Residential Property Boom: Delhi-NCR and Mumbai Witness 49% Surge in Housing Prices Over 5 Years
Delhi-NCR and Mumbai Metropolitan Region have seen a significant surge in housing prices, with average residential prices increasing by 49% in the last five years.
Real EstateHousing PricesDelhi NcrMumbai Metropolitan RegionAnarock GroupReal EstateJul 07, 2024
Delhi-NCR has recorded a 49% jump in average residential prices from 2019 to 2024, while MMR saw average residential prices appreciate 48% during the same period. This surge in prices can be attributed to steep hikes in construction costs as well as healthy sales.
The report also highlights the significant decline in unsold stock in both regions. NCR witnessed a 52% decline in unsold stock, while MMR saw a 13% decline over the last five years. This decline in unsold stock is a result of strong sales, with NCR seeing approximately 2.72 lakh units sold and MMR seeing sales of 5.50 lakh units.
According to Anuj Puri, Chairman of Anarock Group, the average residential prices in NCR have gone up from Rs 4,565 per square ft to Rs 6,800 per sq ft. In MMR, average residential prices appreciated 48% -- from Rs 10,610 per sq ft in H1 2019 to Rs 15,650 per sq ft in H1 2024.
The pandemic has also played a role in the surge in housing prices in Delhi-NCR and MMR. Initially, developers induced sales with offers and freebies, but with demand heading north, they gradually increased average prices.
The report also mentions that strong sales have helped reduce the inventory overhang in both regions. In NCR, the inventory overhang has reduced to 16 months in H1 2024 as against 44 months back in H1 2019.
Anarock Group is a leading real estate consulting firm that provides expert advice and solutions to clients in the real estate industry.
Information Anarock Group is a leading real estate consulting firm that provides expert advice and solutions to clients in the real estate industry. With a strong presence in India, Anarock Group has established itself as a trusted partner for real estate developers, investors, and buyers.
Frequently Asked Questions
What is the percentage increase in average residential prices in Delhi-NCR over the last five years?
49%
What is the percentage increase in average residential prices in Mumbai Metropolitan Region over the last five years?
48%
What is the main reason for the surge in housing prices in Delhi-NCR and Mumbai Metropolitan Region?
Steep hikes in construction costs as well as healthy sales.
How many units were sold in Delhi-NCR over the last five years?
Approximately 2.72 lakh units
What is the current inventory overhang in Delhi-NCR?
16 months
Related News Articles
Blackrock Leases 42,700 sq ft of Office Space in Mumbai's Worli for 5 Years
Blackrock Services India Pvt Ltd has leased 42,700 sq ft of office space in Mumbai's posh Worli for a monthly rent of Rs 300 per sq ft.
Alimony Lawsuits Impacting Clint Eastwood's Financial Status
Despite his substantial wealth, Clint Eastwood has faced financial challenges due to alimony lawsuits. As a renowned actor, director, and producer, Eastwood's real estate portfolio alone is estimated at $160 million. This article delves into the financial
Oberoi Realty Share Price Takes a Hit: Drops 5% to Hit Seven-Month Low
The share price of Oberoi Realty, a prominent real estate company, has experienced a significant dip, falling by 5% and hitting its lowest level in seven months. Analysts and investors are closely monitoring the situation, as the stock has already seen a
Yatin Shah of 360 One Buys Luxurious Sea-View Penthouse in Mumbai
Yatin Shah, one of the co-founders of 360 One, has recently acquired a stunning sea-view penthouse in the affluent Worli area of Mumbai for a whopping Rs 158.51 crore. Spanning 10,312 square feet, this luxurious duplex offers breathtaking vistas and top-t
Valor Estate and Macrotech Developers Partner for Luxury Residential Project in Mumbai
Valor Estate and Macrotech Developers have entered into a binding agreement for a prestigious residential project in Malad West, Mumbai.
Gensol Awarded Rs 7.8 Billion EPC Contract for 150 MW Solar Project
A leading engineering, procurement, and construction (EPC) firm, Gensol, has won a significant contract worth Rs 7.8 billion to develop a 150 MW solar power project. The project, awarded by a major public sector utility, is expected to be completed within