Luxury in Suburbs: NCR’s Micro-Markets Changing Real Estate Map

By Ashwani Kumar, Pyramid Infratech 

Gurgaon, July 24, 2025: Ten years ago, if someone mentioned “luxury homes” in the NCR, the conversation usually ended with Lutyens’ Delhi, parts of Golf Course Road in Gurugram, villas in Noida or golf-centric apartments in Greater Noida.

Today, that script has flipped. From Dwarka Expressway and SPR to Sector 150 in Noida and even parts of Ghaziabad and Faridabad, these erstwhile suburbs have emerged as the new face of luxury.

What’s interesting is that this shift is more about aspirations. Take Gurugram, for instance. The action has moved to the edges. New Gurugram, Dwarka Expressway, Golf Course Extension Road and SPR are now among the most active luxury corridors.

And there’s data to back that up. In 2024, Gurugram accounted for over 60 per cent of the land transactions in Delhi-NCR. That’s a big number. These deals aren’t speculative either. Most are being driven by serious plans—luxury floors, gated townships and amenity-packed high-rises.

Dwarka Expressway and SPR together accounted for 88 per cent of the new residential activity in the Gurugram region last year. Rentals, along with capital values, in these locations are climbing steadily. Gurugram’s luxury segment saw a 12 per cent jump in values YoY by Q2 2025, per a recent Cushman Wakefield report.

Rentals rose by 11 per cent during the same period. Dwarka Expressway, in particular, stood out with a 44 per cent jump in average capital values in Q1 last year, according to a Savills report.

New Gurugram followed close behind with a 53 per cent surge in under-construction property values. What’s driving this? Connectivity for one. The expressway is now more than a promise. Metro links are expanding. Infrastructure is catching up. Add to that a steady influx of professionals, a growing corporate base and rising disposable incomes, and the equation begins to make sense.

Noida is seeing something similar. Sector 150 has turned into a luxury magnet with capital values rising between 38 per cent and 43 per cent in just one year, according to Savills. Rentals went up 12 per cent. Projects here now come with clubhouses, sports arenas, co-working zones and even concierge services.

The Noida-Greater Noida Expressway stretch isn’t far behind either. Luxury launches have jumped—from a modest 312 units in early 2023 to over 2,000 in just six months of 2024.

Once seen as distant outposts, new micro-markets and developing corridors across NCR are getting traction from both investors and end-users. In some cases, these micro-markets are outpacing the older, saturated areas in both supply and pricing growth.

Of course, this whole shift wouldn’t be happening without demand. The typical luxury buyer today is not who they were even five years ago. They’re younger, more design-conscious and lifestyle-led. It’s less about a PIN code and more about what comes with it—space, green views, wellness zones and privacy. Many of them are first-time luxury buyers. NRIs are active again. So, are domestic HNIs looking for second homes or better homes?

It helps that the broader economy is stable. India’s GDP grew at 8.2 per cent in FY24. Inflation is under control. Policy rates have held steady. GST collections are strong. That macro confidence shows up in real estate too. NCR saw over 9,150 new unit launches in Q2 2025, a 38 per cent jump over the average of the last two years. While the mid-segment dominated, the premium and luxury end is holding its own.

So, where does all this go from here?

We’re seeing a clear shift in the way people view city edges. These are no longer stop-gap addresses. They’re emerging as long-term homes—well-planned, better connected and increasingly aspirational. With luxury breaking the bonds of geography, the far-flung places that weren’t on anyone’s radar a few years ago are emerging as aspirational realty hotspots. And that, more than anything else, is what makes this moment in NCR real estate truly exciting.

DISCLAIMER: The views expressed in the above piece are personal and solely those of the writer. They do not necessarily reflect Realty&More’s views.