Delhi-NCR Witnesses 30% Housing Price Surge in 2024: Anarock
Housing prices in Delhi-NCR soared by 30% in 2024, despite a higher supply and a slight decline in sales. This significant increase is primarily attributed to rising input costs and strong homebuyer demand, according to Anarock's latest report.
DelhincrHousing PricesReal EstateAnarockInput CostsReal Estate NewsJan 19, 2025
Despite a higher supply of new housing units and a slight drop in sales, the region saw the highest price rise among the seven major cities tracked by Anarock.
The real estate consultant Anarock reported that the average residential price in Delhi-NCR jumped from Rs 5,800 per square foot in 2023 to nearly Rs 7,550 per square foot in 2024.
The significant rise in housing prices is largely due to increased input costs, including higher land, labor, and construction expenses.
According to Anarock's data, housing sales in Delhi-NCR decreased by 6% to 61,900 units in 2024, down from 65,625 units in the previous year.
However, the fresh supply of housing properties in the region increased by 44% to 53,000 units in 2024, up from 36,735 units in 2023.
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% and 30%.
The combined average residential price for these cities increased by 21% to Rs 8,590 per square foot in 2024, up from Rs 7,080 per square foot in 2023.
Anarock's Chairman, Anuj Puri, commented on the housing price outlook for 2025.
He stated, 'While 2025 is unlikely to see the same steep growth, we expect average residential prices to stabilize with steady growth driven by continued high input costs and robust homebuyer demand.' Puri also noted that the year will witness a significant influx of new supply from listed developers, who have substantial inventory ready for the market.
The elections and a slow project approval process in 2024 had a negative impact on the new supply pipeline.
However, with these factors expected to normalize in 2025, the real estate market is poised for a more balanced and steady growth trajectory.
Anarock, a leading real estate consultant, provides comprehensive market analysis and insights to help stakeholders make informed decisions.
The company tracks and reports on the real estate market trends in major cities across India, offering valuable data and expert opinions to investors, developers, and homebuyers alike.
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 factors contributed to the rise in housing prices in Delhi-NCR?
The rise in housing prices in Delhi-NCR was primarily driven by increased input costs, including higher land, labor, and construction expenses.
How did the housing sales and supply in Delhi-NCR perform in 2024?
Housing sales in Delhi-NCR dropped by 6% to 61,900 units, while the fresh supply of housing properties increased by 44% to 53,000 units in 2024.
What is the outlook for housing prices in 2025 according to Anarock?
Anarock expects average residential prices to stabilize with steady growth in 2025, driven by continued high input costs and robust homebuyer demand.
Which cities did Anarock track for its housing price analysis?
Anarock tracked seven major cities: Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Hyderabad, Bengaluru, and Pune.
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