Home prices in NCR up 193% in a decade
What's the story
The National Capital Region (NCR) has witnessed a staggering 193% increase in home prices over the past decade, according to a new report by industry body ASSOCHAM and Knight Frank Research. The study, titled Building Viksit Bharat: Real Estate as a Catalyst for Growth, reveals that homes priced above ₹1 crore accounted for 84% of all residential sales in NCR during H1 2026. This is up from just 18% in 2018.
Market dynamics
Home prices v/s volume of homes sold
The report highlights that home prices across NCR skyrocketed by 193% between 2015 and 2025.
However, the actual volume of homes sold only grew by a modest 7% over the same period.
This indicates a shift in the region's residential market toward high-value housing, with homes priced above ₹1 crore dominating sales.
Launch trends
Decline in new residential launches
The report also notes a 20% decline in new residential launches in NCR over the past decade.
This trend directly corresponds with the region's shift toward premium and high-value housing, rather than mass-market supply.
Despite this, office vacancy rates in NCR have remained low at 14%, indicating sustained demand for commercial real estate even as residential activity focuses on higher-end properties.
Connectivity impact
Improved connectivity and premium micro markets
The report attributes the shift in NCR's residential market to improved connectivity across its geography.
This has strengthened select premium micro markets far more than it has expanded overall housing supply or transaction volumes.
The study also highlights Gurugram as a key player in institutional ownership, with Brookfield India Real Estate Trust owning a 16.7 million sq ft portfolio largely in the DLF zone.
Market comparison
Comparative analysis of real estate trends across metropolitan areas
The report compares the real estate markets of eight metropolitan areas, including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), NCR, and Pune.
Among these regions, NCR stood out for its steepest price growth coupled with a fall in launches. This combination is unique to the region.
However, despite strong aggregate growth figures for NCR real estate, homeownership in the region is becoming increasingly unaffordable for many buyers.