As 2025 draws to a close, NCR’s residential real estate market finds itself at a rare moment of clarity. After years of stop-start cycles, policy uncertainty and cautious buyers, the sector is now being shaped by three forces moving in sync: visible infrastructure delivery, easing home loan costs, and a decisive tilt toward end-user driven, lifestyle-led demand. Together, they have pushed NCR beyond recovery mode and into what many developers describe as a more stable, long-term growth phase.
Across Delhi-NCR, infrastructure has finally moved from promise to proof. Expressways that once existed only on brochures are now operational. Metro corridors have expanded reach. Airports, both existing and upcoming, are actively influencing buyer decisions. This shift from anticipation to execution has translated into on-ground confidence, particularly in premium and luxury housing.
Amit Modi, Director, County Group, says 2025 has been a strong year for Indian real estate, with NCR standing out for its visible improvement in buyer confidence. According to him, the impact of expressways, metro corridors, airports and improved connectivity is now clearly reflected in demand patterns. Buyers, he notes, are more informed and more willing to invest in better locations and superior amenities. With momentum firmly in place, he expects premium and luxury housing to see price appreciation of around 10 to 12 percent in 2026.
Affordability, often the missing piece in past upcycles, has played a crucial supporting role this year. The RBI’s cumulative 125 basis points repo rate cut during 2025 has begun to ease borrowing costs on the ground. With most home loans now linked to external benchmarks like the EBLR, rate cuts are being transmitted faster to consumers.
Ishaan Singh, Director, AIPL, explains that buyers are finally seeing real relief, either through lower EMIs or shorter loan tenures. In a market like Gurugram, where premium and luxury homes dominate new supply, this has made a tangible difference. End-users now feel more comfortable upgrading to larger, lifestyle-driven homes without financial stress. As EMIs become manageable, site visits are converting faster and aspiration feels achievable again.
Few corridors illustrate this shift better than the Dwarka Expressway. Once viewed as speculative, it has emerged in 2025 as one of India’s most aspirational luxury residential zones. Rajjath Goel, Managing Director, MRG Group, points to a 3.5-fold rise in prices over the past five years, driven by buyers prioritising lifestyle and convenience over mere proximity. With the expressway operational and UER II strengthening connectivity, the area has matured into a stable, future-ready urban hub. Limited high-end supply, he says, remains the key driver of value creation as the market heads into 2026.
Beyond Gurugram, Noida and Greater Noida have firmly entered NCR’s luxury housing conversation. Infrastructure, particularly the progress around the Noida International Airport, has played a catalytic role. Sanjay Sharma, Director, SKA Group, says the Noida–Greater Noida and Ghaziabad corridors have reached a high-confidence phase where infrastructure is no longer aspirational but functional. Luxury housing here has shifted from being an ambition to an active purchase decision, supported by metro expansions and airport-led growth.
Salil Kumar, Director Marketing and Business Management, CRC Group, echoes this view, noting rising interest from professionals, business owners and NRIs in larger, well-planned luxury homes. Improved expressways, metro links and social infrastructure have narrowed the gap with more established NCR markets. Importantly, this demand has remained measured and end-user driven, setting the stage for sustained growth in 2026.
Developers also highlight a structural change in buyer behaviour. Ashok Singh Jaunapuriya, MD and CEO, SS Group, describes 2025 as a definitive year marked by a sharp surge in housing prices, reflecting a deeper shift toward premium living. Micro-markets like New Gurgaon and Dwarka Expressway, he says, have entered a maturity phase, evolving into sought-after urban hubs. What makes this cycle different is dual momentum, with commercial occupiers anchoring business districts while families are drawn by connectivity and social infrastructure. This, he believes, is a structural realignment rather than a cyclical spike.
The luxury segment’s strength has also been notable for its balance. Shyamrup Roy Choudhury, Founder and Managing Director, Aura World, says demand in Gurugram remained strong in 2025 without feeling overheated. Stable economic conditions, coupled with rate cuts, have given buyers the confidence to commit to high-value purchases with a long-term mindset. As India’s economy continues to grow steadily, luxury housing is likely to benefit from sustained wealth creation rather than speculative surges.
One of the most striking developments of 2025 has been the spread of luxury housing demand beyond metros. Sehaj Chawla, Managing Director, TREVOC Group, notes that while NCR and major metros saw massive demand, Tier-II cities also rose in prominence. Cities closer to NCR are expected to share a significant portion of growth in 2026, supported by infrastructure and a proactive interest rate environment.
Sakshee Katiyal, Chairperson, Home & Soul, adds that luxury housing is no longer a metro-only story. Emerging Tier-II cities surprised the market by matching metro-level absorption in certain luxury segments. Buyers in these markets now expect the same design quality and community planning seen in metros, signalling that aspiration has gone pan-India.
This broader geographic spread is also visible within NCR itself. Goldi Arora, Co-Founder and Managing Director, Property Master, points to Gurugram’s continued dominance in luxury and high-end commercial spaces, alongside steady demand in Faridabad and strong buyer intent in Tier-II cities like Mohali. What stood out in 2025, he says, was buyer discernment, with decisions guided by connectivity, amenities and long-term value rather than speculation.
Industry leaders like Kushagra Ansal of Ansal Housing and Ashwani Kumar of Pyramid Infratech agree that Delhi-NCR remains one of India’s most stable and growth-oriented markets. Accelerated infrastructure execution, evolving lifestyle preferences and rising disposable incomes have made spacious, well-planned homes the centrepiece of residential demand.
As NCR moves into 2026, the narrative is clear. Infrastructure is visible, affordability has improved, and buyers are confident but cautious. The luxury housing boom of 2025 is not just about rising prices. It reflects a deeper shift in how people choose where and how they want to live, signalling a market that is settling into long-term maturity rather than chasing short-term highs.
