Soaring Housing Prices in Delhi-NCR and Mumbai: A 5-Year Analysis
Delhi-NCR and Mumbai Metropolitan Region (MMR) witness a significant surge in housing prices over the past five years, driven by construction costs and healthy sales.
Housing PricesDelhi NcrMumbai Metropolitan RegionReal EstateAnarock GroupReal Estate NewsJul 07, 2024
The significant surge in housing prices can be attributed to the substantial hike in construction costs, coupled with healthy sales. The COVID-19 pandemic played a crucial role in boosting demand, leading to increased prices. Initially, developers offered discounts and freebies to attract buyers, but as demand soared, they gradually increased average prices.
The report highlights that NCR witnessed a substantial decline of 52% in unsold stock, with approximately 2.72 lakh units sold during the five-year period. MMR, on the other hand, saw a 13% decline in unsold stock, with sales of 5.50 lakh units. Anuj Puri, Chairman of Anarock Group, noted that average residential prices in NCR escalated from Rs 4,565 per square ft to Rs 6,800 per sq ft, while in MMR, prices appreciated from Rs 10,610 per sq ft to Rs 15,650 per sq ft.
The significant reduction in unsold inventory is a welcome trend, with NCR's inventory overhang decreasing to 16 months in H1 2024 from 44 months in H1 2019. Between H1 2019 and H1 2024, about 1.72 lakh units were launched in NCR, while MMR's currently available stock stands at nearly 1.95 lakh units.
Information Anarock Group is a leading real estate consultancy firm that provides comprehensive services to its clients.
Anarock Group is a renowned name in the Indian real estate industry, known for its expertise and in-depth market analysis.
Frequently Asked Questions
What is the percentage increase in housing prices in Delhi-NCR over the past five years?
Delhi-NCR has witnessed a 49% surge in housing prices over the past five years.
What are the main factors contributing to the increase in housing prices in Delhi-NCR and MMR?
The steep hike in construction costs and healthy sales have driven the increase in housing prices in Delhi-NCR and MMR.
How has the pandemic affected the real estate market in Delhi-NCR and MMR?
The pandemic has boosted demand for residential properties, leading to increased prices in Delhi-NCR and MMR.
What is the current unsold inventory in NCR and MMR?
NCR has witnessed a 52% decline in unsold stock, while MMR has seen a 13% decline in unsold stock over the past five years.
How many units were launched in NCR between H1 2019 and H1 2024?
About 1.72 lakh units were launched in NCR between H1 2019 and H1 2024.
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