Mumbai, known for its bustling markets and high property prices, is witnessing a significant shift as real estate companies from other metropolitan cities like Bengaluru are increasingly targeting the National Capital Region (NCR). The surge in demand for housing and the rapid price increases in NCR have prompted these developers to expand their footprints in this promising market. NCR is emerging as a lucrative opportunity, with developers not only launching new projects but also acquiring substantial land to capitalize on this growth.
In recent developments, prominent Mumbai-based players such as Oberoi Realty are preparing to unveil their inaugural project in Gurugram this fiscal year. Other renowned names, like Lodha and Rustomjee, are actively seeking land acquisitions in the NCR, indicating a robust interest from the western part of the country. Meanwhile, Bengaluru’s Prestige Group and Sobha, who were early adopters in the region, are now rapidly accelerating their expansion efforts, identifying NCR as their fastest-growing market.
The NCR landscape is evolving rapidly, with companies like Godrej Properties and Tata Realty also amplifying their presence. Notably, new entrants, including Dalcore, have chosen Gurugram as the launchpad for their real estate ventures. According to Shalin Raina, managing director of Residential Services at Cushman & Wakefield, the robust end-user demand and investor confidence coupled with enhancements in infrastructure are pivotal in attracting these developers. The ongoing upgrades in connectivity, particularly along the Dwarka and Noida Expressways, alongside the anticipated Noida International Airport, are set to transform residential corridors and unlock new micro-markets within the region.
Every year, NCR sees the launch of around 50,000 to 60,000 housing units, with the cumulative value exceeding ₹1 lakh crore. The luxury housing segment has notably driven this growth, with Gurugram alone accounting for nearly 87% of luxury launches in the last quarter. The price appreciation in premium segments, averaging between 10-12% annually, underscores the strong absorption rates and long-term value prospects in the area. This combination of competitive pricing and rising demand ensures that NCR remains at the forefront of real estate development in India, attracting both established giants and new entrants alike.