Delhi-NCR premium housing market enters strong growth phase: Equirus

Delhi-NCR’s premium residential market is entering a structurally stronger phase of growth, supported by rising household incomes, lifestyle-led demand for larger homes and increasing participation from end-users and NRI/HNI buyers, according to a recent report by Equirus.

Equirus said tightening inventory across prime micro-markets encourages developers to focus launches around established, execution-led brands, strengthening the premium housing segment and improving the durability of the current real estate cycle.

“India’s premium residential market is entering a structurally stronger growth phase, supported by rising household incomes, lifestyle-led demand for larger homes and increasing participation from end-users and NRI/HNI buyers. At the same time, tightening inventory in prime micro-markets is prompting developers to concentrate launches around established, execution-led brands, reinforcing the premium segment’s growth and improving the durability of the cycle,” said CA Jainam Shah, Analyst–Infra, RE & Logistics, Equirus Securities.

According to Equirus, Delhi-NCR is emerging as one of the biggest beneficiaries of these structural trends. Housing sales in the region grew 30 per cent year-on-year during the first quarter of 2026, while homes priced above ₹1 crore accounted for nearly 71 per cent of transactions. New launches also increased 64 per cent year-on-year, reflecting sustained demand for premium residential developments.

Equirus attributed this momentum to robust employment growth, rising household incomes and major infrastructure projects, including the Dwarka Expressway and the Noida International Airport, which continue to enhance the region’s long-term investment appeal and expand the pool of genuine premium homebuyers.

According to Shah, established premium developers remain well positioned even as the broader residential market transitions into a more moderate phase, with resilient end-user demand continuing to support the premium segment.

“Established premium developers, including Max Estates, ATS, DLF and Oberoi Realty, remain well positioned despite the residential market entering a more moderate phase. While macroeconomic uncertainties, softer white-collar hiring and a higher base may temper demand, the premium segment continues to benefit from resilient end-user demand, lifestyle upgrades and sustained participation from NRI and HNI buyers. As buyer preferences become increasingly quality-led, the winners will be those that combine strong execution, disciplined balance sheets and trusted brands with differentiated products. Well-located land banks, timely project delivery, financial resilience and premium offerings focused on wellness, sustainability and integrated living will increasingly differentiate market leaders in a more selective demand environment,” Shah said.

The brokerage said buyer preferences are increasingly shifting towards quality-led developments, with consumers placing greater emphasis on timely execution, financial strength, governance standards, product differentiation and long-term value rather than speculative appreciation. It added that developers with healthy launch pipelines, disciplined capital allocation and execution capabilities are expected to remain better positioned as the market matures.

Equirus Securities said the ongoing geopolitical tensions in the Middle East could lead to a temporary moderation in NRI investments into Indian real estate. However, it expects the impact to be temporary, with long-term structural drivers remaining intact.

“Going forward, NRI participation is expected to grow consistently, supported by rupee depreciation and rising confidence in regulated, well-executed projects, positioning NRIs as an increasingly important pillar of premium housing demand over the next phase of growth. The developers best positioned to benefit from this trend are those with a long-established brand, a consistent execution history and a healthy launch pipeline that sustains sales momentum without over-relying on any single project. A steady collection trajectory, coupled with disciplined business development through selective land acquisitions in markets with proven demand economics, will remain critical. Developers with a meaningful rental or annuity asset base are also likely to benefit from stable recurring cash flows, providing greater financial resilience and valuation support,” Shah added.

According to Equirus, the convergence of infrastructure-led growth, rising household incomes, premium housing demand, evolving buyer preferences and increasing participation from NRI/HNI buyers is expected to support the next phase of Delhi-NCR’s residential market, with organised developers focused on execution, financial discipline, premium offerings and long-term value creation likely to remain the key beneficiaries.