The Delhi-National Capital Region (Delhi-NCR) has seen a dramatic 137 per cent rise in housing prices over the past five years. Major cities, such as Noida, Gurugram, Ghaziabad, and Greater Noida have seen prices more than double between 2019 and September 2024.
According to a report by PropEquity, this surge is driven by large-scale infrastructure projects, increased construction costs, and a strong investor and homebuyer sentiment.
City-Wise Price Surge
According to the report, Noida recorded the highest increase of 152 per cent, with average housing prices soaring from Rs 5,910 per sq. ft. in 2019 to Rs 14,946 per sq. ft. by 2024. Ghaziabad followed with a 139 per cent rise (Rs 3,691 to Rs 8,823 per sq. ft.), while Gurugram saw a 135 per cent increase (Rs 8,299 to Rs 19,535 per sq. ft.). Greater Noida saw a 121 per cent rise, reaching Rs 8,601 per sq. ft, according to PropEquity.
Samir Jasuja, founder and CEO of PropEquity, said: “The NCR is witnessing an infrastructural metamorphosis never seen in decades with developments, such as the Noida International Airport, Dwarka Expressway, Delhi-Meerut Expressway, Rapid Rail, and metro expansion providing a much-needed fillip to all segments of real estate. The pandemic further gravitated investors’ money and homebuyers’ sentiments towards real estate.”
Housing Supply And Absorption Trends
In terms of supply, Noida experienced a 41 per cent decline, while Gurugram saw a massive 222 per cent increase. Ghaziabad and Greater Noida recorded moderate growth in supply at 14 per cent and 36 per cent, respectively. Absorption rates displayed a mixed pattern, with Gurugram witnessing a 157 per cent increase, while Noida, Ghaziabad, and Greater Noida recorded declines of 55 per cent, 31 per cent, and 39 per cent, respectively.
Jasuja added: “The unsold inventory has seen a consistent decline across all markets, with Noida, Greater Noida, and Ghaziabad witnessing significant dips. The efforts of the UP government towards resolving the stalled project crisis have played a crucial role in reducing the inventory, helping to alleviate supply-side pressures in the market.”
According to the report, Greater Noida currently has 167 stalled projects, with a total of 74,645 unsold units. Gurugram has 158 stalled projects, totalling 52,509 units, while Noida and Ghaziabad have 103 and 50 stalled projects, respectively, with 41,438 and 15,278 unsold units.
Due to further infrastructural development, government assistance, and an influx of branded developers, the Delhi-NCR housing market is anticipated to continue outperforming other tier-1 cities in the foreseeable future.
