On the back of renewed investor confidence, strong homeownership sentiment, large-scale infrastructure development and rising cost of land and construction, the National Capital Region (NCR) has seen an increase of 137% in housing prices of new residential projects. In Noida, Gurugram, Ghaziabad and Greater Noida prices have almost doubled between September 2019 and 2024, according to a report by PropEquity.
According to a data released by NSE-listed firm PropEquity, between 2019 and September 2024, Noida saw the highest rise at 152% (from ₹5910 per sq. ft. to ₹14,946 per sq. ft.) followed by Ghaziabad at 139% (from ₹3691 per sq. ft. to ₹8823 per sq. ft.), Gurugram at 135% (from ₹8299 per sq. ft. in 2019 to ₹19,535 per sq. ft. in 2024) and Greater Noida at 121% from ₹3900 per sq. ft. to ₹8601 per sq. ft.).
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“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<" said Samir Jasuja, founder and CEO, PropEquity.
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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 said.
Housing supply in NCR
On the housing supply front, Noida witnessed a decline of 41% while Gurugram saw an increase of 222%, 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 dip. The efforts of the UP government towards resolving the stalled project crisis have helped in reducing the inventory,” Jasuja added.
On the housing supply front, Noida witnessed a decline of 41% while Gurugram saw an increase of 222%, 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 dip. The efforts of the UP government towards resolving the stalled project crisis have helped in reducing the inventory,” Jasuja added.
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A report by PropEquity had said that Greater Noida has 167 stalled projects with 74,645 units. Noida has 103 stalled housing projects comprising 41,438 units, while Ghaziabad has 50 stalled projects with 15,278 units. Gurugram has 158 stalled projects with 52,509 units.