The housing market in New Delhi is among the most exclusive and expensive in India. The municipal area is strictly zoned, with very little new residential construction permitted to preserve the city's heritage and green cover.
At the pinnacle of the market is the Lutyens' Bungalow Zone (LBZ), an ultra-elite enclave featuring sprawling estates surrounded by massive gardens. These properties are rarely sold; when they are, they command astronomical prices, often making them the domain of billionaires and top-tier industrialists. Much of the housing in New Delhi proper is government-owned and allocated to civil servants, members of parliament, military officers, and diplomats. For the general middle-class public, affordable housing is largely non-existent within the NDMC limits, pushing residential demand outward into the broader regions of Delhi, Gurugram, and Noida.