India’s real estate sector is riding high on festive fervour and policy optimism, with the National Capital Region (NCR) emerging as the standout performer. As developers unveiled attractive festive offers and flexible payment schemes, homebuyer sentiment surged across major markets.

Knight Frank India’s latest data shows residential sales in the top eight cities reaching 87,603 units in Q3 2024, led by NCR, which posted a remarkable 19% year-on-year price appreciation — the highest nationwide. Backed by robust infrastructure growth, premium housing demand, and strong government support, the festive season has set the stage for another record-breaking year for India’s housing market.

With a strong economy and solid real estate demand, the festive season along with government support is expected to boost sales and increase homebuyer’s confidence, setting the stage for a strong finish for the remaining period of the year.

India’s residential real estate sector continues its strong performance trajectory, with Knight Frank India’s latest report revealing that the nation’s top eight housing market recorded steady sales of 87,603 units in Q3 2024. Among these metros, the National Capital Region (NCR) has emerged as the leader, commanding an impressive 19% year-on-year price appreciation, the highest among all major markets.

NCR exceptional performance reflects a convergence of strategic advantages positioning the region at the forefront of India’s real estate evolution. The market has shown exceptional resilience, driven by sustained user demand, improving economic fundamentals, and a remarkable shift towards premium housing segments.

Golf Course Extension Road, Dwarka Expressway, SPR etc has changed the game by spurring unprecedented growth across NCR’s residential landscape. By cutting down on travel times, and opening previously inaccessible areas for premium development, this vital corridor is transforming connectivity paradigm. The GCER effect has created ripple benefits across Gurgaon, Noida, Greater Noida, and emerging micro markets, attracting both homebuyers and institutional investors seeking high growth opportunities.

Infrastructure development stands at the core of NCR’s success story. Newly launched expressways like Dwarka expressways, FNG Expressways etc, extensive metro connectivity expansion, and the upcoming Noida International Airport – which is expected to change regional dynamics – all benefits the area. Additionally, enhanced social infrastructure – including world class educational institutions, healthcare facilities and commercial hubs has enhanced NCR’s residential appeal.

The premium housing segment has witnessed particularly strong momentum, with buyers increasingly preferring larger homes in well-connected localities. Despite elevated price points, buyer’s confidence has been sustained by this premiumization trends, stable mortgage rate and strong employment growth in technology and service sector.

Deepak Rai, Founder & MD, BOOTES, said, “This festive season, we are witnessing India’s growing focus on sustainable living. Buyers and investors are increasingly drawn towards eco-friendly, sustainable homes and climate-smart construction. At BOOTES Homes, we are committed to this very vision, delivering net-zero consruction across Delhi NCR and key cultural cities like Vrindavan, Jhansi, Prayagraj, Varanasi, and Ayodhya. During the last festive season, we saw remarkable sales, and this year, I am confident that interest and investments will surpass that by a significant over 15-20 %”.

Akash Kohli, Founder & CEO, Elante Group, said, “The festive season has always brought exceptional momentum to the real estate market, and 2024 was no different, Gurugram alone saw housing sales touch ₹1.07 lakh crore, with the festive quarter contributing significantly to this surge, especially in the luxury and premium segment. I truly believe that this year, Gurugram and the entire NCR market will surpass even last year’s festive season sales. With developers coming up with more comfortable, well-designed builder floors, premium amenities, and attractive festive offers, the demand for upscale homes is only going to rise. The growing preference for spacious builder floors with modern facilities makes me confident that this festive season will set new benchmarks for the real estate sector.”

The government’s hand has been important in shaping this trajectory. Policy stability, clarity in land use norms, expedited approvals, incentives for affordable and sustainable housing, and infrastructure funding (roads, utility augmentation, metro extensions) are aligning to bolster NCR’s competitiveness. Buyer confidence has increased throughout the industry as a result of macro climate, which includes low-inflation, healthy GDP growth, and supportive interest rates.

NCR’s real estate market appears poised for continued expansion. Ongoing infrastructure projects, increasing corporate presence, and the region’s position as North India’s economic powerhouse suggest sustained demand. However, market experts anticipate price growth may moderate as supply catches up with demand, creating a more balanced market environment conducive to long-term stability and sustainable development.