As 2025 draws to a close, Delhi-NCR’s real estate market is entering the new year on a note of cautious optimism, underpinned by strong performance across residential, commercial and retail segments. The region has reinforced its position as one of India’s most dynamic property markets, even as activity in several other major cities showed signs of moderation.
Data from JLL shows that luxury housing emerged as a key driver in the first half of 2025. Delhi-NCR recorded sales of 5,168 luxury homes during the period, an increase of 8.5% year-on-year, despite a broader softening in residential sales nationwide. Gurugram dominated the segment, accounting for 91% of NCR’s luxury transactions and nearly 65% of luxury home sales across India’s top seven cities.
The residential sector remained the standout performer. Average apartment prices in the NCR region rose by 20–25% in 2025, significantly outpacing the national average of 8–10%. Gurugram led the price appreciation, followed closely by Noida. Developers said the rise was largely driven by end-user demand for higher-quality homes. Residential sales volumes in the region grew by more than 15% year-on-year, while disciplined new launches helped bring unsold inventory down to multi-year lows of 18–20 months.
Commercial real estate also saw sustained momentum. Office leasing in Delhi-NCR crossed 12 million sq ft over the year, while retail and logistics assets continued to attract institutional investors. Total real estate investment in the region in 2025 is estimated at $3–3.5bn, reflecting continued confidence in the market.
Commenting on buyer behaviour, Gautam Kanodia, founder of Kreeva and the Kanodia Group, said luxury demand in Gurugram has become increasingly micro-market focused, with corridors such as the Southern Peripheral Road, New Gurugram and Golf Course Road benefiting from infrastructure upgrades and low-density developments. He added that this corridor-led approach is likely to shape demand and value growth in 2026.
