – A Planned Urban Agglomeration Indirapuram
Rd

n Pe
Rd
xpy NH34 Hapur

riph
ut E
eer
i-M
Afterexperiencingasubstantialinfluxofover

eral
lh
De
NH44

Exp
Noi
da 80,000 units from 2013 to 2018, annual However, 2024 witnessed a supply of

y
rg launches in the micro market have since over 6,500 units, marking a 150%

-G
s Ma
Vika

re
ate
stabilized,fluctuatingbetween and
0 ,2 increase from the launches recorded in

rN
Bis
NH48

oid
rak
3,000 units. Since the beginning of 2019, the 2023. Nearly 2,560 units were launched

a
hR

Li n
region has seen a total supply of in 2023

kR
Dadr Dadri

d
hi GREATER
approximately 11,150 units till 2023.

iM
al NOIDA WEST

ai
n
Rd
Ya

Property prices in the

m
un

Noida
a

micro market have more

Ri

Saket
Surajpur
ve

GT As of the end of 2024, The average size of the

r

No Hin
Rd than doubled over the past
ida
- do
nR
there are about 8,940 fiveyearsandappreciated unit in this micro market
Greater
Gr
ea ive
NH236 te
rN
r units still available, with an about 24% in the last 1 has grown consistently
oi Noida NH34
inventory overhang lasting from 1,150 sq. ft. in 2019 to
year, reaching an average

da
Ex
pr
e 21 months. price of INR 8,450 per sq. 1,950 sq. ft. in 2024.

ss
w
ft. by the end of 2024.

ay
EDFC

7,000 9,000
8,000
6,000
7,000

Price (INR/Sq Ft.)

Faridabad

Supply (Units)
5,000
6,000
Map not to scale, for representation purpose only 4,000 5,000

HARYANA 3,000 4,000

Also referred to as Noida Extension, Greater Noida’s expansion. Over the years, this region 3,000
Noida West is among the most rapidly Ballabgarh
haswitnessedsignificantdevelopmentof 2,000
EPR projects, deservedly 2,000
developing micro-markets in the NCR. residential and commercial 1,000 1,000
Surrounded by Noida and Greater Noida, this gained recognition as an ‘affordable hub’ within
Yam

0 0
area includes sectors 1, 2, 3, 4, 10, 12, 16, 16B, the NCR. Additionally, the area is well equipped
una

2018 2019 2020 2021 2022 2023 2024

16C, as well as Tech Zone IV and Knowledge with social infrastructure, including schools,
Expr

Source: ANAROCK Research Supply Price

essw

Park 5. hospitals, and a variety of retail and

ay

entertainment options.
Real estate development in the micro market
began in the early 2000s, led by Greater
Supply : 2023 - 2024 6%
The year 2023 and 2024 witnessed Mid End
maximum supply in the premium
With robust infrastructure in place, the region is poised to segment (INR 80 Lakh – INR 1.5 Cr.), 28%
Ultra Luxury
become one of the most promising affordable real estate contributing over 53% of the total
investment destinations in the NCR. Additionally, commercial supply,indicatingasignificantshiftin
developments in and around Greater Noida West are demand from affordable to more 53%
significantlyenhancingthelocalrealestatemarket. upscale housing options. High End

With upcoming infrastructure projects like the Noida In contrast, affordable housing (under
12%
International Airport at Jewar and the FNG Expressway INR 40 lakh), which previously Luxury
underway, property prices in the area are anticipated to rise dominated the market, represented just
further. 1% of the supply of the last 2 years. 1%
Affordable
Source: ANAROCK Research
32 | NCR Real Estate - A Beacon of Growth and Opportunity | 33

Noida International
Airport (Jewar)
Key Updates
A New Runway for NCR, Ready to
After the successful completion of a NHAI gets approval for construction of
Launch in May 2025 validationflightinDecemberoflastyear approximately 8.5 km elevated stretch on
and with more than 80% of the terminal GreenfieldExpresswayextendingfrom
building’s construction already complete, Jewar Airport to Faridabad. It aims to
JewarInternationalAirport,officiallyknownadvanced as cargo facilities, and sustainability the Noida International Airport in Jewar, enhance road connectivity and drive local
Greater Noida, is on schedule for its economic growth along the Faridabad-
Noida International Airport, is a major features. The airport will connect NCR to global upcoming launch in May 2025. Jewar route.
upcoming airport located in Jewar, Uttar destinations, boosting tourism, trade, and the
Pradesh, near Noida, part of the NCR. local economy. As an alternative to Indira
Scheduled to open in May 2025, it will be India’s Gandhi International Airport, its construction The government has allocated Rs 1,000 Upcoming infrastructure projects such as
crore for the development of the new metro connectivity, upgraded road
largest airport in terms of land area. Initially and operations are expected to generate expressway originating from Bulandshahr. connectivity; industrial corridors such as
designed to handle over 12 million passengers thousandsofjobsandsignificantlyimprove This link will connect to the Yamuna DMIC and other industrial townships are
annually, it will have modern terminals, regional connectivity. Expressway approximately 24 kilometres planned to improve the overall appeal of
ahead, with an estimated total project the region
cost of INR 4,415 crore.

Impact on Real Estate:

The imminent Jewar Airport is poised to revolutionize Noida and Greater Noida, triggering a
surge in residential, commercial and industrial developments. As Asia’s largest airport, it will
ignite economic growth and enhance regional connectivity, attracting investors and
homebuyers. Luxury residential projects along the Yamuna Expressway are witnessing
heightened interest, offering modern amenities and diverse housing options. Simultaneously,
industrial corridors and smart city initiatives are creating employment, further boosting
demand for both residential and commercial spaces. This synergy of infrastructure and
development positions the region as a high-growth zone, promising substantial long-term
value for investors and residents alike.

Construction Western Peripheral Expressway

Start Date Eastern Peripheral Expressway

Location
June 2022 Area Number of Ghaziabad
DELHI
1,334 Runways Noida
Jewar, Gautam
Budh Nagar District, Hectares 6 Dadri
Expected IGI Airport Greater
Uttar Pradesh Operational Noida

Date Number of Gurugram

Metro Link
terminals Faridabad
May 2025
4 Khurja
(Phase – 1) Palwal
JEWAR
Link to Delhi-Mumbai
Expressway at AIRPORT
Ballabgarh

NH-91
34 | NCR Real Estate - A Beacon of Growth and Opportunity | 35

Way Forward
The NCR stands as North India’s vital Nevertheless, addressing regulatory
economic, political and cultural core, uncertainties and infrastructure constraints is
orchestrating substantial regional essential for maximizing the market’s
development. Encompassing Delhi and its potential.Significantinfrastructure
extended territories, the NCR’s central development includes new metro lines,
position in governance, housing India’s federal highways,andflyoversboostingconnectivity
apparatus, bolsters its strategic importance. and accessibility, thereby enhancing the
This, coupled with a highly developed quality of life for residents and also
transportation network of highways, railways, strengthening the region’s appeal as an
and airports, creates a fertile ground for investment destination. Upcoming Noida
investment. Industries like real estate, Airport (Jewar), industrial corridors such as
manufacturing and technology are thriving, DMIC, the Eastern Dedicated Freight Corridor,
driven by this connectivity and accessibility. FNG, Special Economic Zones in Noida and
The NCR’s expanding footprint, extending Greater Noida in Uttar Pradesh, and industrial
intoperipheriessignificantlyinfluencesthetownships in Haryana are few of the under
broader socio-economic fabric of North India, development/proposedprojectsinthe
shaping its growth trajectory. region.

The NCR’s real estate market is a perennial To conclude, the NCR’s real estate sector
subject of interest, distinguished by its strong demonstrates substantial long-term potential,
underlying factors and a favorable outlook for bolstered by its strategic positioning,
long-term growth. The market’s vitality is consistent infrastructure progress, and
primarily attributed to consistent end-user growing interest from homeowners and
demand, propelled by young professionals investors alike. Key growth corridors such as
and families drawn to the region’s abundant Sohna, New Gurgaon, Dwarka Expressway
career prospects. The emergence of and Greater Noida West are attractive
innovative housing models, such as co-living destinations offering multiple housing options
spaces and sustainable homes, is further alongwithofficeandretaildevelopments.
diversifying the market and attracting a wider Also, with core areas reaching saturation and
range of investors. Also, Gurgaon has been connectivity improving, peripheral locations
playing a pivotal role as an employment hub, areexpectedtoexperiencesignificantgrowth
attracting more Start-Ups, GCCs and small in demand and supply in the near future.
businesses to set up their operations.
About ANAROCK
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AUTHORS:
Ashim Bhanja Chowdhury
Senior Vice President - Research & Advisory | [email protected]
Simmi Arora
Assistant Vice President - Research & Advisory | [email protected]

EDITOR:
Priyanka Kapoor
Senior Vice President - Research & Advisory | [email protected]

For bespoke research requirements, please connect with

Dr. Prashant Thakur
Regional Director & Head of Research | [email protected]

ANAROCK Property Consultants Pvt. Ltd.

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