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Delhi-NCR Real Estate: The price hike comes on the back of renewed investor confidence, strong homeownership sentiments, large-scale infrastructure development and rising cost of land and construction.
The NCR market will continue to outperform other tier 1 cities and see more investment and expansion from branded developers. (Representative/PTI File)
Housing prices jumped by 137 per cent in the Delhi-National Capital Region (NCR) in the last 5 years, with Noida, Gurugram, Ghaziabad and Greater Noida seeing prices more than double between 2019 and 2024 September, according to a report by PropEquity.
“The price hike comes on the back of renewed investor confidence, strong homeownership sentiments, large-scale infrastructure development and rising cost of land and construction,” PropEquity said in a report.
According to the data released by NSE-listed firm PropEquity, between 2019 and September 2024, Noida saw the highest rise at 152% (from Rs 5910 per sq. ft. to Rs 14,946 per sq. ft.) followed by Ghaziabad at 139% (from Rs 3691 per sq. ft. to Rs 8823 per sq. ft.), Gurugram at 135% (from Rs 8299 per sq. ft. in 2019 to Rs 19,535 per sq. ft. in 2024) and Greater Noida at 121% from Rs 3900 per sq. ft. to Rs 8601 per sq. ft.).
Samir Jasuja, founder and CEO of PropEquity, said, “The NCR is witnessing an infrastructural metamorphosis never seen in decades with developments like Noida International Airport, Dwarka Expressway, Delhi-Meerut expressway, Rapid raid, metro expansion among others providing the much-needed fillip to all segments of real estate. The pandemic further gravitated investors’ money and homebuyers’ sentiments towards real estate.”
Additionally, the emergence of branded developers and Government efforts have reinstated the confidence of investors, homebuyers, corporates and brands in the NCR market. The NCR market will continue to outperform other tier 1 cities and see more investment and expansion from branded developers, he added.
On the supply front, Noida witnessed a decline of 41% while Gurugram saw an astounding 222% rise, Ghaziabad by 14% and Greater Noida by 36%. In absorption, except Gurugram which rose by 157%, Noida, Ghaziabad and Greater Noida saw a decline of 55%, 31% and 39% respectively.
“The unsold inventory has seen a consistent decline across all markets with Noida, Greater Noida and Ghaziabad seeing significant decline. The efforts of the UP government towards resolving the stalled project crisis have helped in reducing the inventory,” Jasuja added.
PropEquity reported had highlighted that Greater Noida has 167 stalled projects with 74,645 units. Noida has 103 stalled housing projects comprising 41,438 units, while Ghaziabad witnessing 50 stalled projects with 15,278 units. Gurugram has 158 stalled projects with 52,509 units.
What Real Estate Players Say?
Shiwang Suraj, founder and director of Gurugram-based property consulting firm InfraMantra, said, “NCR has seen exceptional transformation over the past few years in all aspects, be it investor confidence or Government policy & infrastructure intervention. The region is coming of age with all micro markets moving towards premiumisation. The return on investment from real estate has surpassed returns from all other investment tools.”
Demand continues to be robust even at elevated price points as is evident from the fall in property conversion time. The property boom is spread across segments with even retail and office spaces seeing renewed exuberance. The real estate boom has been so pronounced that newer micro markets on the periphery of Noida, Gurugram and Ghaziabad have been creating the necessary buzz and homebuyers interest, he added.
Abhishek Trehan, executive director of Trehan Iris, said, “The significant 137% rise in housing prices across NCR since 2019, reflects the region’s growing appeal and evolving real estate landscape. As demand continues to outpace supply, we have witnessed a surge in homebuyers who are increasingly looking for long-term investments in robust, well-connected locations in Delhi-NCR.”
This price appreciation is not just a short-term trend, but a clear indication of the region’s economic resilience, infrastructure development, and its appeal as a hub for professionals and homebuyers alike. As urban growth accelerates and key infrastructural projects come to completion, we expect this upward trajectory to persist in the coming years, making homeownership in NCR a wise and rewarding investment for both buyers and seasoned investors, he added.
