Delhi-NCR Experiences Steepest Rise in Housing Prices Among Top 7 Cities: Anarock Report
Housing prices in Delhi-NCR have seen the highest increase among seven major cities, rising by an average of 30 per cent over the last year, according to real estate consultant Anarock.
Housing PricesDelhincrAnarockReal EstateResidential MarketReal Estate NewsJan 19, 2025
This substantial rise is attributed to the increase in input costs, including land, labor, and construction materials.
According to Anarock, Delhi-NCR recorded the highest yearly increase in average residential prices, jumping from Rs 5,800 per square foot in 2023 to nearly Rs 7,550 per square foot in 2024.
This sharp increase in housing prices occurred despite a higher supply and a marginal decline in sales during the 2024 calendar year.
The significant rise in input costs has been a major factor in the price hike.
The cost of land, labor, and construction materials has increased substantially, contributing to the overall rise in housing prices.
Anarock's data reveals that housing sales in Delhi-NCR dropped by 6 per cent to 61,900 units in 2024, down from 65,625 units in the previous year.
However, the fresh supply of housing properties in Delhi-NCR saw a notable increase of 44 per cent, with 53,000 units added in 2024, compared to 36,735 units in the preceding year.
This rise in supply is expected to continue in the coming years, driven by listed developers who have significant inventory lined up.
Overall, Anarock's data shows that housing prices across the top seven cities—Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Hyderabad, Bengaluru, and Pune—rose between 13-30 per cent.
The average residential price across these cities increased by 21 per cent, from Rs 7,080 per square foot in 2023 to Rs 8,590 per square foot in 2024.
Anuj Puri, chairman of Anarock, provided insights into the housing market outlook for 2025.
He stated that while the steep growth seen in the past year is unlikely to repeat, average residential prices will continue to see steady growth due to increased input costs and high demand.
Puri also noted that the year 2025 will witness generous new supply infusions from listed developers, who have a significant inventory ready for the market.
However, the elections and a slow project approval process have somewhat dented the new supply pipeline in 2024.
Despite these challenges, the real estate market in Delhi-NCR and other major cities is expected to remain robust, driven by strong homebuyer demand and a steady influx of new housing units.
Frequently Asked Questions
What is the main reason for the increase in housing prices in Delhi-NCR?
The primary reason for the increase in housing prices in Delhi-NCR is the rise in input costs, including land, labor, and construction materials.
How much did housing prices increase in Delhi-NCR in the last year?
Housing prices in Delhi-NCR increased by an average of 30 per cent in the last year, from Rs 5,800 per square foot in 2023 to nearly Rs 7,550 per square foot in 2024.
How has the supply of housing units changed in Delhi-NCR?
The fresh supply of housing units in Delhi-NCR increased by 44 per cent, with 53,000 units added in 2024, compared to 36,735 units in the preceding year.
What is the outlook for housing prices in 2025?
According to Anuj Puri of Anarock, while the steep growth seen in the past year is unlikely to repeat, average residential prices will continue to see steady growth due to increased input costs and high demand.
What are the top seven cities tracked by Anarock for housing prices?
The top seven cities tracked by Anarock for housing prices are Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Hyderabad, Bengaluru, and Pune.
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