- Sales in Gurgaon and Noida fell about 12% despite a 12% price rise in the same period
- Developers cut new launches by 14% in NCR, with Noida and Greater Noida down nearly 70%
- Over one-third of homes launched in NCR were priced above ₹2.5 crore, targeting wealthier buyers
Fewer homes are selling in Gurgaon and Noida. Yet buyers waiting for prices to soften are facing a more expensive market.
Investment banker Sarthak Ahuja says the explanation lies in what developers are choosing to build, and how much fresh supply they are bringing into the market.
“Real estate in NCR, Mumbai and Goa... all of it is going in different directions right now,” he said, examining housing trends for July–September.
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According to figures cited by Ahuja, prices in Gurgaon and Noida rose about 12%, even as sales fell by roughly the same proportion. He attributes that divergence to developers cutting launches, limiting fresh competition for homes already on sale.
New launches across NCR declined about 14%, he said, with Noida and Greater Noida recording a much sharper reduction of nearly 70%.
“It's because builders did something smart,” Ahuja said, pointing to their decision to reduce new supply.
The other squeeze is on budgets. More than a third of homes launched in NCR during the quarter were priced above ₹2.5 crore, according to his assessment. That does not mean cheaper homes have disappeared, but it shows how much of the new offering is aimed at buyers with deeper pockets.
For someone searching within a fixed budget, fewer launches and a greater emphasis on expensive projects can make the available choices feel narrower.
Mumbai presents a different picture. Ahuja puts sales growth at about 5% and price growth at around 4%, with developers continuing to launch projects. He believes that continued supply could create an oversupply risk if launches remain unchecked.
In North Goa, meanwhile, he estimates prices have fallen 4–6%. He links the decline to excess land supply and weaker demand for second homes, a purchase buyers can more easily postpone when economic conditions become difficult.
Despite these differences, Ahuja expects prices to climb heading into 2027.
“It will be the top 0.5% lapping up all the deals and driving up prices,” he said.
His forecast leaves ordinary buyers confronting an uncomfortable possibility: a slowdown in transactions may still bring little relief to the asking price of the home they want.
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