Where Value Meets Values · Since 1976
Market Watch
The Quarter in One Line
India's offices just set an all-time record. Gurugram crossed 100 mn sq ft of office stock. And - quietly - it became the country's biggest luxury-home market.
Welcome to the first edition of the Conscient Market Watch - a quarterly read that brings together the latest research from India's leading property consultancies and distils the Delhi NCR headlines that matter most. This quarter's story: the market is diverging sharply by segment - and Gurugram has emerged as its most resilient core, holding 41% of NCR's home sales with a dip of just 4% against a 6% region-wide decline. Record national office leasing coincided with Gurugram's stock crossing 100 mn sq ft; and on 2025's full-year numbers, Gurugram overtook Mumbai as India's largest ₹10 crore-plus housing market by sales value. Inside: the Gurugram market in numbers, ground updates from the world of Conscient, life at Conscient, a perspective from our leadership - and Conscient in the news.
- Compiled by Conscient
The Gurugram Market
The quarter in numbers · the infrastructure push · three headlines
Sources: ANAROCK Research (residential volumes, prices and yields), India Sotheby's International Realty / CRE Matrix (luxury), CBRE Research (office and green certification). Each figure is as reported for the period noted on its tile.
The Resilience Gap - Q2 2026, year-on-year change
Gurugram now accounts for 41% of NCR's home sales and posted the region's smallest decline. On the supply side, new launches contracted across NCR - most sharply in Noida/Greater Noida (−72%) - even as Noida logged the country's strongest long-run price appreciation (+125% since 2019). Demand has outrun the pipeline across the region. Sales change YoY, Q2 2026. Source: ANAROCK, Aug 2026.
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. In 2025, that changed. Gurugram's ₹10 crore-plus homes generated ₹24,120 crore in sales - ahead of the Mumbai region's ₹21,902 crore - a first. And NCR accounts for 57% of ₹4 crore-plus sales across India's top-7 cities (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.
The flip side is sobering. As ANAROCK's Anuj Puri put it in July, the market is in a "structural transformation" - affordable housing has fallen from 52% of new launches in 2018 to just 6% today across the top-7 cities. Sales volumes fell 6% even as prices climbed: fewer launches, at higher specifications and higher price points. Where the next generation of attainable homes will come from is now the industry's most important open question.
The national backdrop: the vanishing affordable home - share of new launches, top-7 cities
In under a decade, affordable housing has fallen from over half of new launches to ~6% across the top-7 cities - squeezed by land and construction costs that the segment's price points can no longer absorb. Source: ANAROCK, July 2026.
The Conscient View
Luxury leadership is a responsibility, not a trophy. When buyers commit at these price points, they are underwriting delivery, corridors and community - and the developers who treat premium as an engineering standard, not a marketing adjective, will be the ones who justify their trust.
The Infrastructure Push of Gurgaon
The corridor is carrying the region. Gurugram recorded 5,435 home sales in Q2 - 41% of NCR's total and its most resilient market - while the city's average quoted price has climbed to ₹13,350/sq ft, more than doubling since 2019, with residential rental yields firming from 3.5% to 4.3%. New Gurugram's established sectors still price at a meaningful discount to the Golf Course corridors, against a backdrop of committed infrastructure investment. (Source: ANAROCK, Aug 2026 - residential price and yield analysis, top-11 cities)
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.
Three headlines that matter
📰 Gurugram RERA cleared 51 projects worth ₹34,000 Cr in H1 - 16,700+ units unlocked. (Business Today - featuring Conscient; see Conscient in the News)
🏢 India's best-ever office quarter - and 59 of Gurugram's 100 mn sq ft is green-certified. (CBRE) Domestic institutions now lead real estate investment at a record 64% of inflows. (JLL)
🏦 Rates steady into the festive season - the RBI held the repo rate at 5.25% for a second consecutive review in August, keeping home-loan costs stable through the year's busiest buying window. (RBI)
World of Conscient
PARQ · Elaira · Asaya · Elevate Reserve
www.haryanarera.gov.in
Four communities. Four stages of life. One build standard.
PARQ Sector 80, Gurugram · four towers in structural rise
PARQ, Sector 80 - 1.07 mn sq ft of urban oasis: four towers over a vehicle-free, landscaped podium. Artistic impression.
Status as of the July 2026 site reviews. Milestones shown are completed works.
The skyline takes shape
Since construction commenced in December 2024, work has advanced steadily across every front. All four towers are now well into their structural rise, with finishing, electrical, plumbing and firefighting works progressing tower-wise behind the structure through coordinated planning and execution. Through one of the wettest Julys in memory, the site maintained safe, planned progress under a dedicated monsoon preparedness protocol.
Structural levels completed as of the July 2026 site reviews. Bars are shown relative to the tower furthest along, not to final building height. Completed works only.
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.
PARQ has a limited number of residences available. Details, current offers and availability: conscient.in/parq · +91 77 00 96 96 96. Offers subject to T&C. HRERA Regd. No. GGM/818/550/2024/45 · www.haryanarera.gov.in
Elaira Residences Sector 80, Gurugram · award-winning architecture · foundation stage
Elaira Residences, Sector 80 - architecture by Benoy over a landscaped amenity realm. Artistic impression.
Global recognition for Limitless Living
Elaira Residences was named winner of the Best Residential High Rise Architecture Project at the International Property Awards - a jury's endorsement of the ideas that run through the community: pedestrian-first planning, a vehicle-free podium, and architecture designed around how families actually live. See the announcement on LinkedIn →
Foundations first - and a first alongside them
Elaira is at foundation stage: excavation is complete and the raft foundation for the first tower has been cast, with the remaining three towers' rafts scheduled to complete through August and September. Alongside the towers, a 3D-printed community building - a first for a large-scale residential project in Delhi NCR - begins printing on site this month, with the build being filmed from the first layer up. Innovation, in service of a better-built home.
Asaya Assagao, Goa · sample villa readies this month
Asaya, Assagao - the villa verandah, where the house opens to the garden. Artistic impression.
The sample villa readies this month
Eighteen private villas in Assagao - Conscient's most exclusive address, designed for the Goan way of living: courtyards, verandahs and gardens that dissolve the line between indoors and out. The sample villa nears completion this month - a finished, furnished expression of the Asaya standard.
Elevate Reserve Sector 62, Gurugram · Golf Course Extension Road
Elevate Reserve, Sector 62 - the clubhouse and its rooftop pool. Artistic impression.
Amenity-led living on the Golf Course Extension corridor
Elevate Reserve is under development on Golf Course Extension Road, delivered under Elevate Homes - the residential development management platform established by Conscient and Hines. The community is conceived around the clubhouse life: a rooftop pool, layered amenity floors and landscaped grounds at its heart - amenity-led living, taking shape.
Life at Conscient
People, culture and what's new inside the company
Fifty years in, we went back to the drawing board - about ourselves
This summer, Conscient has been working with one of India's most respected brand consultancies on a question we last asked decades ago: what should the next era of Conscient stand for? The answer - a refreshed brand identity for the group - arrives this festive season. Watch this space.
A season at the stadium, with our customers
This IPL season, Conscient's corporate box hosted the people who matter most - homeowners and channel partners. Seven lucky customers from PARQ and Elaira won their seats through our customer satisfaction survey draw - an evening at the cricket, on us, for telling us how to serve them better.
A new conscient.in is under construction
Our website is getting the full rebuild treatment - with project construction updates as a first-class feature, so buyers can track the progress of their home the way we do: openly, and often.
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 - drainage and water-management planning, 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. That is why our sites run a dedicated monsoon protocol - drainage and water-management planning, protected material storage, safe access routes, contingency supply lines - months before the first cloud arrives.
Gyanesh Prakash, Head of Design, Conscient · Full perspective coming soon on conscient.in
Conscient in the News
Coverage and announcements
📰 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.
🤝 Hines and Conscient: A Third Joint Development
Hines and Conscient announce their third joint venture project - a landmark residential development on Golf Course Extension Road, Gurugram.
A decade into a partnership that began with Elevate in Sector 59, Gurugram, and expanded with the landmark mixed-use development at Kamla Nagar, Delhi, the two firms have announced their latest premium residential development in Sector 63A. Spanning approximately two million square feet of saleable area and designed by the globally renowned Benoy, it is envisioned as a benchmark residential development bringing together globally inspired architecture, nature-led design and thoughtfully curated wellness experiences. The development will be delivered by Elevate Homes, the integrated residential development management platform established by Hines and Conscient in 2022, and is slated for launch later in 2026.
Further details - including the name and design vision - will be unveiled in the coming months. (Per the joint Hines – Conscient announcement.)
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 and remain the property of their respective owners; they are reproduced with attribution, for the periods indicated alongside each figure, 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 July 2026 site reviews; 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. You are receiving this email as a member of the Conscient community; to stop receiving these updates, use the Unsubscribe link.
Conscient Infrastructure Pvt. Ltd. · 10th Floor, Tower D, Global Business Park, Sector 26, Gurugram 122002
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