Luxury drives realty surge: 78% of NCR's sales over ₹3 Cr, avg price up 66%

India’s housing market has turned red-hot in FY’25, with Tier 1 cities recording primary housing sales worth a record ₹6.7 lakh crore — up 96% from fiscal year 2022, as per the latest CREDAI-CRE Matrix Pan India report. Despite fewer homes being launched, the steep rise in average property prices and continued buyer demand signal a strong shift in real estate investment trends.

 

While unit sales volumes grew only about 18%, the value spike is owed to a sharp rise in average ticket size, which grew from ₹81 lakh in FY’22 to ₹1.35 crore in FY’25. Notably, despite healthy demand, new launches fell by about 8% compared to FY’22, indicating a tightening supply even as luxury and upper-mid units command the market spotlight. 

 

Mumbai Metropolitan Region saw primary sales hit ₹1.62 lakh crore, up 57% since FY’22, while unit sales grew 23% to 1.43 lakh. Average ticket size reached ₹1.13 crore, continuing an upward trend. A notable trend: the share of properties above ₹3.5 crore emerged as the largest revenue segment for the first time.

 

While MMR traditionally dominates, NCR became the top revenue market by FY’25, its share jumping to 25%, overtaking Mumbai. The total value of homes sold in NCR soared 313% since FY’22, reaching ₹1.7 lakh crore, driven by high-end sales in Gurugram. The region’s average ticket size surged from ₹1 crore to ₹3.31 crore. Luxury properties (above ₹3 crore) exploded in revenue share—from 30% in FY’22 to 78% in FY’25.

 

From skyrocketing prices in Gurugram to a surging luxury market in Bengaluru and Kolkata, here’s what’s driving this unprecedented growth: 

Here’s a closer look at the major markets—Pan India, MMR (Mumbai Metropolitan Region), NCR (National Capital Region), and Pune.

 

 

₹6.7 lakh crore worth of primary home sales across Tier 1 cities — up from ₹3.4 lakh crore in FY’22.

 

₹1.35 crore average ticket size of a home, up 66% from ₹81 lakh in FY’22.

 

18% growth in units sold: ~4.95 lakh units in FY’25 vs ~4.2 lakh in FY’22.

 

New launches fell by 8% since FY’22 — a tightening of supply.

 

NCR surpassed MMR in revenue share for the first time — 25% vs 24%.

 

The Price Boom and Demand Surge

A key takeaway from the report is the rise in average home prices across cities. The pan-India average unit price increased by 66%, with luxury and premium housing becoming more prominent.

 

While new launches fell from 5.5 lakh in FY’22 to 5 lakh in FY’25, total sales in value terms doubled — highlighting a clear jump in per-unit pricing and buyer willingness to pay more.

 

In the National Capital Region (NCR), the average ticket size rose from ₹1 crore in FY’22 to ₹3.31 crore in FY’25 — a 231% increase, driven by luxury sales in Gurugram. Meanwhile, Mumbai Metropolitan Region (MMR) clocked average prices of ₹1.61 crore, up 57% from FY’22.

 

Which Cities are Booming?

1. NCR: The Luxury Real Estate Powerhouse

Value of units sold: ₹1.7 lakh crore (up 313% from FY’22)

 

Average ticket size: ₹3.31 crore (vs ₹1 crore in FY’22)

 

Units sold: 51,000

 

Luxury surge: Homes priced above ₹3 crore made up 78% of revenue, up from 30%.

 

 High-net-worth individuals (HNIs) are heavily investing in luxury properties, especially in Gurugram. This trend may continue with limited supply and improving infrastructure.

 

2. MMR: India’s Priciest Yet Consistent Market

Value of units sold: ₹1.62 lakh crore

 

Units sold: 1.43 lakh (up 23%)

 

Average ticket size: ₹1.13 crore (up from ₹89 lakh)

 

Luxury share: ₹3.5 crore+ homes were the top-selling segment.

 

MMR remains a safe long-term investment hub, with strong price resilience despite falling new launches.

 

3. Bengaluru: Balanced Growth with Rising Premium Demand

Value of units sold: ₹96,663 crore (up 132%)

 

Units sold: 65,000

 

Average ticket size: ₹1.48 crore (vs ₹89 lakh in FY’22)

 

 A well-performing market driven by tech growth and new infrastructure. Good for both end-use buyers and long-term investors.

 

Hyderabad: Holding Ground Amid Supply Drop

Value of units sold: ₹97,212 crore (up 66%)

 

Units sold: 56,000 (3% decline from FY’22)

 

Average ticket size: ₹1.71 crore

 

 Slowing supply may lead to price hardening. Luxury segment grew while affordable segment shrank.

 

5. Pune: Affordable Meets Premium

Value of units sold: ₹64,238 crore (up 70%)

 

Units sold: 85,000

 

Average ticket size: ₹75 lakh

 

Pune Remains an attractive destination for mid-segment and affordable buyers, while ₹1 crore+ homes gained share.

 

6. Ahmedabad: Stable Mid-Income Market

Value of units sold: ₹44,740 crore (up 24%)

 

Units sold: 55,000 (down 11%)

 

Average ticket size: ₹82 lakh

 

 Strongest share remains under ₹70 lakh homes — ideal for budget-conscious end users.

 

7. Kolkata and Chennai: Steady Climbers

Kolkata: ₹16,199 crore in sales (up 66%), average price ₹86 lakh

 

Chennai: ₹18,495 crore in sales (up 49%), average price ₹1.02 crore

 

 Still affordable compared to metros, both cities saw a notable uptick in high-ticket transactions.

 

Despite surging sales, new launches have fallen by 8% since FY’22. This mismatch is helping fuel price appreciation across cities. Developers may be holding back launches to control inventory and increase margins — a trend worth watching for those timing the market.