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Gurugram tops luxury housing market by launch value at ₹1.38 lakh crore, despite fewer units; Bengaluru follows at ₹1.30 lakh crore
Gurugram led with ₹1.38 lakh crore in launches across 23,809 units, followed by Bengaluru at ₹1.30 lakh crore across 72,250 units, a PropEquity report said
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Gurugram led the country’s luxury residential market by launch value in CY2025, recording ₹1.38 lakh crore across 23,809 units at an average of over ₹6 crore per unit, followed by Bengaluru at ₹1.30 lakh crore across 72,250 units, according to a report by PropEquity.
Bengaluru ranked second, with launches worth ₹1.30 lakh crore across 72,250 units, followed by Mumbai at ₹1.27 lakh crore across 29,627 units. Hyderabad ranked fourth, with launches valued at ₹1.16 lakh crore across 52,388 units, it noted.
The report noted that Gurugram saw around 7,430 home launches priced above ₹5 crore in 2025, surpassing Mumbai’s approximately 5,710 units. Premium housing sizes also increased, with 4BHK units crossing 3,000 sq ft and 3BHK homes approaching 2,000 sq ft.
NCR records largest supply of branded residences
NCR also recorded the largest supply of branded residences, with around 4,165 units across 12 projects and nine developers. Delhi-NCR’s GDP stood at approximately $294 billion in 2025, accounting for around 8% of India’s GDP and ranking second only to Mumbai, the report noted.
According to the report, NCR, Mumbai, Bengaluru and Hyderabad are the only four cities in India to have crossed the ₹1 lakh crore mark in residential launch value. The growth has been driven by the luxury segment, comprising homes priced above ₹5 crore. Since 2020, the value of launches in this segment has grown 18-fold, from ₹12,223 crore to ₹2,39,996 crore in 2025, the report noted.
NCR records total launch value of ₹2.16 lakh crore
The National Capital Region (NCR) recorded a total residential launch value of ₹2.16 lakh crore across 50,167 units, translating into an average value of approximately ₹4 crore per unit. Since the Covid-19 pandemic, property values in NCR have appreciated 450%, compared with an average of 250% across other cities, according to PropEquity.
NCR recorded residential sales worth approximately ₹1.63 lakh crore in 2025, around 1.7 times the value three years earlier, with Gurugram contributing nearly 60% of the total. The region’s inventory overhang fell to 12 months in 2025 from 43 months in 2014.
The average annual unit sales along the Dwarka Expressway grew by around 180% in 2021–25 compared with 2016–20, while the Noida Expressway corridor recorded growth of approximately 120%.
Property prices along the Noida Expressway rose around 225% between 2021 and 2025, from approximately ₹6,600 to ₹21,500 per sq ft, the report noted.
Despite having the largest population among Tier 1 cities, at approximately 3 crore, NCR recorded around 50,000 launches. In comparison, the Mumbai Metropolitan Region (MMR), with a population of approximately 2.5 crore, recorded a supply of over 1.4 lakh units, while Bengaluru, with a population of around 1 crore, recorded 72,250 launches, the report noted.
This disparity points to a significant demand-supply imbalance in NCR, which PropEquity identifies as a key factor behind the region’s sharper price appreciation.
Eight of India’s top 10 developers are already operating in NCR, while the remaining two are planning to enter the market by 2027, according to the data. NCR also has a relatively small pool of active developers. The report puts the number at 104, compared with 221 in Bengaluru and 1,028 in MMR.
“NCR, especially Gurugram, can no longer be ignored by any top developer. It is not a volume-led real estate story but a value- and profit-maximisation-led growth engine, where rising wealth, premiumisation, migration and high employment generation are coming together to redefine India’s next real estate cycle,” said Samir Jasuja, founder and CEO of PropEquity.
“The opportunity is no longer simply about building more — it is about building better, in the right locations and for a more sophisticated homebuyer,” he added.
