Housing Prices In NCR Soar By 137% In 5 Yrs

Hyderabad: Renewed investor confidence, strong homeownership sentiments, large-scale infrastructure development and rising cost of land and construction has led housing prices to surge by 137 per cent in the National Capital Region (NCR) between September 2019 and 2024, according to a report.

The data released by real estate data and analytics platform, PropEquity points out that Noida reported the highest rise in residential property price at 152 per cent, from Rs 5,910 per sft to Rs 14,946 per sft. Ghaziabad followed by with 139 per cent increase in price from Rs 3,691 per sft to Rs 8,823 per sft, Gurugram at 135 per cent, from Rs 8,299 per sft in 2019 to Rs 19,535 per sft in 2024, and Greater Noida at 121 per cent from Rs 3,900 per sft to Rs 8,601 per sft.

Commenting on the data, Samir Jasuja, Founder and CEO, PropEquity, said: “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.”

He further said that the pandemic has further gravitated investors’ money and homebuyers’ sentiments towards real estate. Additionally, the emergence of branded developers and Government efforts has 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 added.

On the supply front, Noida witnessed a decline of 41 per cent while Gurugram saw 222 per cent rise, followed by Ghaziabad with 14 per cent and Greater Noida by 36 per cent. In absorption, except Gurugram which rose by 157 per cent, Noida, Ghaziabad and Greater Noida saw a decline of 55 per cent, 31 per cent and 39 per cent, respectively.