As 2025 draws to a close, Gurugram appears to have established itself as the key driver of the residential real estate market in the National Capital Region (NCR), outpacing its peers in luxury and premium housing sales. The year served as a key marker for NCR’s housing market – from the volatility that followed the post-pandemic surge to a more mature, user-led phase.
Among NCR’s micro-markets, Gurugram appeared to stand out, analysts said. Data from JLL – a global firm specialising in real estate – shows that Delhi-NCR recorded 5,168 luxury home sales in the first six months (H1) of 2025, an 8.5% year-on-year increase, even as residential volumes softened across several major Indian cities. Gurugram alone accounted for 91% of NCR’s luxury sales, helping the region capture nearly 65% of luxury housing transactions across India’s top seven cities.
Luxury demand in Gurugram was concentrated along the Southern Peripheral Road (SPR) and the Dwarka Expressway, which together contributed 61% of the city’s luxury housing absorption, the JLL report released in August this year. Buyers showed a clear preference for locations backed by completed or near-complete infrastructure, better connectivity and projects offering expansive layouts, club-grade amenities and branded development credentials, the JLL report showed. While Golf Course Road continued to attract steady interest, limited new supply capped its share, allowing SPR and Dwarka Expressway to emerge as the new centres of luxury activity.
SPR alone contributed nearly 35–38%, while Dwarka Expressway added about 23–26% of luxury sales, reflecting buyers’ growing preference for corridors with completed or near-complete infrastructure and improved airport connectivity.
The report says that projects offering large unit sizes (3,000 sq ft and above), integrated clubhouses, wellness amenities and branded development credentials saw the strongest traction. In contrast, Golf Course Road continued to attract steady demand but contributed less than 15% of new luxury absorption during the period, largely due to limited fresh supply and near-saturation, allowing SPR and Dwarka Expressway to emerge as the dominant new centres of luxury activity in NCR.
In terms of new launches, Q3 2025 saw 10,245 new housing units launched across NCR, with 87% of luxury launches concentrated in Gurugram. Connectivity to Delhi, highways and IGI Airport, coupled with emerging submarkets such as New Gurugram and Dwarka Expressway, accounted for nearly half of the city’s quarterly launches, according to the report released on October 23, this year. While luxury and high-end homes made up 48% of new launches, the mid-segment dominated at 51%, which experts said reflected sustained demand from first-time buyers.
The weighted average launch price in NCR rose to ₹15,175 per sq ft, with Gurugram leading annual appreciation at 12%. In contrast, the relative figure for Noida was 10 %, while it was 8% for Faridabad and 7% for Ghaziabad.
Rental growth, particularly in the luxury segment, remained robust at 10% year-on-year, reinforcing the city’s appeal to both end-users and long-term investors.
Industry leaders attributed this momentum to economic and behavioural shifts. BK Malagi, vice chairman, Experion Developers said, “What really stood out in 2025 was how decisively Gurugram pulled ahead within NCR’s luxury housing market. Home prices in Delhi-NCR rose 19% year-on-year during the July–September quarter, with Gurugram contributing significantly. Projects like Jewar Airport and UER II have already started influencing buyer confidence across NCR. RBI’s cumulative 125 basis points rate cut brought genuine EMI relief, but beyond rates, the bigger story is wealth creation. Buyers today are financially stronger, more decisive and focused on quality over quantity.”
The broader real estate ecosystem also remained supportive. Rahul Singla, Director, Mapsko Group said the sector entered 2026 at a point of resilience and innovation. “Rapid growth in sustainability, digital adoption and inclusive project design defined 2025. Investor confidence—both domestic and international—remained strong, setting the stage for long-term value creation,” he said.
Shyamrup Roy Choudhury, founder and managing director, Aura World said, that demand remained healthy without signs of overheating. “The underlying economic environment has remained stable, giving buyers confidence to commit to high-value purchases. Luxury homes are being bought with a long-term mindset rather than short-term gains,” he said.
Infrastructure delivery was a defining catalyst through the year. The operationalisation of the Dwarka Expressway and UER-II reshaped connectivity across NCR, cutting travel times to IGI Airport and de-risking long-stagnant micro-markets.
On the commercial side, Ashish Sharma, AVP Operations, Brahma Group, pointed out that NCR’s office leasing touched 7.2 million sq ft in H1 2025, with Gurugram contributing nearly 65% of total absorption.
Pradeep Aggarwal, chairman, Signature Global, said that the premium housing segment witnessed robust demand throughout the year, driven by evolving buyer preferences, rising disposable incomes, and growing interest from NRIs and HNIs. “Among key micro-markets across Delhi NCR, Dwarka Expressway, Southern Peripheral Road, and South of Gurugram (Sohna) remained at the top of homebuyers’ preference lists, supported by rapid infrastructure development, improved connectivity, availability of larger plotted and high-rise formats, and strong potential for long-term capital appreciation,” he said.
Brokers see NCR’s growth becoming more layered. Karan Malik, religional director, Realistic Realtors said, “2025 proved that NCR’s housing market has outgrown the idea of a single destination. Gurugram remains the benchmark for luxury living, but cities like Faridabad are also finding a clear residential identity.”
However, experts also caution that Gurugram’s rapid ascent in the luxury housing segment also brings structural challenges that need urgent attention.
A significant share of high-end demand continues to be driven by NRIs and non-resident investors, many of whom view Gurugram as a long-term asset rather than an immediate place to live. While this supports price stability, it also raises concerns about uneven occupancy, speculative holding in certain pockets and pressure on infrastructure that was not designed for such dense, high-value development. Experts warn that sustained price growth without parallel civic upgrades could test the city’s long-term livability quotient.
Urban planners and real estate analysts also flag waterlogging, groundwater stress and lagging civic infrastructure as persistent vulnerabilities, particularly in fast-growing corridors such as Dwarka Expressway and parts of Southern Peripheral Road. Despite marquee road projects, internal road networks, drainage systems, sewage capacity and public transport connectivity have struggled to keep pace with land monetisation and construction intensity. “Luxury housing cannot thrive in isolation from civic capacity,” said an urban infrastructure expert, noting that unless local bodies strengthen last-mile infrastructure and water management systems, premium developments may face quality-of-life challenges that could temper future demand.
Looking ahead, market participants agree that 2025 has laid a firm foundation rather than an unsustainable peak. Demand is expected to remain decisively end-user driven in 2026, supported by stable incomes, infrastructure momentum and a clear preference for quality housing.