NCR real estate update: Greater Noida records highest property price surge with 98% increase over past five years
NCR real estate market witnessed a 81% increase in property prices over the last five years; Greater Noida saw prices rise by 98%
The National Capital Region (NCR) has recorded an 81% increase in average property price to ₹8,300 per sq ft in Q1 2025 from ₹4,580 per sq ft in 2020, according to a report from real estate consultancy Anarock.
Greater Noida has seen the highest average property price increase in the National Capital Region (NCR) over the past five years, rising by 98% to ₹6,600 per sq ft in Q1 2025 from ₹3,340 per sq ft in 2020, it said. Noida followed with a 92% average price rise, reaching ₹9,200 per sq ft in Q1 2025 from ₹4,795 per sq ft in 2020.
Delhi ( ₹25,200 per sq ft) and Gurgaon ( ₹11,300 per sq ft) had the highest average property prices in Q1 2025. Over the last five years, average property prices in Delhi and Gurgaon rose by 38% and 84%, respectively, the report said.
The report, titled NCR Real Estate – A Beacon of Growth and Opportunity, outlines key developments in the region’s housing market from 2020 to 2025.
It highlights that structural reforms such as RERA, the SWAMIH Fund, and PMAY (Urban) have played a major role in turning around NCR’s real estate sector.
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NCR recorded a 51% drop in unsold housing inventory over 5 years
The report said that NCR recorded a 51% drop in unsold housing inventory. This figure fell from approximately 1.73 lakh units at the end of Q1 2020 to about 84,500 units by the end of Q1 2025.
Among NCR cities, Noida saw the sharpest reduction in unsold homes—down by 72% from around 18,148 units in Q1 2020 to just over 5,000 units in Q1 2025. Ghaziabad followed with a 58% drop, and Greater Noida recorded a 56% fall in unsold stock over the same period.
This decline in inventory has also resulted in a drop in inventory overhang—the time needed to sell current unsold stock at the current sales rate. By Q1 2025, the overhang was down to 17 months, a major improvement from the peak of 88 months five years ago, the report said.
Also Read: Women Homebuyers on the Rise: 30% invest in property, 69% buy for end-use: ANAROCK Report
NCR saw a 44% YoY rise in housing supply in 2024
In terms of new housing supply, 2024 saw the launch of approximately 53,000 units across NCR, a 44% rise compared to 2023.
"Another notable change is in budget categories—in previous years, affordable housing (units priced below ₹40 lakh) dominated the supply pipeline. However, the past three years post-COVID-19 saw the maximum supply share shift to luxury and ultra-luxury housing," the report said.
Instead, the market has moved toward high-end homes. Ultra-luxury housing (priced above ₹2.5 crore) made up 59% of new launches in 2024—up from 24% in 2023 and just 4% in 2020.
The report also highlights growth corridors within NCR that are seeing strong real estate activity. These include Sohna, New Gurgaon, Dwarka Expressway, and Greater Noida West.
