Soaring Demand Drives Up Property Prices in Delhi-NCR and MMR
Average housing prices in Delhi-NCR and Mumbai Metropolitan Region (MMR) have risen by nearly 50% in the last five years, driven by higher demand and infrastructural developments.
Property PricesDelhi NcrMmrReal EstateAnarockReal Estate MumbaiJul 07, 2024
The steep hike in construction costs and robust sales have been cited as primary reasons for this price escalation. After remaining stable from late 2016 to 2019, prices in both regions began to rise significantly following the COVID-19 pandemic. Developers initially promoted sales through offers and freebies, but as demand soared, they gradually increased prices.
Industry experts attribute the sharp rise in housing prices in the NCR region to robust demand propelled by infrastructural developments and enhanced connectivity. The region's potential for sustainable growth and investment opportunities has been highlighted by Amar Sarin, MD and CEO of TARC Ltd. Similarly, the increased demand for residential properties in NCR since the pandemic has led people to prioritize more spacious homes, according to Vijay Harsh Jha, founder and CEO of VS Realtors.
The surge in housing prices in Delhi-NCR is also driven by high demand, improved connectivity, and strategic urban planning, with significant appreciation in regions like Bahadurgarh. Yashank Wason, Managing Director of Royal Green Realty, emphasized that road infrastructure development has been a major factor for the rise in property prices in Delhi-NCR and surrounding areas.
Information
Anarock is a leading real estate consultant that provides comprehensive services to real estate developers, investors, and homebuyers. TARC Ltd is a real estate development company that focuses on creating sustainable and eco-friendly living spaces. VS Realtors is a real estate consultancy firm that provides comprehensive services to homebuyers and investors. Royal Green Realty is a real estate development company that specializes in creating luxury living spaces.
Anarock is a leading real estate consultant that provides comprehensive services to real estate developers, investors, and homebuyers. TARC Ltd is a real estate development company that focuses on creating sustainable and eco-friendly living spaces. VS Realtors is a real estate consultancy firm that provides comprehensive services to homebuyers and investors. Royal Green Realty is a real estate development company that specializes in creating luxury living spaces.
Frequently Asked Questions
What is the average increase in housing prices in Delhi-NCR over the past five years?
The average housing prices in Delhi-NCR have increased by 49% to Rs 6,800 per square foot from Rs 4,565 per square foot over the past five years.
What are the primary reasons for the surge in property prices in Delhi-NCR and MMR?
The steep hike in construction costs and robust sales have been cited as primary reasons for this price escalation.
How has the COVID-19 pandemic affected the real estate market in Delhi-NCR and MMR?
The pandemic has significantly boosted demand in these residential markets, leading to a surge in property prices.
What are the factors driving the surge in housing prices in Delhi-NCR?
High demand, improved connectivity, and strategic urban planning have been cited as factors driving the surge in housing prices in Delhi-NCR.
Which regions have witnessed significant appreciation in property prices in Delhi-NCR?
Regions like Bahadurgarh have witnessed significant appreciation in property prices in Delhi-NCR.
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