NCR Sees Runaway Rise in Housing Prices

On the back of renewed investor confidence, strong homeownership sentiments, large-scale infrastructure development and rising cost of land and construction, the National Capital Region (NCR) saw an astounding 137% rise in housing prices with Noida, Gurugram, Ghaziabad and Greater Noida seeing prices more than double between 2019 and 2024 September.

According to a data released by 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.).

“The NCR is witnessing an infrastructural metamorphosis never seen in decades with developments like Noida International Airport, Dwarka Expressway, Delhi-Meerut Expressway, Rapid Rail, 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”, says Samir Jasuja, Founder & CEO PropEquity

On the supply front, Noida witnessed a decline of 41% while Gurugram saw an astounding 222% rise. Ghaziabad saw supply rising 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, according to Jasuja .PropEquity report 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 is witnessing 50 stalled projects with 15,278 units. Gurugram has 158 stalled projects with 52,509 units.