Delhi-NCR continues to dominate India’s real estate market, achieving record-breaking growth in both residential and commercial segments. According to Knight Frank India’s Q3 2025 Residential and Office Market Report (July–September 2025), home prices jumped 19% YoY, the highest among all major Indian cities, while office rentals rose 9% YoY.
This dual momentum highlights NCR’s transformation into a mature, end-user-driven market. “The 19% YoY price appreciation is a clear indicator that the region’s luxury and premium segments are firing on all cylinders,” said Mudassir Zaidi, Executive Director – North, Knight Frank India.
Premium Homes Power the Growth
The residential segment’s surge is largely attributed to the premium and luxury housing demand in Gurugram and Noida, where buyers are seeking larger, ready-to-move-in homes with world-class amenities. Despite stable sales volumes, the total transaction value continues to grow, signaling a shift toward higher-value purchases.
Table 1: Residential Price & Rental Growth (YoY %)
| City | Home Price Growth (%) | Rental Growth (%) |
|---|---|---|
| NCR | 19 | 3 |
| Bengaluru | 15 | 4 |
| Hyderabad | 13 | 5 |
| Chennai | 9 | 2 |
| Kolkata | 8 | 1 |
| Mumbai | 7 | 1 |
| Pune | 5 | 1 |
| Ahmedabad | 2 | 0 |
Developers are ramping up lifestyle-led projects focusing on design, sustainability, and luxury.
“The 19% rise underscores the robust confidence of homebuyers in our region’s future,” said Ankush Kaul, President – Sales, Marketing & CRM, Central Park.
“We’re seeing strong traction in premium and luxury segments that now dominate demand.”
Infrastructure & Investments Fuel Growth
Industry leaders attribute NCR’s rise to massive infrastructure push — from the Noida International Airport to the Yamuna Expressway expansion — and major investments from global players like Microsoft and the Adani Group. These developments are boosting both residential and commercial demand, enhancing NCR’s stature as a world-class urban hub.
Commercial Market Maintains Strong Momentum
NCR’s office market mirrored the housing boom, with office rentals up 9% YoY — driven by demand from Global Capability Centres (GCCs), BFSI, and consulting firms. Key business districts such as Gurugram’s Cyber City and Noida’s Sector 62 remain the most active micro-markets.
Table 2: Office Rental Growth (YoY %)
| City | Office Rental Growth (%) | QoQ Change (%) |
|---|---|---|
| Kolkata | 14 | 5 |
| Mumbai | 11 | 0 |
| NCR | 9 | 2 |
| Hyderabad | 9 | 1 |
| Bengaluru | 6 | 1 |
| Ahmedabad | 5 | 0 |
| Pune | 4 | 1 |
| Chennai | 1 | 1 |
NCR also added 1.5 million sq ft of new office space in Q3 2025 — a 42% YoY increase — reflecting healthy absorption and developer confidence.
“The NCR office market has transitioned from rapid growth to steady, sustainable expansion,” said Zaidi. “Occupiers continue to prioritise Grade-A spaces with superior infrastructure and accessibility.”
NCR: India’s Most Resilient Real Estate Market
The Knight Frank report signals NCR’s entry into a balanced, sustainable growth phase — driven by genuine demand and disciplined supply. With housing prices climbing and commercial leasing staying strong, NCR stands out as India’s most dynamic and resilient property market, setting benchmarks for both developers and investors nationwide.
