NCR Market Barometer · Q1 2026

📈
+10.8%
NCR Avg. Capital Appreciation (YoY)
🏗️
84,000+
Residential Units Under Construction
🏢
7.4%
Grade-A Office Vacancy Rate
💰
₹1,820 Cr
Institutional RE Investment · Q1

Residential Market

The Delhi-NCR residential market has seen robust price appreciation through 2025–26, driven by improved infrastructure connectivity, rising end-user demand, and limited new supply in premium segments. Golf Course Road and DLF Phase 5 in Gurugram continue to command the highest per sq.ft values, while Noida Expressway corridors are the fastest-appreciating markets in the NCR.

Key demand drivers include RRTS corridor development, new metro extensions, and a steady influx of IT and BFSI sector professionals into the NCR. Luxury and ultra-luxury segments (₹5 Cr+) have seen particularly strong momentum, with developers launching limited-edition high-ticket projects meeting strong pre-launch demand.

Affordable and mid-range segments in Greater Noida West and Yamuna Expressway offer compelling value-for-money propositions, with well-established social infrastructure and improving connectivity.

₹11,200
Avg NCR Residential Price (sqft)
+10.8% YoY
Capital Appreciation · NCR Avg
4.2%
Avg Gross Rental Yield
14 Months
Avg Time to Sell (Luxury)

Residential Micromarkets

Golf Course Road
Gurugram · Ultra-Premium
▲ 9.8%
Avg Price
₹15,200/sqft
Range
₹13K–19K
Inventory
~420 units
Rental Yield
2.8%
DLF Phase 4 & 5
Gurugram · Premium
▲ 8.2%
Avg Price
₹13,800/sqft
Range
₹11K–17K
Inventory
~290 units
Rental Yield
3.1%
Dwarka Expressway
Gurugram · Mid-Premium
▲ 14.2%
Avg Price
₹10,400/sqft
Range
₹8.5K–13K
Inventory
~1,200 units
Rental Yield
3.8%
Sector 150, Noida
Noida · Premium
▲ 12.1%
Avg Price
₹9,400/sqft
Range
₹8K–11.5K
Inventory
~680 units
Rental Yield
4.2%
Noida Expressway (Secs 128–137)
Noida · Mid-Segment
▲ 10.5%
Avg Price
₹8,100/sqft
Range
₹6.5K–10K
Inventory
~940 units
Rental Yield
4.5%
Greater Noida West
Greater Noida · Affordable
▲ 8.9%
Avg Price
₹5,800/sqft
Range
₹4.8K–7K
Inventory
~2,100 units
Rental Yield
5.1%
South Delhi (GK, DS, VV)
Delhi · Established Premium
▲ 7.4%
Avg Price
₹18,500/sqft
Range
₹15K–28K
Inventory
~180 units
Rental Yield
2.4%
Yamuna Expressway
Greater Noida · Value
▲ 11.8%
Avg Price
₹4,200/sqft
Range
₹3.5K–5.5K
Inventory
~3,400 units
Rental Yield
5.8%
New Gurugram (Secs 76–95)
Gurugram · Emerging Premium
▲ 13.4%
Avg Price
₹9,100/sqft
Range
₹7.5K–12K
Inventory
~1,600 units
Rental Yield
4.0%

Quarterly Price Trend

Micromarket Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 YoY Change
Golf Course Road₹13,840₹14,200₹14,600₹14,900₹15,200+9.8%
DLF Phase 4 & 5₹12,750₹13,100₹13,400₹13,600₹13,800+8.2%
Dwarka Expressway₹9,110₹9,480₹9,900₹10,200₹10,400+14.2%
Sector 150, Noida₹8,380₹8,700₹9,000₹9,200₹9,400+12.1%
Noida Expressway₹7,330₹7,600₹7,850₹8,000₹8,100+10.5%
Greater Noida West₹5,325₹5,500₹5,650₹5,750₹5,800+8.9%
South Delhi₹17,225₹17,600₹18,000₹18,250₹18,500+7.4%
New Gurugram₹8,025₹8,400₹8,700₹8,950₹9,100+13.4%

Residential Supply Pipeline · 2026–27

New project launches and completions expected across NCR micromarkets over the next 18 months.

New Gurugram (Secs 76–95)8,400 units
Yamuna Expressway7,200 units
Greater Noida West6,800 units
Dwarka Expressway4,100 units
Noida Expressway3,600 units
Golf Course Road820 units

Commercial Market

The NCR commercial market continues to attract strong occupier demand from technology, BFSI, consulting, and flex operators. Gurugram's Cyber City and Golf Course Extension Road remain India's most sought-after office markets outside Mumbai. Aerocity in Delhi has emerged as a premium business district commanding premium rents, driven by airport connectivity and top hotel clusters.

Flex and managed office space has grown significantly, now accounting for over 22% of total office absorption in NCR. This trend is expected to continue as companies seek agility in their real estate strategies. Noida's IT corridor (Sectors 62, 63, 125, 132) offers compelling value for technology occupiers.

Retail real estate is rebounding, with high-street locations in Connaught Place, Khan Market, and South Delhi maintaining record rents. Organised retail in Grade-A malls in Gurugram and Noida is also seeing healthy occupancy and rental growth.

7.4%
Grade-A Office Vacancy Rate · NCR
11.8M sqft
Grade-A Stock Under Construction
₹145/sqft/mo
NCR Avg Office Rent
+8.2% YoY
Avg Office Rental Growth

Commercial Micromarkets

Cyber City
Gurugram · Grade-A Office
▲ 6.5%
Rent
₹185/sqft/mo
Vacancy
8.2%
Total Stock
~42M sqft
Absorption
Strong
Golf Course Ext. Road
Gurugram · Premium Office
▲ 9.1%
Rent
₹155/sqft/mo
Vacancy
10.4%
Total Stock
~18M sqft
Absorption
Healthy
Aerocity
Delhi · Premium CBD
▲ 11.3%
Rent
₹220/sqft/mo
Vacancy
5.1%
Total Stock
~9M sqft
Absorption
Very Strong
Connaught Place
Delhi · CBD
▲ 5.8%
Office Rent
₹280/sqft/mo
Retail Rent
₹500/sqft/mo
Vacancy
6.8%
Segment
Mixed Use
Noida Expressway (Secs 62–132)
Noida · IT/ITeS
▲ 7.2%
Rent
₹70/sqft/mo
Vacancy
12.1%
Total Stock
~22M sqft
Absorption
Moderate
Manesar / NH-48
Gurugram · Logistics / Industrial
▲ 8.4%
Warehouse Rent
₹32/sqft/mo
Vacancy
4.8%
Total Stock
~28M sqft
Demand
Strong

Office Rental Trend (₹/sqft/month)

Micromarket Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 YoY Change
Cyber City, Gurugram₹174₹178₹181₹183₹185+6.5%
Golf Course Ext. Road₹142₹146₹150₹153₹155+9.1%
Aerocity, Delhi₹197₹205₹213₹218₹220+11.3%
Connaught Place₹265₹270₹275₹278₹280+5.8%
Noida Expressway₹65₹67₹68₹69₹70+7.2%
Nehru Place₹148₹151₹153₹155₹156+5.4%

Commercial Demand Outlook · 2026

Sector-wise share of projected office leasing activity in NCR for the remainder of 2026.

Technology & IT/ITeS38%
BFSI & Consulting24%
Flex / Co-working22%
Manufacturing / Engineering10%
Other Sectors6%

Market Outlook · H2 2026

Key catalysts and risks shaping the Delhi-NCR real estate landscape over the next 12 months.

🚇

RRTS & Metro Expansion

The Delhi-Meerut RRTS Phase 1 and new metro corridors will unlock significant value in currently underserved micromarkets, particularly along the Gurugram–Faridabad and Greater Noida corridors.

🏗️

Luxury Supply Constraint

Premium and ultra-luxury segments continue to face supply constraints in well-established locations. This structural undersupply is expected to keep prices firm in Golf Course Road, South Delhi, and Aerocity.

💻

Tech Sector Demand

India's technology sector remains on a strong hiring trajectory, sustaining demand for both commercial office space and mid-to-premium residential in Gurugram and Noida tech corridors.

⚠️

Interest Rate Watch

Residential affordability remains sensitive to home loan rates. While current rates are accommodative, any material increase could moderate demand in the ₹75L–₹2Cr mid-segment.

ℹ️ Data sourced from RealtyCheck proprietary transaction database, ANAROCK, JLL India, and Knight Frank India research. All figures are indicative and subject to revision. Past performance is not indicative of future results. For investment decisions, please consult our advisory team. Q1 2026 data as of March 2026.