Delhi-NCR Witnessed a 30% Leap in Housing Prices in 2024: Anarock Report
Despite a higher supply and a slight decline in sales, housing prices in Delhi-NCR surged by 30% in 2024, the highest among the top seven cities.
DelhincrHousing PricesAnarockReal EstateTop 7 CitiesReal EstateJan 19, 2025
This increase is the highest among the top seven cities in India, which include Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Hyderabad, Bengaluru, and Pune.
The sharp rise in prices was driven by a combination of increased input costs and strong demand from homebuyers.
Anarock, a leading real estate consultancy firm, noted that the average residential price in Delhi-NCR climbed from Rs 5,800 per square foot in 2023 to nearly Rs 7,550 per square foot in 2024.
This substantial increase occurred despite a marginal fall in sales and a substantial rise in the supply of new housing units.
The report highlighted that the total supply of housing properties in Delhi-NCR saw a 44% increase, rising to 53,000 units in 2024 from 36,735 units in the previous year.
However, housing sales dropped by 6%, with 61,900 units sold in 2024 compared to 65,625 units in 2023.
This discrepancy can be attributed to the significant rise in land and labor costs, as well as construction expenses.
Across the top seven cities, the average residential price increased by 21% to Rs 8,590 per square foot from Rs 7,080 per square foot.
Anarock's Anuj Puri, while commenting on the housing price outlook for 2025, stated that the steep growth seen in 2024 is unlikely to continue.
'Average residential prices are expected to stabilize with steady growth, driven by increased input costs and high demand,' he said.
The report also noted that the year 2025 is expected to see a generous influx of new supply from listed developers, who have significant inventory lined up.
However, the slow project approval process and elections in 2024 had a dampening effect on the new supply pipeline.
Overall, the housing market in Delhi-NCR and other major cities continues to be influenced by a complex interplay of factors, including input costs, demand, and regulatory changes.
Homebuyers should keep a close eye on these trends to make informed decisions in the coming year.
Frequently Asked Questions
What was the percentage increase in housing prices in Delhi-NCR in 2024?
Housing prices in Delhi-NCR increased by 30% in 2024.
What were the main factors driving the increase in housing prices in Delhi-NCR?
The main factors driving the increase were higher input costs, including land, labor, and construction expenses, as well as strong homebuyer demand.
How did the supply and sales of housing properties in Delhi-NCR change in 2024?
The supply of housing properties increased by 44% to 53,000 units, while sales dropped by 6% to 61,900 units.
What is the outlook for housing prices in Delhi-NCR for 2025?
According to Anarock, the steep growth in 2024 is unlikely to continue, and prices are expected to stabilize with steady growth.
Which cities are included in the top seven cities tracked by Anarock?
The top seven cities tracked by Anarock include Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Hyderabad, Bengaluru, and Pune.
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