Delhi-NCR’s housing sales value reached approximately ₹1.6 lakh crore in 2025, about 1.7 times the level recorded in 2023, according to findings from PropEquity’s NCR Real Estate 360 Degrees — From Wealth Creation to Developer Consolidation report published in new coverage on 11 October 2026.
Gurugram accounted for roughly 60% of the region’s sales value, while buyer demand shifted further towards larger and more expensive homes. The findings provide a long-term view of how the Delhi-NCR property market has changed; they do not represent sales completed on 11 October or establish the price of an individual property.
Gurugram Drives the Delhi-NCR Housing Market by Value
The report places Gurugram at the centre of NCR’s premium-housing expansion. It says the city overtook Mumbai in 2025 in both the volume and value of launches priced at ₹5 crore and above. Across the wider NCR, homes priced above ₹8 crore reportedly increased 36-fold between 2021 and 2025, while supply and absorption below ₹2 crore contracted.
This does not mean Gurugram’s total residential market is larger than Mumbai’s. The comparison concerns specified high-value launches, while the report puts Mumbai’s overall housing sales value at around ₹2 lakh crore. Market definition, period and price band therefore need to remain attached to any comparison.
PropEquity also identifies 12 branded-residence projects with approximately 4,165 units in NCR. M3M India and SmartWorld together account for about 47% of that tracked inventory; the figures do not confirm that every unit is completed or sold.
Larger Apartments Replace Much of the Affordable Supply
The report says affordable and mid-segment homes together represented only about 4% of NCR absorption. Two-bedroom homes accounted for approximately 12%, while the typical four-bedroom unit crossed 3,000 sq ft and buyers increasingly considered three-bedroom apartments approaching 2,000 sq ft.
For homebuyers, the practical implication is narrower choice at lower price points, rather than proof that demand for affordable housing has disappeared. Supply can shape the sales mix: if developers launch fewer sub-₹2 crore homes, their share of recorded transactions can decline even when households still want them.
BrickBharat’s assessment is that buyers should compare projects on total acquisition cost, not only the quoted rate per square foot. A larger configuration increases the base consideration and can also raise stamp duty, maintenance deposits, parking charges and recurring common-area costs. A premium-market headline cannot establish whether a particular home is affordable for an individual household.
Inventory Falls as Developers Align Launches With Sales
NCR’s unsold housing stock stood at around 1.36 lakh units in 2014, equivalent to approximately 44 months of inventory, according to the report. By 2025, the inventory overhang had fallen to about 12 months.
Developers launched approximately 49,160 units in 2025 while the market absorbed around 43,880. The relatively close figures suggest that new supply was more aligned with sales than during NCR’s earlier inventory build-up. They do not prove that every micro-market or developer achieved the same balance.
Average launch prices reached approximately ₹16,080 per sq ft, representing a reported compound annual rise of around 12% since 2010. PropEquity says Mumbai was 3.3 times more expensive than NCR in 2010, with the gap narrowing to roughly 1.6 times by 2025. These are market-level launch-price comparisons rather than resale valuations for a specific apartment.
Noida Expressway and Faridabad Show Uneven Price Growth
The report illustrates how widely NCR’s submarkets diverged. Noida Expressway prices reportedly rose from approximately ₹6,600 per sq ft in 2021 to ₹21,500 in 2025, with the Jewar airport corridor identified as an important influence. Faridabad’s comparable increase was much smaller, from around ₹4,000 to ₹5,000 per sq ft.
Infrastructure expectations can influence land and apartment pricing before a project becomes fully operational. Buyers evaluating airport- or expressway-linked housing should therefore verify actual travel time, construction status, local access, possession commitments and the project’s RERA record. A regional infrastructure narrative does not guarantee appreciation for every scheme nearby.
Developer Consolidation Changes Buyer Choice
Only about 104 developers launched projects in NCR in 2025, compared with 313 in Mumbai and 415 in Pune, the report says. DLF, M3M–SmartWorld and Godrej Properties together increased their share of NCR’s absorbed sales value from approximately 5% in 2010 to 41% in 2023, before it eased to about 25% in 2025.
The sequence suggests substantial concentration among large developers followed by some recovery among other participants; it does not mean three companies permanently control 41% of NCR sales.
For buyers, brand recognition can be relevant to financing access, delivery record and resale confidence, but it cannot replace project-level due diligence. Title, approvals, RERA disclosures, construction milestones, contractual possession and payment terms remain specific to each development.
What Delhi-NCR Homebuyers and Investors Should Watch
The report establishes that the value and composition of NCR housing changed significantly through 2025. It does not establish that prices will continue rising at the same rate in 2026, or that a premium apartment will generate a particular rental yield or resale return.
The next useful evidence will be 2026 data on units sold, launch volumes, unsold stock and price bands. That will show whether the premiumisation identified in the longer-term report is being sustained while borrowing costs and affordability pressures change.
For a transaction today, buyers should compare recent registered deals and available inventory within the same micro-market, configuration and project stage. The ₹1.6 lakh crore headline is a regional sales-value measure; it is context for a decision, not a substitute for valuing the exact property.
Sources and Verification
- The Times of India — “NCR’s housing market getting pricier & bigger”: Report. Updated 11 October 2026 at 4:40 PM IST. Primary source for the figures attributed to PropEquity’s October report.
- PropEquity — Official company strategy and data-analytics overview. Accessed 11 October 2026. Used to identify the research platform and its data-analytics role; it does not independently reproduce the report figures.
- The Economic Times — India housing market sees sharper divergence across cities and price bands. Published 5 October 2026 at 4:17 PM IST. Used only for broader market context on selective demand and premium housing.
Verification limitation: BrickBharat did not retrieve the complete underlying PropEquity report or its detailed methodology. All report-specific figures above are therefore attributed to the 11 October Times of India account and should not be treated as independently audited by BrickBharat.
Related: Delhi-NCR Q3 housing prices · Gurugram luxury housing