The NCR market will continue to outpace other Tier 1 cities and see more investment and expansion from branded developers. (Rep/PTI file)
Housing prices in the Delhi-National Capital Region (NCR) have increased by 137 per cent in the last 5 years, with Noida, Gurugram, Ghaziabad and Greater Noida seeing prices more than double between September 2019 and 2024, according to a report by PropEquity.
“Renewed investor confidence, strong home ownership sentiment, large-scale infrastructure development and rising cost of land and construction led to the price appreciation,” PropEquity said in a report.
According to data released by NSE-listed firm PropEquity, between 2019 and September 2024, Noida saw the highest increase of 152% (from Rs 5910 per sq ft to Rs 14,946 per sq ft) and Ghaziabad 139%. (Rs. 3691 per sq. ft. to Rs. 8823 per sq. ft.), Gurugram by 135% (from Rs. 8299 per sq. ft. in 2019 to Rs. 19,535 per sq. ft. in 2024) and Greater Noida by 121% (from Rs. 8299 per sq. ft. in 2019 to Rs. 19,535 per sq. ft. in 2024). 3900 to Rs. 8601 per sq ft).
Sameer Jasuja, Founder & CEO, PropEquity said, “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. Abundant in all segments of real estate. The pandemic has further attracted investors’ money and homebuyers’ sentiment towards real estate.”
Additionally, the emergence of branded developers and government efforts have restored the confidence of investors, home buyers, corporates and brands in the NCR market. The NCR market will continue to outperform other Tier 1 cities and will see more investment and expansion from branded developers, he added.
On the supply front, Noida saw a decline of 41% while Gurugram saw a staggering 222%, Ghaziabad 14% and Greater Noida 36%. In absorption, apart from Gurugram which grew by 157%, Noida, Ghaziabad and Greater Noida saw a decline of 55%, 31% and 39% respectively.
“All markets have seen a steady decline in unsold inventory with Noida, Greater Noida and Ghaziabad seeing significant declines. The UP government’s efforts towards resolving the stuck project crisis have helped reduce the inventory,” Jasuja added.
PropEquity reported that Greater Noida has 167 stalled projects with 74,645 units. Noida has 103 stalled housing projects with 41,438 units, while Ghaziabad has 50 stalled projects with 15,278 units. Gurugram has 158 stalled projects with 52,509 units.
What are real estate players saying?
Shivang Suraj, founder and director of Inframantra, a Gurugram-based property consulting firm, said, “NCR has seen phenomenal change in the past few years in all aspects, be it investor confidence or government policy and infrastructure interventions. The region is coming of age with all micro markets moving towards premiumization. The return on investment from real estate has surpassed that of all other investment instruments.”
Demand is also strengthening at elevated price points as evidenced by the reduction in property conversion times. The property boom has spread across segments, with retail and office spaces also seeing a resurgence. The boom in real estate is so evident that new micro markets on the periphery of Noida, Gurugram and Ghaziabad are generating the necessary buzz and interest from homebuyers, he added.
Abhishek Trehan, Executive Director, Trehan Iris, said, “The remarkable 137% increase in housing prices across NCR since 2019 reflects the region’s growing appeal and evolving real estate landscape. As demand outstrips supply, we have seen an increase in homebuyers who are increasingly looking for long-term investments in strong, well-connected locations in Delhi-NCR.”
This price increase 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 home buyers. As urban growth accelerates and major infrastructure projects are about to be completed, we expect this upward trajectory to continue in the coming years, making homeownership in NCR a prudent and rewarding investment for both buyers and seasoned investors, he added.