The Delhi-NCR housing market has transformed dramatically with the onset of covid and beyond that (between 2020 and 2025), adapting to economic shifts, lifestyle preferences, and global events like the pandemic. While several housing formats exist, the market has been shaped primarily by apartments, independent floors, and luxury villas/penthouses.
Each of these asset classes caters to a different segment of buyers, ranging from mid-income professionals and nuclear families to affluent buyers and NRIs. Understanding how demand, supply, and pricing have evolved over the past five years helps us see where the market stands today and where it might be headed.
I. APARTMENTS: THE VOLUME DRIVER OF NCR HOUSING

Fig1. Apartment sales between 2020 and 2025*
Phase 1 (2020): Pandemic Slowdown
In 2020, the pandemic brought the housing market to a near halt. Apartment sales in NCR fell to 38,500 units, while new launches were restricted to 41,000 units. Prices even dipped by around 2% due to weak demand. Developers focused on clearing unsold stock instead of adding fresh inventory.
Phase 2 (2021-22): Recovery Begins
As offices reopened and remote work reshaped family priorities, apartment demand bounced back. By 2021, sales had crossed 54,300 units, outpacing new launches. Prices grew modestly by 4% YoY, reflecting improved buyer confidence.
In 2022, developers ramped up supply with 65,000 apartment units launched, catering especially to the affordable and mid-segment in Greater Noida West and NoidaExpressway. Prices rose by 7%, signaling steady momentum.
Phase 3 (2023): A Year of Momentum
By 2023, NCR recorded its highest apartment sales in five years with 67,000 units. Developers also launched 70,000 new units, particularly in Gurugram (Dwarka Expressway, Golf Course Extension). Price growth accelerated to 8%, driven by strong demand for mid-segment and premium apartments.
Phase 4 (2024-25): Sharp Appreciation
2024 marked a turning point. Though new apartment launches dipped to 53,000 units, sales stood strong at 62,000 units. The real surprise was price growth, with NCR witnessing an average 30% YoY surge, the steepest in India. Micro-markets like Noida (+34%), Greater Noida (+33%), and Gurugram (+30%) led this rally.
By 2025, unsold apartment inventory stood at 85,900 units, equivalent to 17 months of sales (gestation period) a healthy level compared to earlier years when overhang stretched beyond 24 months.
💡JLL’s Insights: Apartments have been the backbone of NCR housing. From the pandemic-induced slowdown in 2020 to the price boom in 2024, they continue to be the first choice for most buyers, balancing affordability, amenities, and resale potential.
II. INDEPENDENT FLOORS: PRIVACY MEETS URBAN LIVING
Phase 1 (2020-21): Niche but Steady
Even in 2020’s downturn, independent floors held steady demand in South Delhi and parts of Gurugram. Post-COVID, the appeal of larger spaces and private living increased, with many families upgrading from apartments. Developers like DLF and M3M saw this as an opportunity to expand offerings.
Phase 2 (2022-23): Structured Growth
By 2022, average prices of independent floors rose by 6% YoY, showing sustained demand. In 2023, Gurugram alone saw over 15,000 new independent floor units launched, signaling that developers were betting big on this format. Prices in Delhi and Gurugram grew 9% YoY as buyers valued privacy and customization.
Phase 3 (2024-25): Price Escalation in Premium Areas
The biggest story for independent floors has been South Delhi’s transformation.
• In Category A colonies like Greater Kailash, Defence Colony, and Vasant Vihar, the value of a 2,500 sq. ft. floor doubled from ₹8 to 11 crore range in 2022 to ₹16 to 22 crore by 2025. Larger 6,000 sq. ft. floors touched ₹36 to 45 crore.
• In Category B colonies like East of Kailash or Lajpat Nagar, prices rose from ₹5 to 6.5 crore range in 2022 to ₹8.5 to 11 crore in 2025.
• Per-square-foot values now range between ₹36,000 to ₹90,000, making South Delhi floors one of NCR’s most expensive housing formats.
💡JLL’s Insights: Independent floors have evolved from a niche to a mainstream choice, especially for wealthy families and upgraders. Gurugram’s supply and South Delhi’s pricing surge show that this segment is here to stay.
III. VILLAS, BUNGALOWS & PENTHOUSES: LUXURY REDEFINED
Phase 1 (2020-21): Luxury on Pause
The pandemic hit luxury housing harder than mass-market apartments. Sales of villas and bungalows slowed sharply in 2020 as liquidity dried up. By 2021, though, NRI interest revived, especially in premium projects along Gurugram’s Golf Course Road and Noida’s Jaypee Greens.
Phase 2 (2022-23): Revival and Expansion
In 2022, over 3,000 luxury housing units (villas and penthouses) were launched across NCR. By 2023, sales grew by an impressive 40% YoY, led by Gurugram, which accounted for 70% of luxury housing absorption. Buyers were mostly HNIs, corporates, and NRIs seeking lifestyle-driven investments.
Phase 3 (2024-25): Ultra-Luxury Boom
The luxury story reached new heights in 2024-25:
• In 2024, 59% of new NCR launches were priced above ₹2.5 crore, showing a tilt towards ultra-luxury.
• Along the Dwarka Expressway, 91% of new launches were premium or luxury units, cementing its reputation as a high-end corridor.
• In 2025, DLF’s Privana North project in Gurugram sold ₹11,000 crore worth of homes in just a week, breaking records.
• Around the same time, a new ultra-luxury project in Delhi sold 173 units in January 2025, with NRIs accounting for ~12% of buyers.
💡JLL’s Insights: Villas, bungalows, and penthouses have transformed from being a limited market into a booming ultra-luxury segment. The 2024–25 surge reflects not only rising incomes but also the growing influence of NRI buyers and branded developers.
4. COMPARING THE THREE ASSET CLASSES (2020 to 2025)
• Apartments: Account for over two-thirds of housing supply, catering to mass demand. Prices rose moderately until 2023, followed by a sharp 30% spike in 2024.
• Independent Floors: Niche until 2021, they are now a premium upgrade option, with South Delhi leading price appreciation. Gurugram has emerged as the hub for new supply.
• Villas/Penthouses: Once limited, they have become aspirational assets for wealthy Indians and NRIs. Their share of new supply jumped from ~10% in 2020 to nearly 60% in 2024 (ultra-luxury launches).
This evolution shows how NCR’s housing market has polarized: apartments drive volumes, while independent floors and luxury homes drive value.
5. WHAT 2020-2025 TELLS US ABOUT THE FUTURE?
Between 2020 and 2025, Delhi-NCR’s residential market has shown resilience, adaptability, and diversity. Apartments have remained the foundation, but the surge in independent floors and luxury housing highlights the region’s socio-economic shifts.
Looking ahead, we can expect:
• Apartments to remain the most liquid and accessible asset class.
• Independent floors to attract buyers seeking low-rise living with premium pricing.
• Villas and penthouses to dominate NCR’s luxury narrative, especially with NRI and HNI interest.
For homebuyers and investors, the past five years prove that Delhi-NCR real estate is not just about scale; it’s about segment-specific growth. Choosing between apartments, floors, or villas depends on lifestyle goals, budget, and investment horizons.

Source: JLL Primary Research, Published Reports by IPCs

Author: Sumedha Das