Delhi vs Mumbai: A Tale of Two Cities in India's Residential Property Market
India's two prominent real estate hotspots, Delhi and Mumbai, have witnessed significant growth in residential property prices over the past 5 years, with Delhi seeing a 49% increase and Mumbai a 48% increase.
DelhiMumbaiResidential PropertyReal EstateProperty PricesReal EstateJul 08, 2024
In the NCR, the average residential property price has increased by 49% in the past 5 years, while the MMR has seen a 48% rise in the same period. This growth can be attributed to various factors, including the rapid urbanization, infrastructure development, and the increasing demand for housing.
One of the key factors contributing to this growth is the reduction in unsold inventory. The NCR has seen a 52% decline in unsold inventory, while the MMR has witnessed a 13% drop. This reduction in inventory has led to a increase in property prices, making it a seller's market.
The MMR has seen a massive surge in new supply post-COVID, with over 5.26 lakh units launched between H1 2019 and H1 2024. This is three times the new supply in the NCR, which has seen a more modest increase in new launches.
When it comes to property prices, the MMR has always been more expensive than the NCR. In H1 2024, the average residential property price in the MMR was recorded at Rs 15,650 per square foot, while in the NCR it was Rs 6,800 per square foot. This price difference can be attributed to various factors, including the proximity to business hubs, infrastructure, and amenities.
In conclusion, the NCR and MMR are two of the most dynamic residential property markets in India. While both regions have witnessed significant growth in property prices, the MMR has always been more expensive. As the demand for housing continues to grow, it will be interesting to see how these two markets evolve in the coming years.
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ANAROCK is a leading property consultant that provides comprehensive services in the real estate sector. With a presence in multiple cities across India, ANAROCK has established itself as a trusted advisor to homebuyers, developers, and investors.
ANAROCK is a leading property consultant that provides comprehensive services in the real estate sector. With a presence in multiple cities across India, ANAROCK has established itself as a trusted advisor to homebuyers, developers, and investors.
Frequently Asked Questions
What is the average residential property price in the NCR?
The average residential property price in the NCR was recorded at Rs 6,800 per square foot in H1 2024.
What is the average residential property price in the MMR?
The average residential property price in the MMR was recorded at Rs 15,650 per square foot in H1 2024.
How much has the unsold inventory reduced in the NCR?
The unsold inventory has reduced by 52% in the NCR.
How much has the unsold inventory reduced in the MMR?
The unsold inventory has reduced by 13% in the MMR.
What is the total number of units launched in the MMR between H1 2019 and H1 2024?
The MMR saw the launch of over 5.26 lakh units between H1 2019 and H1 2024.
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