NCR leads 72% rise in luxury property rates as mid-income buyers get left behind

By A Representative

The price of luxury homes has risen sharply across India’s top seven cities, far outpacing the growth seen in affordable and mid-income housing. According to new data released by Anarock—one of India’s leading independent real estate consultancy firms offering research, advisory, brokerage, and capital markets services—luxury properties priced at ₹1 crore and above have appreciated by 40% since 2022, while prices in the affordable category (under ₹40 lakh) have increased by only 26%. Mid-income and premium homes recorded growth of 39% during the same period—reinforcing concerns that the housing market is increasingly shifting towards high-end buyers rather than the middle class.

The report highlights that the average price of luxury homes in the top seven cities has climbed from approximately ₹14,530 per sq. ft. in 2022 to around ₹20,300 per sq. ft. in 2025. Delhi-NCR saw the steepest rise, with luxury property prices surging 72%—from roughly ₹13,450 per sq. ft. to ₹23,100 per sq. ft. Mumbai Metropolitan Region (MMR) recorded a 43% increase, followed closely by Bengaluru at 42%.

By contrast, affordable housing has seen much more limited price movement. The average price in this category has risen from ₹4,220 per sq. ft. in 2022 to ₹5,299 per sq. ft. currently. Mid-income and premium housing increased from ₹6,880 per sq. ft. to ₹9,537 per sq. ft. over the three-year period. The comparatively modest rise in non-luxury segments underscores an imbalance in supply and demand, raising questions about accessibility for middle-income homebuyers.

Industry voices expect significant behavioural shifts. Ankur Jalan, CEO of Golden Growth Fund, believes the surge in luxury pricing will influence decision-making in prime regions: “This may deter many South Delhi residents from opting for outright sale of their existing homes in favour of newly developed apartments in Gurugram or Noida,” he said. Jalan expects redevelopment to become a more attractive option for South Delhi homeowners looking to enhance property value and long-term rental returns rather than relocating.

Lalit Parihar, Managing Director of Aaiji Group, anticipates increasing investments in Tier 2 and 3 markets driven by India’s expanding middle and upper-middle class. He suggests developers in major cities may need to introduce more compact units under ₹1.5 crore to sustain sales volumes amid rising prices.

In NCR, however, brokers report that demand for luxury housing remains strong. Vijay Harsh Jha, founder and CEO of VS Realtors, points to infrastructure expansion, new micro-markets, corporate presence, and high-net-worth domestic and NRI buyers as key drivers. “The mid-income and premium homes too have shown strong price growth, indicating all-round end-user demand in the region,” he noted.

Anarock Chairman Anuj Puri said NCR continues to outperform: “The appetite for luxury housing here has been remarkable.”

The data suggests an increasingly polarized housing market, with developers and investors prioritizing luxury segments while affordability challenges deepen for the middle-income population.

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