NCR - Affordable Housing Sales Share Dips to 24% in H1 2024, Luxury Up to 45%

NCR - Affordable Housing Sales Share Dips to 24% in H1 2024, Luxury Up to 45%

 

• In 2019, affordable housing (<INR 40 lakh) sales share in NCR was 49%, luxury segment (>INR 1.5 Cr) was just 3%; 2019 saw 23,180 affordable units and 1,580 luxury units sold 
• In H1 2024, approx. 7,730 affordable units were sold, 14,630+ units in luxury segment
• Of total luxury sales in NCR in H1 2024, Gurugram saw the highest at approx. 10,365 units, followed by Noida & Greater Noida together at 3,550 units & remaining 715 units collectively in Delhi, Ghaziabad, Faridabad & Bhiwadi
• Of total affordable sales in H1 2024, approx. 4,705 units were sold in Gurugram, followed by other cities with 1,920 units & 1,100+ units in Noida & Greater Noida
• New supply in sync with demand; approx. 16,675 affordable units were launched in 2019, against 2,570+ units in H1 2024; luxury segment saw approx. 4,230 units launched in 2019, 18,600+ units in H1 2024

 

New Delhi, 31 July 2024: From epicenter of unscrupulous real estate activities to one of the country's most vibrant realty markets, NCR has come a long way. 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.

 

Latest ANAROCK data indicates that 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%.

 

In terms of overall sales numbers:

 

• 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.

 

NCR: Housing Sales in H1 2024 & % Share across Budget Segments
City	Total Units sold	< INR 40 Lakh	INR 40 Lakh - INR 1.5 Cr	> INR 1.5 Cr
NCR	32,200	24%	31%	45%
Gurgaon	17,570	27%	14%	59%
Noida + Gr. Noida	8,425	13%	45%	42%
Rest of NCR	6,205	31%	57%	12%

 

NCR: Housing Sales in 2019 & % Share across Budget Segments
City	Total Units Sold	< INR 40 Lakh	INR 40 Lakh - INR 1.5 Cr	> INR 1.5 Cr
NCR	46,920	49%	47%	3%
Gurgaon	13,250	43%	53%	4%
Noida + Gr. Noida	21,770	44%	52%	4%
Rest of NCR	11,900	66%	33%	1%

Source: ANAROCK Research

 

Gurugram

 

Anuj Puri, Chairman – ANAROCK Group, says, "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."

 

"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."

 

Noida & Greater Noida

 

Noida and Greater Noida together saw 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 INR 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.

 

Other Cities

 

Ghaziabad, Faridabad, Delhi and Bhiwadi together saw 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 Dynamics - City-wise

 

NCR: New Supply in H1 2024 & % Share across Budget Segments
City	New Units Supply	< INR 40 Lakh	INR 40 Lakh - INR 1.5 Cr	> INR 1.5 Cr
NCR	24,300	11%	12%	77%
Gurgaon	15,530	16%	1%	83%
Noida + Gr. Noida	7,320	1%	35%	64%
Rest of NCR	1,450	0%	26%	74%

 

NCR: New Supply in 2019 & % Share across Budget Segments
City	New Units Supply	< INR 40 Lakh	INR 40 Lakh - INR 1.5 Cr	> INR 1.5 Cr
NCR	35,280	47%	41%	12%
Gurgaon	19,350	53%	33%	14%
Noida + Gr. Noida	7,040	14%	70%	16%
Rest of NCR	8,890	62%	33%	5%

Source: ANAROCK Research

 

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.

 

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