NCR and MMR Witness Unprecedented Growth: Housing Prices Surge 49% in 5 Years
Latest real estate news, Housing prices in NCR and MMR, unsold inventory plunges
Real EstateHousing PricesNcrMmrAnarockUnsold InventoryReal Estate NewsJul 07, 2024
In NCR, the average residential prices have jumped from ₹4,565 per square feet to ₹6,800 per square feet, while in MMR, the prices have appreciated from ₹10,610 per square feet to ₹15,650 per square feet. This steep rise in housing prices can be attributed to steep hikes in construction costs as well as healthy sales.
The COVID-19 pandemic has played a significant role in boosting demand for housing in these regions. Initially, developers offered discounts and freebies to induce sales, but with demand increasing, they gradually increased average prices. As a result, unsold inventory has declined in both regions, with NCR witnessing a sharp decline of over 52% in its unsold stock in the last five years.
ANAROCK's Chairman, Anuj Puri, noted that the pandemic was an undisguised blessing for NCR, which was once infamous for high unsold inventory. The region has seen a sharp decline in its unsold stock, with the inventory overhang reducing to 16 months in H1 2024 from 44 months back in H1 2019.
Meanwhile, MMR's current available stock is at approximately 1.95 lakh units, with a 13% decline in its unsold stock over the last five years. The region has seen over 5.26 lakh units launched between H1 2019 and H1 2024, thrice the new supply in NCR during this period.
Information ANAROCK is a leading real estate consultant that provides in-depth research and analysis on the Indian real estate market. The company's research reports provide valuable insights into the market trends, prices, and inventory levels, helping stakeholders make informed decisions.
ANAROCK Group is a renowned real estate consultancy firm that provides expert advice and consultancy services to developers, investors, and buyers. The company's team of professionals has extensive knowledge and experience in the Indian real estate market, enabling them to provide accurate and reliable data and analysis.
Frequently Asked Questions
What has been the percentage increase in housing prices in NCR and MMR over the last five years?
49% in NCR and 48% in MMR
What has been the impact of the COVID-19 pandemic on the real estate market in NCR and MMR?
The pandemic has boosted demand for housing in these regions, leading to a surge in prices and a decline in unsold inventory.
How much has the unsold inventory declined in NCR over the last five years?
Over 52% decline in unsold stock in NCR over the last five years
What is the current available stock in MMR?
Approximately 1.95 lakh units
How many units were launched in MMR between H1 2019 and H1 2024?
Over 5.26 lakh units were launched in MMR between H1 2019 and H1 2024
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