India's Housing Market Boom: Delhi and Mumbai See 48-49% Price Surge
The COVID-19 pandemic has led to an unprecedented surge in housing prices in Delhi NCR and Mumbai MMR, with prices jumping 48-49% over the last five years.
Housing MarketIndiaDelhiMumbaiProperty PricesReal Estate MumbaiJul 07, 2024
The pandemic has been a blessing in disguise for the housing market in these two regions. After struggling with high unsold inventory and poor sales for close to a decade pre-Covid, Delhi NCR has witnessed massive demand for residential homes, resulting in a sharp decline of over 52% in its unsold stock in the last five years. The inventory overhang has reduced to 16 months in NCR in H1 2024 as against 44 months back in H1 2019.\n\nAakash Ohri, Joint MD & Chief Business Officer at DLF, notes that there has been a significant shift in demand towards luxury and high-end properties, a trend that emerged during the pandemic.
Frequently Asked Questions
What has been the impact of the pandemic on the housing market in Delhi NCR and Mumbai MMR?
The pandemic has led to a surge in housing prices in both regions, with prices jumping 48-49% over the last five years.
What has been the main driver of the price surge in Delhi NCR and Mumbai MMR?
The rise in prices can be attributed to steep hikes in construction costs as well as healthy sales.
How has the pandemic affected the unsold inventory in Delhi NCR?
The pandemic has led to a sharp decline of over 52% in the unsold inventory in Delhi NCR over the last five years.
What has been the trend in demand for luxury and high-end properties in India?
There has been a significant shift in demand towards luxury and high-end properties, a trend that emerged during the pandemic.
What is the inventory overhang in Delhi NCR currently?
The inventory overhang has reduced to 16 months in NCR in H1 2024 as against 44 months back in H1 2019.
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