Housing prices in the National Capital Region (NCR) surged by 193% between 2015 and 2025, even as new residential project launches plummeted by 20% during the same period, according to a new report by industry body ASSOCHAM. Titled "Building Viksit Bharat: Real Estate as a Catalyst for Growth," the report reveals that residential sales volume in the NCR grew by a modest 7% over the past decade. This disparity underscores a structural shift in the real estate market, moving away from mass-market buyers toward high-value, premium transactions. The report details a dramatic transformation in buyer demographics and property valuation. In 2018, homes priced above ₹1 crore accounted for just 18% of total sales in the region. By the first half of 2026, that share rose sharply to 84%. During the same period, commercial real estate demand remained strong, with office vacancy rates dropping to 14%. ASSOCHAM characterized this trend in the NCR real estate market as "value concentration rather than volume expansion." Enhanced infrastructure and improved connectivity have increasingly strengthened select premium micro-markets rather than expanding general residential supply. Gurugram emerged prominently in the findings, with significant commercial real estate footprints such as Brookfield India Real Estate Trust's 1.67 crore sq. ft. portfolio concentrated in the DLF zone, alongside a robust pipeline of non-REIT Grade-A commercial developments. In a comparative study of India's top eight metropolitan markets—Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR, and Pune—the NCR exhibited the sharpest price escalation paired with a unique contraction in new project launches. In contrast, cities like Pune demonstrated a balanced growth trajectory across sales, new launches, and price appreciation. The findings highlight that despite robust aggregate growth indicators across the region, the NCR housing market—particularly in hubs like Gurugram—is becoming increasingly unaffordable for average middle-class homebuyers.