HNIs, NRIs to keep Delhi-NCR’s luxury housing boom alive over next 2 years

Delhi-NCR’s premium and luxury housing market is expected to remain resilient over the next two years, supported by major infrastructure projects, rising wealth creation and sustained investments from non-resident Indians (NRIs), according to a report by Equirus Wealth.

The wealth management firm said demand in the premium housing segment is increasingly being driven by long-term structural factors rather than short-term market cycles. Improving connectivity through projects such as the Dwarka Expressway and the upcoming Noida International Airport, coupled with growing allocations to real estate by high-net-worth individuals (HNIs), is expected to support residential demand across the National Capital Region (NCR).

Rising wealth creation among entrepreneurs, professionals and business families, coupled with higher allocations to real estate by high-net-worth individuals amid market volatility, continues to support demand. A relatively weaker rupee has also enhanced affordability for NRIs, strengthening India’s appeal as a long-term real estate investment destination, according to the report.

“Delhi-NCR’s premium and luxury housing market is being driven by long-term structural factors rather than cyclical demand. Rising wealth creation, improving infrastructure and sustained NRI interest are creating a strong foundation for demand in the premium segment. We expect the luxury housing market to remain resilient over the medium term, particularly for projects launched by large, reputable developers with a strong execution track record,” said Apurva Muthalia, Business Head – Real Estate, Equirus Wealth.

Equirus Wealth expects infrastructure development to remain one of the strongest catalysts for residential demand across the National Capital Region. The operational Dwarka Expressway has significantly improved connectivity between Delhi and Gurugram, creating new premium residential corridors, while the upcoming Noida International Airport is expected to strengthen the long-term investment outlook for the Noida-Greater Noida region by supporting commercial activity and residential demand. As connectivity improves, homebuyers are increasingly evaluating the long-term growth potential of an entire micro-market rather than an individual project.

The firm also believes the NRI investment story extends beyond currency advantages. While a weaker rupee has enhanced purchasing power, overseas Indians are increasingly viewing Indian real estate as a long-term asset for portfolio diversification, future family use and wealth creation. Buyer preferences have also evolved beyond location, with increasing demand for integrated communities offering larger residences, wellness-focused amenities, green spaces, privacy and professionally managed developments.

“Homebuyers today are investing in the overall ecosystem rather than just a residential project. Connectivity, social infrastructure, schools, hospitals, retail destinations and work hubs have become key considerations alongside the quality of the development itself,” added Muthalia.

According to Anarock Property Consultants, NCR accounted for the highest share of luxury home sales among India’s top seven cities in 2025, led by Gurugram and Noida, as buyers increasingly shifted towards homes priced above ₹1.5 crore.

Separately, CBRE India said luxury housing sales in Delhi-NCR continued to outpace most other cities, supported by rising disposable incomes, rapid infrastructure development and growing demand for larger homes.

The strong demand has encouraged developers to launch large-ticket projects over the past year. Companies including DLF, Godrej Properties, Signature Global, Oberoi Realty, Smartworld Developers and TARC have announced or launched premium and luxury housing projects across Gurugram and Noida, with several reporting robust bookings within days of launch.

According to a joint CBRE-ASSOCHAM report, Delhi-NCR accounted for around 4,000 luxury home sales (priced above ₹4 crore) in the first half of 2025—57% of all luxury home sales across India’s top seven cities. Luxury housing sales in the country grew 85% year-on-year during the period.

Consultancy firm Knight Frank also said premiumisation is no longer a temporary trend.

Homes priced above ₹2 crore have become the fastest-growing segment in NCR, with the ₹2-5 crore bracket accounting for 36% of sales in 2025. Developers are increasingly launching larger homes and branded residences, particularly in Gurugram.

The buying behaviour of HNIs is also evolving. Rather than purchasing a single apartment, affluent buyers are increasingly acquiring multiple adjacent units to create larger bespoke residences. In one recent transaction, an NCR-based industrialist bought four apartments worth nearly ₹380 crore in an ultra-luxury Gurugram project.

The trend also reflects a broader shift in wealth allocation. Knight Frank’s Wealth Report 2026 noted that private capital is increasingly targeting real estate as affluent investors diversify portfolios amid geopolitical uncertainty and volatile financial markets.

Analysts expect the momentum to continue. A Reuters poll forecasts Delhi-NCR home prices to rise by 5-7% annually over the next three years, with luxury housing expected to remain the key driver of the residential market as demand from affluent domestic buyers and NRIs stays resilient.