real estate news

Residential Prices Soar in Delhi and Mumbai: A 5-Year Analysis

By GeoSquare News Desk · Published 2024-07-07

The Indian real estate market has experienced a remarkable transformation over the past five years, with Delhi and Mumbai emerging as the top performers. According to recent reports, the National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) have witnessed a staggering 49% increase in average residential prices between the first half of 2019 and the first half of 2024.

In NCR, the average residential price rose from Rs 4,565 per sq. ft. to Rs 6,800 per sq. ft. over the five-year period, while MMR saw a 48% appreciation, with prices climbing from Rs 10,610 per sq. ft. in H1 2019 to Rs 15,650 per sq. ft. in H1 2024.

The pandemic played a crucial role in shaping the real estate market in these regions. Initially, developers offered incentives to stimulate sales, but as demand surged, average prices were gradually increased. The sharp decline in unsold inventory, particularly in NCR, is attributed to increased construction costs and robust sales.

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