Housing prices in NCR doubles in the Last 5 years

Due to increased land costs, extensive infrastructural development, and resurgent investor confidence, house prices in the NCR have increased by 137%. 

The National Capital Region (NCR) has witnessed a 137% rise in the cost of new residential developments due to a number of factors, including a resurgence of investor confidence, a strong sense of homeownership, extensive infrastructure development, and rising land and building costs. According to a PropEquity research, prices in Noida, Gurugram, Ghaziabad, and Greater Noida nearly doubled between September 2019 and 2024.

Noida experienced the largest increase between 2019 and September 2024, rising 152% from ₹5910 per square foot to ₹14,946 per square foot. Ghaziabad followed at 139% (from ₹3691 per square foot to ₹8823 per square foot), Gurugram at 135% (from ₹8299 per square foot in 2019 to ₹19,535 per square foot in 2024), and Greater Noida at 121% (from ₹3900 per square foot to ₹8601 per square foot).

"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" says Samir Jasuja, founder and CEO, PropEquity.

"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.