Among the top seven cities, the Dwarka Expressway and Southern Peripheral Road in Gurgaon and Thane in MMR are the top three most active residential micro-markets in terms of sales (both in area and value terms) largely driven by sustained infrastructure upgrades.

• Micro-markets driven by infrastructure upgrades such as metro-connected suburbs, expressway corridors and ring roads continued to outperform the other residential micro-markets, despite moderation in sales momentum in the broader residential market. Further, infrastructure developments pertaining to upcoming airports, proposed metro lines, road upgrades and commercial real estate are expected to result in emerging residential hotspots.
• Most active micro-markets: Across all the micro markets in the top-seven cities*, Dwarka Expressway in Gurgaon is the most active with the highest sales and launches (in both area and value terms) during April 2024 to August 2025. The other key active micro markets include the Southern Peripheral Road (SPR), Golf Course Road (GCR) and Golf Course Extension Road in Gurgaon, Thane in MMR*, Kokapet in Hyderabad, Whitefield in Bengaluru and Hinjewadi in Pune.

Source: Prop Equity, ICRA Research; Note: msf – million square feet; *top 5 micro markets were selected based on highest area sold and highest launches during April 2024 to August 2025