Residential Prices Soar in Delhi and Mumbai: A 5-Year Analysis
The National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) have witnessed a significant surge in residential prices, driven by robust sales and decreased unsold inventory over the past five years.
Real EstateHousing PricesDelhiMumbaiNcrMmrReal Estate NewsJul 07, 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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Frequently Asked Questions
What was the percentage increase in average residential prices in NCR between 2019 and 2024?
49%
What was the average residential price in MMR in H1 2024?
Rs 15,650 per sq. ft.
What was the main reason for the decline in unsold inventory in NCR?
Robust sales and increased construction costs
How many units were launched in MMR between H1 2019 and H1 2024?
Over 5.26 lakh units
What is the current inventory overhang in MMR?
14 months
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