Delhi NCR’s residential property market ended 2025 on a note that combines caution with resilience. Sales momentum slowed during the year, reflecting changing buyer behaviour and market dynamics, yet property prices and rental values continued to strengthen. The contrast offers a revealing snapshot of how the region’s housing market is evolving.
According to JLL’s latest assessment of Delhi’s mass residential market dynamics for the fourth quarter of 2025, nearly 11,100 housing units were sold during the quarter. This pushed the total annual sales volume to around 39,000 units. While the number remains substantial, it marks a notable decline of almost 22 percent compared with 2024, signalling moderation in demand.
Sales Slowdown Defines 2025
The decline in annual sales points to a broader cooling trend rather than a sudden market disruption. A variety of factors typically shape such slowdowns, including affordability pressures, higher borrowing costs, and shifts in buyer sentiment. In Delhi NCR, the data suggests that while end-user demand remains present, the pace of transactions has clearly softened.
Despite this moderation, the geographic distribution of demand reveals clear patterns. Gurgaon continued to dominate residential sales in 2025, accounting for a commanding 43 percent share. Noida followed with 34 percent, while Ghaziabad contributed 22 percent. This concentration highlights how buyers remain selective, favouring established growth corridors and infrastructure-led micro markets.
Prime Corridors Continue To Attract Buyers
Within these cities, certain submarkets played a pivotal role in sustaining activity. Locations such as Dwarka Expressway, Sohna Road, Yamuna Expressway, and Raj Nagar Extension emerged as key drivers of sales. These areas benefit from a combination of connectivity improvements, relatively newer housing supply, and perceived long-term appreciation potential.
Such corridors often attract both end-users and investors. Improved infrastructure, including expressways and metro expansions, typically reduces travel times and enhances liveability, making these areas more appealing for residential development.
New Launches Show Relative Stability
While sales moderated, new residential supply remained comparatively steady. In the fourth quarter alone, developers launched 12,055 units across Delhi NCR. This brought the total number of launches in 2025 to nearly 42,500 units, representing only a marginal two percent decline year-on-year.
Gurgaon and Noida together accounted for roughly 80 percent of this fresh supply, reinforcing their status as the region’s most active development hubs. Key submarkets such as Yamuna Expressway, Sohna Road, New Gurgaon, Dwarka Expressway, and Indirapuram dominated new project launches, reflecting developers’ continued confidence in these growth clusters.
Prominent developers including M3M, Godrej Properties, and Prestige Estates led much of the supply pipeline. Their presence often signals stronger project execution capabilities and brand-driven buyer confidence.
Ghaziabad emerged as a standout performer, posting an impressive 22.3 percent annual increase in capital values. Gurgaon followed with 12.5 percent growth, while Noida registered a 10.1 percent rise. These gains reflect strong demand in specific pockets, alongside rising construction costs and land values.
Quarterly price movements further reveal nuanced trends. Gurgaon recorded roughly 12 percent year-on-year price growth, maintaining its appeal as a preferred residential destination. Ghaziabad and Noida saw more modest increases, while Delhi and Faridabad witnessed marginal upticks of around two percent.
Understanding The Divergence
Rising prices amid moderating sales may appear contradictory at first glance. However, such divergence is not uncommon in property markets. Limited supply in certain segments, higher input costs, and expectations of future growth can sustain price levels even when transaction volumes soften.
Buyers, meanwhile, may adopt a more cautious approach, stretching decision timelines without necessarily exiting the market. The result is slower absorption but firm pricing.
Looking ahead, JLL’s outlook suggests that residential launches could moderate slightly in the coming months, largely in response to the sales slowdown. Developers typically calibrate new supply based on absorption trends to avoid inventory build-up.
However, the longer-term picture remains constructive. Continued land acquisitions by developers in Gurgaon and Noida indicate sustained confidence in the region’s growth prospects. Prime markets including Gurgaon, Noida, and Ghaziabad are expected to remain central to residential demand in 2026, supported by upcoming supply and infrastructure upgrades.
At the same time, capital values and rental rates may witness short-term stagnation. Such phases often represent consolidation rather than structural weakness, allowing markets to stabilise before the next growth cycle.
A Market In Transition
Delhi NCR’s housing market in 2025 reflects a landscape in transition. Sales volumes have moderated, yet pricing power remains intact. Developers continue to invest, while buyers display selective but persistent interest.
For market participants, the key takeaway is balance. Growth opportunities persist, but strategies increasingly require careful attention to location, pricing, and demand fundamentals.
