The National Capital Region (NCR) has experienced a remarkable 137% increase in housing prices, driven by renewed investor confidence, positive homeownership sentiments, extensive infrastructure projects, and escalating land and construction costs. Notably, between 2019 and September 2024, areas such as Noida, Gurugram, Ghaziabad, and Greater Noida have seen their prices more than double, as reported by PropEquity.
Data from PropEquity indicates that Noida recorded the highest price increase at 152%, rising from Rs 5,910 per square foot to Rs 14,946 per square foot. Ghaziabad followed with a 139% increase (from Rs 3,691 per square foot to Rs 8,823 per square foot), while Gurugram experienced a 135% rise (from Rs 8,299 per square foot in 2019 to Rs 19,535 per square foot in 2024). Greater Noida saw a 121% increase, moving from Rs 3,900 per square foot to Rs 8,601 per square foot.
Samir Jasuja, Founder and CEO of PropEquity, commented on the findings, stating that the NCR is undergoing an unprecedented infrastructural transformation, highlighted by projects such as the Noida International Airport, Dwarka Expressway, Delhi-Meerut Expressway, and metro expansions. “These developments are providing significant momentum to all real estate sectors. The pandemic has further directed investor funds and homebuyer interest towards real estate,” he said.
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Moreover, the rise of reputable developers and government initiatives have restored confidence among investors, homebuyers, corporations, and brands in the NCR market.
Jasuja anticipates that the NCR will continue to outperform other tier 1 cities, attracting further investment and expansion from established developers.
In terms of supply, Noida experienced a 41% decrease, while Gurugram saw an impressive 222% increase. Ghaziabad’s supply rose by 14%, and Greater Noida’s increased by 36%. Regarding absorption rates, Noida, Ghaziabad, and Greater Noida faced declines of 55%, 31%, and 39%, respectively, with Gurugram being the exception, which saw a 157% increase.
The inventory that remains unsold has experienced a steady decrease across all markets, particularly in Noida, Greater Noida, and Ghaziabad, which have observed notable reductions.
Jasuja noted that the initiatives undertaken by the Uttar Pradesh government to address the issues surrounding stalled projects have contributed to this decline in inventory.
According to a report by PropEquity,
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