NCR's Housing Market Sees Unprecedented Growth: A Golden Opportunity for Homebuyers
The national capital region (NCR) has witnessed a remarkable surge in new property launches, exceeding sales in every quarter of 2024.
NcrHousing MarketReal EstateInfrastructure DevelopmentProperty LaunchesReal Estate NewsSep 29, 2024
With this, NCR’s share in total new launches has risen to 14% from 4% a year ago thereby outperforming Bengaluru and Hyderabad at 12% each. The twin cities of Noida and Gurugram have done exceptionally well in terms of infrastructure development. From Dwarka Expressway that connects Delhi to Gurugram to Delhi-Mumbai industrial corridor and the soon-to-be-operational Noida International Airport, the NCR has witnessed a transformation like never before. The ever-expanding metro rail and high-speed rail networks have eased the commute-to-work culture from nearby cities thereby driving up the economy.
The growing interest of NRIs and HNIs/UHNIs along with stock market gainers, startup founders and young millionaires in the region’s real estate have also played a huge factor in driving up the demand. The streamlining of regulatory challenges and policy uncertainties have also played a key role in increasing transparency. Not to forget the massive returns some of the micro markets have given post-covid have induced fence-sitters and those looking to further elevate their income to invest in second homes. Noida is no longer considered a poor cousin of Gurugram. The city has taken to premiumisation in terms of both amenities and pricing of real estate properties. Owing to the soon-to-be-operational Noida international airport, the leasing activities in office and retail spaces have also gone up signalling a positive outlook and encouraging growth trends in the region.
The two regions also have a multiplier effect on the economy of Uttar Pradesh and Haryana. Delhi-NCR’s real estate market has attracted highest private equity investment of USD 633.3 million during January-June period of this year as investors look to encash high demand for prime office space and luxury housing, according to Cushman & Wakefield. The strategic location, burgeoning economy, and growing population make it an irresistible proposition for developers and investors alike.
The primary micro-markets like Golf Course Extension, SPR, Dwarka Expressway etc. in Gurugram and Noida Expressway, Noida extension and Central Noida in Noida have seen a huge growth in prices. Between July 2021 and July 2024, Dwarka Expressway and Golf Course Extension Road have seen weighted average price of new launches rise by 101% and 53%, respectively. Similarly, Noida expressway saw a rise of 165%. With homebuyers gravitating towards these micro markets in NCR tells a lot about how big a role infrastructure development has played in the growth of real estate in this region. The spurt in new launches is an opportunity for homebuyers to choose the best real estate project that not just fulfils their lifestyle aspirations but also financial goals.
Frequently Asked Questions
What is the current state of the housing market in NCR?
The housing market in NCR has witnessed a remarkable surge in new property launches, exceeding sales in every quarter of 2024.
What are the factors driving the growth of the housing market in NCR?
The growth of the housing market in NCR is attributed to infrastructure developments, rising aspirations and affluence of the middle class, growing number of HNIs/UHNIs, and interest of NRIs.
Which cities in NCR have seen significant growth in infrastructure development?
The twin cities of Noida and Gurugram have done exceptionally well in terms of infrastructure development.
What is the impact of the soon-to-be-operational Noida International Airport on the region?
The soon-to-be-operational Noida International Airport has led to an increase in leasing activities in office and retail spaces, signalling a positive outlook and encouraging growth trends in the region.
What is the current trend in prices in the primary micro-markets of NCR?
The primary micro-markets like Golf Course Extension, SPR, Dwarka Expressway etc. in Gurugram and Noida Expressway, Noida extension and Central Noida in Noida have seen a huge growth in prices, with some areas witnessing a rise of over 100% in the past three years.
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