Noida, Ghaziabad join Gurugram in luxury homes demand surge: Will premium segment continue to outperform?
According to a recent report by Anarock, Delhi-NCR recorded the highest annual price appreciation among India’s top seven cities in 2025, with average residential prices rising around 24% year-on-year.
Luxury housing across NCR has registered a sharp uptick, with projects witnessing stronger sales velocity and steady price appreciation over the past year. While Gurugram has traditionally anchored the high-end residential market, recent data and transaction trends indicate that the momentum is now spreading eastward. Noida, Greater Noida, and parts of Ghaziabad are emerging as active participants in the luxury cycle, supported by rising launches and improved absorption. Key corridors along the Noida Expressway, Dwarka Expressway and NH-24 are drawing upgraded demand, with infrastructure upgrades and enhanced connectivity acting as primary growth catalysts.
Price Appreciation Outpaces Other Metro Markets
According to a recent report by Anarock, Delhi-NCR recorded the highest annual price appreciation among India’s top seven cities in 2025, with average residential prices rising around 24% year-on-year. Over a five-year horizon, cumulative price growth across NCR has crossed 80%, with Ghaziabad, Greater Noida and Noida emerging as standout performers.
The geography of NCR’s luxury housing market is also widening across distinct micro-markets. Gurugram continues to remain the region’s most established luxury ecosystem, with corridors such as Dwarka Expressway, Golf Course Extension Road and Southern Peripheral Road sustaining demand from corporate executives, entrepreneurs and high-net-worth individuals. At the same time, the Noida and Greater Noida expressway belt has strengthened its position, driven by larger-format apartments, integrated projects and the anticipated impact of the upcoming Noida International Airport. Developers point to relatively competitive pricing compared to Gurugram as an added advantage. Meanwhile, along NH-24 in Ghaziabad, planned townships are attracting spillover demand from East Delhi and Noida, with upwardly mobile buyers entering the premium bracket.
Infrastructure and Airport Connectivity Boost Buyer Confidence
Market observers attribute the current uptick to a combination of structural and behavioural shifts. End-user confidence has remained resilient, even amid rising prices, with buyers opting for larger homes and amenity-rich communities that offer security, wellness and integrated living. Wealth creation across services, startups and professional sectors has expanded the pool of affluent buyers, particularly in Gurugram and Noida.
At the same time, improved infrastructure visibility from expressways to upcoming airport connectivity has strengthened purchase decisions. The market has also seen consolidation toward established, branded developers, while supply remains more disciplined compared to previous cycles, limiting speculative excess and supporting price stability.
According to Sanjay Sharma, Director, SKA Group, the luxury conversation in NCR is no longer confined to legacy premium pockets.
"Over the last 12–18 months, we have seen a decisive shift in buyer maturity, especially across Noida, Greater Noida and the NH-24 corridor in Ghaziabad. Customers upgrading today are financially stronger, clearer about lifestyle expectations, and willing to pay for branded delivery and long-term community planning. What is interesting is that this demand is largely end-user driven. Buyers are choosing larger homes, better amenities and integrated ecosystems, not for short-term appreciation, but for stability and quality of life. That is what is sustaining the current momentum,” Sharma said.
Moreover, unlike the 2012–13 cycle, which was marked by speculative activity and investor-driven buying, the current momentum appears more end-user oriented. Developers and consultants note that a majority of transactions are being led by buyers with clear occupancy intent rather than short-term capital gains expectations. Financial closures are more structured, loan profiles are stronger, and buyers are taking measured calls based on infrastructure progress and project credibility. On the supply side, developers are operating with comparatively healthier balance sheets and tighter execution timelines, reducing the risk of over-leveraging that had weighed on the market in the previous decade.
“Gurugram continues to anchor NCR’s luxury market because of its corporate depth and established premium culture. However, what we are witnessing now is a broadening of demand along newer corridors like Dwarka Expressway. The expressway has transitioned from a speculative zone to a residential address with real livability. High-net-worth professionals, entrepreneurs, and global Indians see Gurugram as a long-term base. The demand is not impulsive; it is strategic. Buyers are upgrading portfolios and residences simultaneously. While prices have firmed up, the appetite for well-located, well-designed premium homes remains resilient,” said Ashok Singh Jaunapuria, MD & CEO, SS Group.
“What stands out in this cycle is geographic diversification. A few years ago, luxury was largely synonymous with select pockets of Gurugram. Today, Noida’s expressway belt and even parts of Faridabad are entering premium conversations. The buyer profile has also evolved; we are seeing dual-income professionals, startup founders and returning NRIs driving demand. Importantly, this is not an overheated, investor-heavy rally. Most transactions we facilitate are backed by strong financial planning and long-term holding intent. That lends stability to price growth. The luxury segment is currently setting the tone for NCR’s overall residential trajectory," Goldi Arora, Co-founder & Managing Director, Property Master, concluded.