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
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