Soaring Housing Prices in Delhi-NCR and Mumbai: A 50% Jump in 5 Years
Anarock's data reveals a significant surge in average housing prices in Delhi-NCR and Mumbai, driven by high demand and infrastructure development.
Housing PricesDelhi NcrMumbaiReal EstateInfrastructure DevelopmentReal Estate NewsJul 07, 2024
In Delhi-NCR, the average rate of residential properties has risen by 49% to Rs 6,800 per square foot in January-June 2024, from Rs 4,565 per square foot in the same period of 2019. Similarly, in MMR, the average housing prices have grown 48% to Rs 15,650 per square feet, up from Rs 10,610 per square feet during the same period.
Anarock notes that prices in both regions had remained stagnant from late 2016 to 2019. However, the COVID-19 pandemic brought a paradigm shift, causing demand to soar to new heights. Initially, developers induced sales with offers and freebies, but with demand heading north, they gradually increased average prices.
Experts believe that the surge in housing prices in Delhi-NCR is driven by infrastructural developments, enhanced connectivity, and the region's potential for sustainable growth and investment opportunities. The development of road infrastructure has been a significant factor in the rise of property prices in Delhi-NCR and adjoining cities.
Additionally, the demand for spacious homes has increased significantly since the pandemic, with people prioritizing larger living spaces. The region's status as a major economic hub is also attracting investors in the Delhi-NCR property market.
Information
Anarock is a leading real estate consultant that provides expert advice and insights to stakeholders in the real estate industry.
TARC Ltd is a listed realty firm that operates in the real estate industry. VS Realtors (I) Pvt Ltd is a Gurugram-based property brokerage firm that provides real estate services to clients. Royal Green Realty is a real estate company that operates in the Delhi-NCR region.
Frequently Asked Questions
What is the average housing price in Delhi-NCR as of 2024?
Rs 6,800 per square foot
What is the percentage increase in housing prices in Delhi-NCR over the past 5 years?
49%
What is the average housing price in MMR as of 2024?
Rs 15,650 per square feet
What is the main factor driving the surge in housing prices in Delhi-NCR?
Infrastructure development and enhanced connectivity
What is the impact of the COVID-19 pandemic on the housing market in Delhi-NCR and MMR?
The pandemic led to an increase in demand, causing prices to rise
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