Growth
Market Sense
Ten micro-markets tracked on price, absorption and supply, read against what India Realty's own buyers are actually saying on calls.
Micro-markets tracked
10
Across 5 metros
Fastest appreciation
18.4%
Dwarka Expressway
YoY ₹/sq.ft.
Highest absorption
82%
Dwarka Expressway
Launched stock cleared
Markets flagged 'Watch'
1
Byculla · velocity slowing
Where the demand sits
Share of enquiries by state
Where buyer demand actually originates over the rolling ninety days, rolled up from every city desk in the state.
State boundaries are simplified from public administrative data and are drawn for orientation only. They are not survey data. Cities are plotted at true latitude and longitude; dot area is enquiry volume, and a red dot marks a city where India Realty carries demand but no owned project.
Enquiry concentration
Share of the 14,820
NCR (Gurugram + Noida + Delhi) is 52% of demand and 58% of bookings. Bengaluru is 9.6% of demand and 6.5% of bookings — the widest gap in the book, and it has no owned inventory behind it.
Micro-market board
Price, momentum, absorption and our call
| Micro-market | City | ₹/sq.ft. | YoY | Absorption | Supply | Call |
|---|---|---|---|---|---|---|
| Dwarka Expressway | Gurugram | ₹14,200 | +18.4% | 82% | High | Ride |
| Golf Course Ext Rd | Gurugram | ₹17,600 | +14.1% | 78% | Medium | Ride |
| Sector 31 / NH-48 | Gurugram | ₹26,800 | +9.2% | 61% | Low | Hold |
| SPR (Sector 71) | Gurugram | ₹13,400 | +16.8% | 74% | High | Ride |
| Noida Expressway | Noida | ₹12,100 | +12.6% | 69% | Medium | Ride |
| BKC periphery | Mumbai | ₹41,200 | +7.4% | 54% | Low | Hold |
| Byculla | Mumbai | ₹34,600 | +11.2% | 48% | Medium | Watch |
| Andheri West | Mumbai | ₹32,800 | +6.1% | 58% | Medium | Hold |
| Kharadi | Pune | ₹11,800 | +13.9% | 71% | High | Ride |
| Shantigram / SG Hwy | Ahmedabad | ₹8,400 | +15.3% | 66% | Medium | Ride |
Price trajectory
Indexed ₹/sq.ft., Q4 2023 = 100
Top line: Dwarka Expressway. Bottom: BKC periphery. The NCR corridor has done in seven quarters what South Mumbai will take a decade to repeat — from a much lower base.
Absorption vs supply pressure
Higher absorption with lower supply = pricing power
Absorption ahead of new supply
Ticket holds, velocity soft
One project against 1,490 enquiries
Signals worth acting on
Five reads from this quarter
Dwarka Expressway absorption crossed 80%
Supply is still heavy but launches are clearing inside four quarters. Price rises here are demand-led, not scarcity theatre.
→ Hold spend, raise the shortlist share to 3 of 5 cards.
BKC periphery YoY cooled to 7.4%
Ticket sizes hold but velocity is slowing. The buyer is negotiating, not walking.
→ Shift Mumbai budget toward Byculla regeneration inventory.
Home-loan rates flat for two quarters
Affordability stopped deteriorating. The 'wait for rate cut' objection lost its teeth.
→ Retire the rate-anxiety rebuttal from the Aiera script.
Kharadi rentals up 13.9% YoY
Investor maths in Pune now clears 3.1% gross yield — the first time in this cycle.
→ Open a Pune investor persona in MatchMaker.
Gurugram new-launch count up 34% QoQ
More builders chasing the same NCR buyer. Enquiry cost will rise before it falls.
→ Lock Meta rates now; expect ₹80–120 CPL inflation by Q4.
Rate & policy watch
Repo rate
6.00%
Avg home loan
8.35%
Stamp duty (HR)
7.0%
Stamp duty (MH)
6.0%
GST (under const.)
5.0%
GST (ready)
Nil
NRI repatriation cap
$1 M / yr
TDS on ≥₹50 L
1.0%
Two flat quarters on rates removed the single most common stalling objection. Aiera's script no longer offers a rate-cut wait as a valid reason to delay a site visit.
Launch pipeline pressure
New launches per quarter, NCR
47 launches chasing one NCR buyer pool. Enquiry cost inflation is not a risk here, it is a schedule.
What Market Sense says to do
Lock Q4 Meta rates in NCR
Launch density is up 34% QoQ. Every week of delay is roughly ₹40 of CPL.
Add Pune inventory
1,490 enquiries against a single project row. The demand is already paid for.
Build a Byculla investor story
Regeneration is real but the buyer needs a ten-year frame, not a two-year one.
Retire rate-anxiety scripting
Two flat quarters. The objection now reads as a stall, and should be handled as one.