According to the latest ANAROCK data, while Delhi-NCR saw a 49 per cent rise in average residential prices from H1 of 2019 to H1 of this year, MMR saw a 48 per cent rise in average residential prices over the same period .
Due to heavy sales, the unsold stock in NCR has seen a decline of more than 52 per cent and MMR has seen a decline of 13 per cent in the last five years.
According to the report, around 2.72 lakh units were sold in NCR, while 5.50 lakh units were sold in MMR.
According to Anuj Puri, chairman of Anarock Group, average residential prices in NCR have increased from Rs 4,565 per sq ft to Rs 6,800 per sq ft.
"In MMR, average residential prices increased by 48 per cent from Rs 10,610 per sq ft in the first half of 2019 to Rs 15,650 per sq ft in the first half of 2024," he said.
The steep rise in housing prices in Delhi-NCR and MMR is due to the steep rise in construction costs as well as good sales.
The pandemic was also a boon for these two residential markets, pushing demand to new heights.
The report mentions that initially, developers induced sales with offers and freebies, but as demand increased, they gradually increased the average prices.
Strong sales helped reduce unsold inventory during this period, especially in NCR.
“Interestingly, the inventory overhang in NCR has reduced to 16 months in H1 2024, compared to 44 months in H1 2019,” Puri said.
Around 1.72 lakh units were launched in NCR between H1 2019 and H1 2024.
Meanwhile, the currently available stock of MMR is around 1.95 lakh units.
Due to heavy sales, the unsold stock in NCR has seen a decline of more than 52 per cent and MMR has seen a decline of 13 per cent in the last five years.
According to the report, around 2.72 lakh units were sold in NCR, while 5.50 lakh units were sold in MMR.
According to Anuj Puri, chairman of Anarock Group, average residential prices in NCR have increased from Rs 4,565 per sq ft to Rs 6,800 per sq ft.
"In MMR, average residential prices increased by 48 per cent from Rs 10,610 per sq ft in the first half of 2019 to Rs 15,650 per sq ft in the first half of 2024," he said.
The steep rise in housing prices in Delhi-NCR and MMR is due to the steep rise in construction costs as well as good sales.
The pandemic was also a boon for these two residential markets, pushing demand to new heights.
The report mentions that initially, developers induced sales with offers and freebies, but as demand increased, they gradually increased the average prices.
Strong sales helped reduce unsold inventory during this period, especially in NCR.
“Interestingly, the inventory overhang in NCR has reduced to 16 months in H1 2024, compared to 44 months in H1 2019,” Puri said.
Around 1.72 lakh units were launched in NCR between H1 2019 and H1 2024.
Meanwhile, the currently available stock of MMR is around 1.95 lakh units.
