Backed by robust sales in the luxury segment amid the pandemic, Delhi-NCR developers saw it an opportune time to once again increase new luxury housing supply. ANAROCK data confirms that of approx. 10,570 units launched in NCR in H1 2021, at least 17% (approx. 1,800 units) were in the luxury and ultra-luxury segments (priced >INR 1.5 Cr).
Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants says, “Noida accounted for the maximum new luxury share (73%) in the first half of this year, followed by Gurugram with a 22% share, and Greater Noida with a 5% share. Other NCR cities including Delhi, Ghaziabad, Faridabad and Bhiwadi saw no new luxury housing launches in this period. Some of the leading developers that launched new luxury housing supply in NCR in 2020 and 2021 were Godrej Properties Limited, Sobha Limited, DLF Group, ATS Green, and Birla Estates, among others.”
Between 2018 and June 2021, approx. 11,300 new luxury units have been launched in entire NCR. A deep-dive into y-o-y trends reveals that the new luxury supply share was lowest in 2020.
- Of approx. 26,010 units launched in 2018 in NCR, approx. 14% was in the luxury and ultra-luxury segments combined. Of this, Gurugram accounted for the highest share of 42%, followed by Greater Noida with 36% and Delhi with 18%.
- In 2019, of approx. 35,280 units launched in the entire region, luxury housing had a 12% share. Of the total new luxury supply, Gurugram had a 63% share, followed by Greater Noida with 15%, Noida with 13% and Delhi with 9%.
- In 2020, approx. 18,530 units were launched in NCR, of which the luxury segment comprised a mere 9% share. Of this luxury supply, Gurugram accounted for 63% while Ghaziabad and Noida accounted for 17% and 16% respectively.
- In H1 2021, approx. 10,570 units were launched in NCR, of which 17% was in the luxury segment. Of this total luxury supply, at least 73% was in Noida, followed by 22% in Gurugram, and just 5% in Greater Noida.