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Market Watch
The Month in One Line
India's offices just set an all-time record. Its affordable homes hit an all-time low. And Gurugram quietly became the country's luxury capital.
Welcome to the first edition of the Conscient Market Watch - a quarterly read that cuts through the noise from India's leading property consultancies and hands you the Delhi NCR headlines that actually matter. This quarter's story: the market is splitting in two. Record office leasing and Gurugram crossing 100 million sq. ft. of office stock, even as housing launches were cut 40% and affordable supply thinned to ~6% of new launches, tilting the market decisively premium - with Gurugram overtaking Mumbai as India's largest luxury market by value. Four short reads inside: the market in numbers, a spotlight on the micro-market around our communities, an update from the world of Conscient, and a perspective from our leadership.
- Compiled by Conscient · Gurugram
The NCR Dashboard
The numbers we track, every quarter · Q2 / H1 2026, as reported in July
Sources: ANAROCK Research (residential), Knight Frank India, India Sotheby's International Realty / CRE Matrix (luxury), CBRE Research (office), RBI. Figures as reported in July for Q2 / H1 2026.
The Vanishing Affordable Home - share of new launches, top-7 cities
In under a decade, affordable housing has gone from over half of India's new supply to a rounding error - squeezed by land costs and 10–12% margins against 25–30%+ in premium. Source: ANAROCK, July 2026.
Segment Scorecard
Residential · Office · Luxury · Capital
🏠 Residential
🏢 Office
💎 Luxury
💰 Capital Markets
In the Spotlight
This month's deep dive
Gurugram is now India's luxury capital. Here's what that actually means.
For decades, "India's most expensive homes" meant one thing: South Mumbai. That era just ended on a spreadsheet. In 2025, Gurugram's ₹10 crore-plus homes generated ₹24,120 crore in sales - overtaking the Mumbai region's ₹21,902 crore - and NCR accounts for 57% of the country's ₹4 crore-plus transactions (H1 2025).
Share of India's ₹4 Cr+ luxury home sales, top-7 cities, H1 2025. Source: CBRE-ASSOCHAM. ₹10 Cr+ sales data: India Sotheby's International Realty / CRE Matrix, 2025.
What changed? Not just wealth - where wealth wants to live. A hundred million square feet of Grade-A offices, 40 msf of it leased in just five years, has planted the customer next to the product. Circle rates on the premium corridors were revised up 30–75% this April, and the state is following buyers with steel and concrete: a ₹6,970 crore tunnel to the airport, a metro DPR through New Gurgaon, an RRTS corridor breaking ground.
The flip side is sobering. As ANAROCK's Anuj Puri put it this month, the market is in a "structural transformation" - affordable housing has collapsed from 52% of new launches in 2018 to just 6% today. Sales volumes fell 6% while prices rose 13%: fewer, better, dearer homes.
The Conscient view: luxury leadership is a responsibility, not a trophy. When buyers pay Mumbai money in Gurugram, they are underwriting delivery, corridors and community - the developers who treat premium as an engineering standard, not a marketing adjective, will keep the crown here.
Three Headlines That Matter
Our picks from the quarter's news flow
Regulation
Gurugram RERA clears 51 projects worth ₹34,000 Cr in H1 - 16,700+ units unlocked, with ₹25,000 Cr concentrated in 11 mega developments. A regulator moving at market speed. (Source: Business Today - featuring commentary from Conscient; see World of Conscient below)
Office & Sustainability
Records everywhere - and greener than you think. India posted its best-ever leasing quarter and best-ever H1 net absorption, with GCCs taking ~43–45% of demand. The quiet ESG milestone inside the milestone: 59 of Gurugram's 100 million sq. ft. of office stock is green-certified. (Sources: CBRE, JLL, C&W)
Policy
Rates on hold, cuts on pause. The RBI held the repo at 5.25% in June, nudging FY27 inflation up to 5.1% and GDP down to 6.6% - stable EMIs into the festive season. (Source: RBI)
Micro-Market Spotlight
This quarter: New Gurgaon & the NH-48 growth corridor
What's moving around Sector 80
The corridor is carrying the region. Gurgaon recorded 5,435 home sales in Q2 - the highest in NCR and its most resilient market - while city prices averaged ₹18,354/sq ft, up 6% year-on-year. New Gurgaon's established sectors still price at a meaningful discount to the Golf Course corridors: room to run, in a city where the premium end keeps re-rating. (ANAROCK; Knight Frank India)
Read together: mass transit, expressway access and institutional capital are all converging on the NH-48 belt - the corridor Conscient chose for PARQ and Elaira. Sources: HMRTC, PIB/Union Cabinet, Business Today, HSVP - as reported in recent months.
World of Conscient
From our world, every issue
📰 Conscient in the News
As Gurugram RERA clears ₹34,000 crore of projects, Business Today turns to Conscient for the industry view.
Covering the regulator's landmark first half - 51 projects approved - Business Today quoted our CEO, Rishi Raj: "RERA has transformed the sector by improving transparency, financial discipline and accountability." A compliance-first culture isn't a constraint on speed; increasingly, it is the source of it.
Built by Conscient
Construction Watch · Elevate Reserve · Elaira · PARQ
www.haryanarera.gov.in
Three projects. Three stages of life. One build standard.
PARQ, Sector 80 - 10.7 lakh sq. ft. of urban oasis: four towers over a vehicle-free, landscaped podium.
Status as of the July 2026 site reviews. Milestones shown are completed works.
The skyline takes shape
Structural work stands at an advanced stage across all four towers, with finishing and MEP works progressing tower-wise behind it. Through one of the wettest Julys in memory, the site ran under a dedicated monsoon preparedness plan - and kept building.
An award - and a first
Winner of Best Residential High Rise Architecture Project at the International Property Awards - with architecture by the acclaimed Benoy - Elaira's Phase 2 is now underway, including a first-of-its-kind 3D-printed nursery building taking shape within the community. See the announcement on LinkedIn →
The next chapter begins
On the Golf Course Extension corridor, Elevate Reserve is now under development - the newest addition to a portfolio spanning every stage of the building life cycle.
all four PARQ towers against the Aravalli horizon
green heart of PARQ, seen from above
Fresh aerial photography of our sites is being captured - followed by a full construction film on our channels. Watch this space.
Pay 25%. Save 25%. A deal like never before.
Own a residence at PARQ with just 25% now - and savings of 25% structured into your plan.
📞 +91 77 00 96 96 96 · Sector 80, Gurugram
Enquire Now
Scheme subject to terms & conditions and availability. HRERA Regd. No. GGM/818/550/2024/45 · www.haryanarera.gov.in
Thought Leadership
Perspectives from Conscient's leaders
From the Design & Delivery Desk
Building Through the Monsoon
“Anyone can build in October. The measure of a construction organisation is July - when the rain tests every drain you designed, every slope you graded, and every plan you made in the dry months.”
A monsoon-ready site is not an accident; it is months of unglamorous preparation - dewatering systems, protected material storage, safe access routes, contingency supply lines. The same discipline that keeps a site safe in the rain is the discipline that keeps a promise to a homebuyer. When you visit a project this season, look past the sales gallery: the state of the site in the rain will tell you more about your developer than any brochure.
Gyanesh Prakash, Head of Design, Conscient · Read the full perspective →
Five decades of building - nearly 20,000 residential and commercial units across Delhi NCR, Dehradun and Goa. Today, transforming 7 million+ sq. ft. across the region's most sought-after corridors, in partnership with global institutions.
Found this useful? Forward it to one person who reads markets the way you do. The Market Watch arrives once a quarter - the next edition lands with the festive season.
Compiled from publicly available research by ANAROCK, Knight Frank India, JLL, CBRE, Cushman & Wakefield, Colliers, Savills India, India Sotheby's International Realty / CRE Matrix, Grant Thornton Bharat, PropEquity, the RBI and press reports (Business Today, Business Standard, Fortune India, Economic Times). All third-party figures are as reported by the respective firms for Q2/H1 2026 and remain the property of their respective owners; they are reproduced with attribution, for general information only. These are independent publications; Conscient has not independently verified their contents.
Disclaimer: This newsletter is for general information and does not constitute investment, financial or legal advice, nor an offer, invitation or solicitation to purchase any property. Project images include artistic impressions and renders. Construction data is as of the 18 July 2026 site review; timelines are indicative and subject to change. All project details, specifications and timelines are governed by the information registered with HARERA (PARQ: GGM/818/550/2024/45 · Elaira Residences: RC/REP/HARERA/GGM/917/649/2025/20 · Elevate Reserve: GGM/757/489/2023/101 · www.haryanarera.gov.in) and applicable agreement terms, which prevail over this communication. The Pay 25 : Save 25 scheme is subject to terms and conditions. You are receiving this email as a member of the Conscient community; to stop receiving these updates, use the Unsubscribe link.
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