H12024 witnesses decline of affordable housing by 24% & luxury segment dips by 45%

NCR has come across a long path from being unscrupulous activities of real estate to most vibrant center of real estate market. The region has seen several notable trend reversals in the past five years. Among them – housing demand is now heavily tilted towards the luxury housing segment.

According to the latest Anarock data, out of NCR's total housing sales of approx. 32,200 units in H1 2024, an over 45% share was in the luxury segment, and 24% in the affordable segment. Back in 2019, sales of luxury homes were a mere 3% while the affordable sales share stood at 49%. 

Approx. 14,630 luxury units were sold in NCR in H1 2024, against approx. 1,580 units in entire 2019. Approx. 7,730 units are sold in the affordable segment in H1 2024, against approx. 23,180 units in 2019.

The Chairman ANAROCK Group, Anuj Puri said, “Among all NCR cities, Gurugram has been the most active real estate market in recent years. Millennium City saw approx. 17,570 units sold across different budget segments in H1 2024. Of these, a whopping 59% (approx.10,365 units) were luxury homes, followed by 27% (approx. 4,710 units) in the affordable segment.”

He also added, “Back in 2019, Gurugram saw approx. 13,245 units sold, of which 43% or approx. 5,740 units were affordable housing,” says Puri. “The sales share of luxury homes was just 4%, or approx. 470 units”.

For Noida and Greater Noida the market approx. 8,425 units sold in H1 2024. Of this, 42% (approx. 3,550) units were luxury homes and just 13% (approx. 1,100) units were in the affordable segment. The highest sales share - 3,770 units or 45% - was in the mid and premium segments priced between INR 40 lakh and Rs. 1.5 Cr.

In 2019, these two cities together saw the highest sales in NCR – approx. 21,770 units. Of this, 44% (approx. 9,565) units were sold in the affordable segment, and just 4% (approx. 990) units were in the luxury segment. The maximum sales of 11,215 units or 52% were in the mid and premium segments together.

In cities like Ghaziabad, Faridabad, Delhi and Bhiwadi, the market witnessed approx. 6,205 units sold in H1 2024, of which the luxury segment accounted for 715+ units, while affordable housing saw 1,920 units sold. The maximum sales of approx. 3,570 units were in the mid and premium segments.

Back in 2019, these cities saw approx. 11,900 units sold, of which the highest share of approx. 7,875 units were in the affordable segment, followed by approx. 3,910 units in the mid and premium segments. Just 115 units sold were luxury homes.

 New supply in the region has followed demand, with developers adding more supply in the luxury segment and curtailing it in the affordable segment. Out of approx. 24,300 units launched in NCR in H1 2024 across budget segments, just 2,570 units or 11% were in the affordable segment – a massive 18,600 units, or 77%, were in the luxury segment.

Contrastingly, in 2019, out of approx. 35,280 units launched in the region, over 47% or approx. 16,680 units were in the affordable segment and a mere 12% (approx. 4,230 units) were in the luxury segment.