NCR home prices rose 12% in a year while sales fell.What that means for Gurgaon buyers.
On September 28, 2026, the property consultant ANAROCK released its numbers for July to September. Across NCR, the average price of a new home went from Rs 8,900 to Rs 9,980 per sq ft in a year. That is a 12% rise, the biggest of the seven big cities it tracks. Yet fewer homes were sold, and fewer were launched. So what is pushing the number up?
Prices up, sales slightly down, fewer launches.
ANAROCK tracks the primary market. That means new homes sold by builders, not resale flats. For July to September 2026, it counted about 13,765 home sales in NCR. That is 3% more than the April to June quarter, but 1% fewer than the same quarter last year.
A "launch" is when a builder opens a new project or phase for sale. NCR saw about 10,900 home launches in the quarter, down 14% from 12,645 a year earlier. In Bengaluru, by contrast, prices rose 8% while sales rose 12% and launches rose 17%. India Today, which compared the two, called NCR "particularly notable" because prices climbed even though sales and launches did not.
| Area | Average price | Sales | New launches |
|---|---|---|---|
| NCR | +12% | -1% | -14% |
| Bengaluru | +8% | +12% | +17% |
| Top 7 cities together | +7% | +3% | +18% |
All changes are Q3 2026 versus Q3 2025. Sources: ANAROCK Research, Q3 2026 data as reported by India Today (Sep 30, 2026), Economic Times / PTI (Oct 3, 2026), Business Standard (Sep 28, 2026) and ETRealty (Sep 28, 2026).
One caution. The 12% figure is for the whole of NCR, not for Gurgaon alone. In the reports I read, ANAROCK did not publish a separate Gurgaon number for this quarter.
The average price is not the price of one home.
An average price per sq ft mixes every new home launched or sold in the region. If the mix shifts toward costlier homes, the average goes up, even before any single home gets more expensive.
That looks like part of the story here. India Today pointed out that more than 34% of NCR's new launches in the quarter were priced above Rs 2.5 crore. (A crore is 100 lakh, or 10 million.) Across the top seven cities, the biggest slice of launches, 34%, was in the Rs 80 lakh to Rs 1.5 crore band. India Today noted that a larger share of high-priced launches can lift the average.
ANAROCK itself, in the PTI report carried by the Economic Times, linked the NCR rise to higher input costs and to builders focusing on luxury projects. "Input costs" simply means what it costs the builder to make the home: land, steel, cement, labour and so on.
Builders see it differently. Robin Mangla of M3M India told India Today that the rise reflects the premium that well-connected locations command. Manik Malik of BPTP said Gurugram, Noida and Faridabad are benefiting from infrastructure and connectivity. These are the views of developers who sell homes in the region, so read them as that.
Sources: India Today (Sep 30, 2026); Economic Times / PTI (Oct 3, 2026); ETRealty and Mint (Sep 28, 2026) for the seven-city launch split.
What builders say is costing more.
A separate ANAROCK report, covered by Business Standard on September 3, 2026, looked at what it costs to build. ANAROCK's vice-chairman Santhosh Kumar said tensions in West Asia pushed up the cost of steel, fuel-linked transport, imported finishing materials and MEP (mechanical, electrical and plumbing work). He estimated this added 8% to 10% to overall construction costs. The report gave these rises for individual items:
| Cost item | Rise cited by ANAROCK |
|---|---|
| Steel | about 20% |
| Electrical, plumbing and similar services (MEP) | 9% to 13% |
| Finishing materials | 8% to 12% |
| Labour | 5% to 6% |
| Cement | 4% to 5% |
Across the seven cities, the report says home prices rose 59% between 2021 and 2025, while construction costs rose 34%. ANAROCK tied 66% of the price rise to construction expenses. It put the other 34% down to outside pressures, mainly land costs, developer margins and shifts in demand and supply. Land values in NCR rose 70% to 130% between 2021 and the first half of 2026, the highest range among the cities, with Bengaluru next at 60% to 120%.
The report adds one point that matters to buyers. Builders of projects already launched and mostly sold have limited room to pass on extra costs. New projects have more room to reprice.
Source: Business Standard, "Construction costs rise 34%, housing prices 59% in 5 years: Anarock" (Sep 3, 2026). These are ANAROCK's estimates for the top seven cities, not Gurgaon-specific figures.
Six checks that matter more than the headline.
A city-wide number can tell you where the market is heading. It cannot tell you whether one project is fairly priced. These checks can.
The Rs 9,980 figure is a regional average. What you pay is set by one project. Ask the builder for the price per sq ft of the exact home you are looking at, and ask what area that rate is applied to.
Pick projects of a similar age, size and distance from the same road or metro stop. A fair comparison tells you more than any city-wide average.
ANAROCK's Business Standard coverage says new launches have more room to reprice than projects that are already mostly sold. Ask whether a project is a fresh launch or a later phase, and compare its rate with earlier phases.
Every registered project has a page on the Haryana RERA website (haryanarera.gov.in). Use the registration number to confirm the project is registered and to read the approved details.
A per sq ft price is only one part of what you pay. Ask for a written cost sheet that lists every charge, so you can compare projects on the same footing.
ANAROCK's chairman expects festive-season demand to support sales this quarter, but says buyers are likely to stay selective because of higher prices. If a builder offers a festive deal, compare it against the full cost sheet before you decide.
Read the 12% as a signal, not as your price.
Headlines about a 12% rise can make buyers rush or freeze. Neither helps. The number tells you the average new home in NCR costs more than a year ago, and that a good part of the new supply is at the premium end. It does not tell you what a particular project should cost.
So take the number as context, then go project by project. Get the written rate, compare a few similar projects, and check HRERA. If you want a second opinion on a project you are considering, send me its name and I will tell you what to verify.
Frequently asked questions.
How much did NCR home prices rise in Q3 2026?
Are NCR home sales rising too?
Why did the average price rise so much if fewer homes were launched?
Does the 12% rise apply to Gurgaon?
Does this data include resale homes?
What should a first-time buyer do with this data?
This post summarises published ANAROCK data as reported by the outlets named above. It is not investment advice.
Comparing projects in Gurgaon?Let's look at the numbers that matter.
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