NCR Home Prices Surge 193% in 10 Years as New Launches Shrink 20%: ASSOCHAM–Knight Frank Report
Sales volumes in the National Capital Region crawl up just 7% over a decade, signaling an aggressive market pivot toward luxury and high-value housing.
NEW DELHI — Residential property prices across the National Capital Region (NCR) have surged by an extraordinary 193 per cent between 2015 and 2025, even as the volume of new residential project launches contracted by 20 per cent over the same decade, according to a joint study by industry chamber ASSOCHAM and Knight Frank Research.
The report, titled “Building Viksit Bharat: Real Estate as a Catalyst for Growth,” highlights a profound structural shift across NCR’s property landscape: rather than broad-based home-buying, the market is increasingly defined by value concentration over sheer sales expansion. While prices nearly tripled, total residential sales volumes in the region rose by a modest 7 per cent during the 10-year period.
The Flight to Premium: Homes Above ₹1 Crore Dominate
The starkest indicator of this polarization is the dramatic retreat of affordable housing in favor of luxury inventory.
According to the findings, the share of homes priced above ₹1 crore in NCR skyrocketed from just 18 per cent in 2018 to an overwhelming 84 per cent in the first half of 2026. Commercial real estate mirrored this demand compression, with regional office vacancy tightening to 14 per cent during the same timeframe.
The report characterizes NCR's path as "value concentration rather than volume expansion." Analysts attribute this phenomenon to rapid infrastructure additions across the region’s polycentric layout—including arterial expressways, bypasses, and metro corridors. Rather than unlocking broad-based affordable supply across the periphery, improved transit has disproportionately magnified property values in well-located, premium micro-markets.
Institutional Footprint and Gurugram’s Sway
Gurugram figures prominently in the report’s institutional ownership data, cementing its status as NCR’s premier corporate and residential driver. The study highlights institutional footprints such as Brookfield India Real Estate Trust, whose 16.7 million-square-foot NCR portfolio remains heavily clustered around the DLF zone.
Beyond REIT-held complexes, the report points to a substantial "non-REIT Grade A pipeline" under development across the region. Unlike publicly listed real estate investment trusts that operate under rigorous continuous-disclosure mandates, non-REIT commercial assets generally carry lighter compliance frameworks.
NCR Stands Out Among Top Metros
The divergent pattern of runaway price growth alongside declining new launches sets NCR apart from India’s other leading property centers.
Across the eight major urban markets tracked—Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), NCR, and Pune—NCR registered the steepest price gains paired with a contraction in new launches. In contrast, cities like Pune exhibited a more synchronized growth cycle, where residential sales, fresh launches, and capital values expanded in tandem alongside office footprint additions.
The Widening Affordability Divide
The ASSOCHAM–Knight Frank report reinforces growing concerns that NCR’s housing landscape—and Gurugram in particular—is becoming increasingly out of reach for middle-income and first-time homebuyers. While developers and institutional investors continue to record buoyant top-line financial metrics, the supply of entry-level and mid-segment housing has dwindled, leaving entry into the NCR real estate market concentrated in the hands of affluent buyers and institutional capital.
