Area sold in the NCR is projected to expand by 12-15% to reach a decadal high in FY2026; growth is expected to remain flattish in FY2027. The YTS is likely to remain strong at around 0.6-0.7 times as of March 2026 and March 2027 on account of sustained sales momentum.  The National Capital Region (NCR) is the fourth-largest residential real estate market among the top seven cities in India, accounting for 16% of the area sold in FY2025. NCR recorded a decadal high of 103 million square feet (msf; +32% YoY) of area sold during FY2025, backed by healthy sales velocity and launches, and the momentum remained healthy in H1 FY2026 with a 19% YoY increase to 57 msf. ICRA estimates the area sold in NCR to grow by 12-15% to 115-120 msf in FY2026.

Exhibit: Trend in area sold for top-seven cities vis-à-vis NCR (in msf)

Source: ICRA Research and Propequity; msf: million square feet; data excluding stalled projects; Est: Estimates; Proj: Projections