NCR home prices jumped 193% between 2015 and 2025, even as new launches in the region fell 20% and sales volume grew just 7%, according to an ASSOCHAM-Knight Frank report.
Home prices across the National Capital Region climbed 193% between 2015 and 2025, according to "Building Viksit Bharat: Real Estate as a Catalyst for Growth," a new report from ASSOCHAM and Knight Frank Research. That's the steepest decade-long price appreciation among the eight metro markets the report tracks, Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, NCR and Pune.
Most cities that post strong price growth also see rising sales volumes and launches feeding that growth. NCR didn't. New residential launches in the region actually fell 20% over the same decade, while sales volumes grew only marginally, up just 7%. The report specifically flags this combination, steep price growth paired with declining launches, as unique to NCR among the cities studied. Pune, by contrast, showed sales, launches and prices all rising together, a far more conventional growth pattern.
The clearest evidence of this shift sits at the top of the market. Homes priced above ₹1 crore made up just 18% of NCR sales in 2018. By the first half of 2026, that share had jumped to 84%. Office vacancy in the region compressed over the same period to 14%, another sign of a market tightening around higher-value activity rather than broadening its base.
This national report puts hard numbers behind a pattern we've been watching play out project by project. Central Delhi's ultra-luxury segment has been drawing extraordinary demand, and newer corridors on the Noida Expressway have been marketed hard as the region's next luxury address specifically because established areas have run out of room to grow. A national report confirming NCR's price growth outpaces every other major Indian city, even as the region actually launches fewer new homes, is the macro data point that validates what these individual project-level stories have been suggesting all along.
A market where prices triple over a decade while sales volume barely moves is a market that's increasingly serving buyers who can afford ₹1 crore-plus homes, and increasingly not serving anyone else. That's not necessarily a sign of an overheated market in the classic sense, since limited launches suggest supply discipline rather than speculative overbuilding, but it is a clear signal that NCR's housing market and Gurugram's in particular is pricing out a growing share of the buyers who might otherwise want in.
