NCR surge drives Gurugram ahead of Mumbai in luxury realty: Report

Gurugram logs 1,494 high-end deals, up nearly 80% YoY, driven by end users, NRIs and younger buyers seeking space, privacy and branded residences.

Gurugram has overtaken Mumbai in ultra-luxury housing sales in 2025, marking what analysts describe as a structural shift in India’s high-end residential market.

Micro markets such as Golf Course Road and Dwarka Expressway drive growth, backed by airport access and Fortune 500 offices. (Parveen Kumar/HT)

According to a joint report by India Sotheby’s International Realty and CRE Matrix, Gurugram recorded sales of 1,494 homes priced at ₹10 crore and above, translating into a transaction value of ₹24,120 crore. Mumbai, in comparison, saw sales worth ₹21,902 crore in the same price bracket. Gurugram’s ultra-luxury market surged nearly 80% year-on-year in value terms.

For decades, Mumbai dominated India’s luxury property landscape, defined by sea-facing apartments in South Mumbai and high-rise towers in Worli, industry experts said. However, they claimed the shift is not a marginal fluctuation but evidence of a new phase in luxury housing, where affluent buyers prioritise space, privacy, curated amenities and integrated ecosystems over legacy pin codes.

Gurugram has evolved from a corporate hub into a preferred residential destination for high-net-worth individuals and non-resident Indians. Unlike Mumbai’s space-constrained geography, Gurugram offers large land parcels that enable expansive, amenity-rich communities, insiders said.

Sudeep Bhatt, director–strategy at Whiteland Corporation, said buyer confidence on the Dwarka Expressway has strengthened as infrastructure has become fully operational. “Demand is now led by end users—CXOs, NRIs and business owners—who seek globally aligned, branded residential formats and long-term asset value,” he said.

Aakash Ohri, MD and CBO at DLF, said Gurugram has moved beyond niche luxury. “Strong demand in the ₹10 crore-plus segment reflects a clear shift from ownership to experience—larger homes in gated communities offering privacy, security, wellness and curated social infrastructure.” The luxury buyer profile is also getting younger, with buyers in their early 30s actively investing, while consistent NRI demand underlines Gurugram’s global appeal,” he said.

Analysts said nearly tenfold growth in the ultra-luxury segment over the past two years signals significant capital inflows into the NCR market, with buyers prioritising credible developers, infrastructure and long-term liveability. Rishi Raj, CEO of Conscient Infrastructure, said Gurugram has outperformed inflation with an 8–10% Compound Annual Growth Rate (CAGR) over the past decade. “The next phase of value creation will be structural and selective, driven by execution capability, strong balance sheets and the right micro-market selection,” he noted, highlighting NH-48, Southern Peripheral Road and the Dwarka Expressway as key growth corridors.