New Delhi, Median house prices in Delhi-NCR and the Mumbai Metropolitan Region (MMR) have increased by almost 50 per cent in the last five years, driven by increased demand, according to Anarock.
Data from real estate consultant Anarock shows that the average residential property rate in Delhi-NCR has risen 49 per cent to Rs 6,800 per sq ft in January-June 2024 from Rs 4,565 per sq ft in the same period of calendar year 2019. .
Similarly, in the MMR, average house prices grew by 48 per cent to Rs 15,650 per sq ft from Rs 10,610 per sq ft during the review period.
Anarock has attributed the price increase to sharp increases in construction costs and good sales.
Prices in both regions maintained the status quo from late 2016 to 2019, he noted.
"The COVID-19 pandemic was a boon for these two residential markets, causing demand to skyrocket to new heights. Initially, developers induced sales with deals and giveaways, but as demand headed north, average prices gradually increased," Anarock said.
Amar Sarin, MD and CEO of listed real estate company TARC Ltd, said: “The significant rise in housing prices in the NCR region in the last five years reflects robust demand driven by the development of infrastructure and greater connectivity. This trend underscores the region's potential for sustainable growth and investment opportunities."
Gurugram-based real estate brokerage firm VS Realtors (I) Pvt Ltd founder and CEO Vijay Harsh Jha said, "There has been a significant rise in demand for residential properties in NCR since the pandemic. People is prioritizing having more spacious homes.
NCR's status as a major economic hub is also attracting investors to the Delhi-NCR real estate market, Jha added.
Royal Green Realty CEO Yashank Wason said the rise in housing prices in Delhi-NCR is driven by high demand, improving connectivity, infrastructure development and strategic urban planning.
He pointed out that all major places in and around Delhi-NCR, including Bahadurgarh, have witnessed strong appreciation in housing prices.
Wason said road infrastructure development has been one of the major factors behind this rise in property prices in Delhi-NCR and neighboring cities.
Data from real estate consultant Anarock shows that the average residential property rate in Delhi-NCR has risen 49 per cent to Rs 6,800 per sq ft in January-June 2024 from Rs 4,565 per sq ft in the same period of calendar year 2019. .
Similarly, in the MMR, average house prices grew by 48 per cent to Rs 15,650 per sq ft from Rs 10,610 per sq ft during the review period.
Anarock has attributed the price increase to sharp increases in construction costs and good sales.
Prices in both regions maintained the status quo from late 2016 to 2019, he noted.
"The COVID-19 pandemic was a boon for these two residential markets, causing demand to skyrocket to new heights. Initially, developers induced sales with deals and giveaways, but as demand headed north, average prices gradually increased," Anarock said.
Amar Sarin, MD and CEO of listed real estate company TARC Ltd, said: “The significant rise in housing prices in the NCR region in the last five years reflects robust demand driven by the development of infrastructure and greater connectivity. This trend underscores the region's potential for sustainable growth and investment opportunities."
Gurugram-based real estate brokerage firm VS Realtors (I) Pvt Ltd founder and CEO Vijay Harsh Jha said, "There has been a significant rise in demand for residential properties in NCR since the pandemic. People is prioritizing having more spacious homes.
NCR's status as a major economic hub is also attracting investors to the Delhi-NCR real estate market, Jha added.
Royal Green Realty CEO Yashank Wason said the rise in housing prices in Delhi-NCR is driven by high demand, improving connectivity, infrastructure development and strategic urban planning.
He pointed out that all major places in and around Delhi-NCR, including Bahadurgarh, have witnessed strong appreciation in housing prices.
Wason said road infrastructure development has been one of the major factors behind this rise in property prices in Delhi-NCR and neighboring cities.
