Surge in Housing Prices: NCR and MMR Witness 49% Growth in Five Years
The average residential prices in National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) have surged by 49% in the last five years, according to data shared by Anarock.
Housing PricesNcrMmrReal EstateAnarockReal Estate NewsJul 07, 2024
In NCR, the average residential prices appreciated from Rs 4,565 per sq ft to Rs 6,800 per sq ft, while in MMR, the prices increased from Rs 10,610 per sq ft to Rs 15,650 per sq ft during the same period. This significant growth can be attributed to various factors, including the decrease in unsold inventory.
NCR has seen a sharp decline of over 52% in its unsold stock in the last five years, from approximately 1.82 lakh units at H1 2019-end to approximately 86,900 units by H1 2024-end. The inventory overhang has reduced to 16 months in NCR in H1 2024, compared to 44 months back in H1 2019.
On the other hand, MMR's current available stock is at approximately 1.95 lakh units. The region has seen a 13% decline in its unsold stock over the last five years, largely due to substantial new launches to meet resurgent demand. MMR has seen over 5.26 lakh units launched between H1 2019 and H1 2024, thrice the new supply in NCR during the same period.
The inventory overhang in MMR has come down to 14 months as of H1 2024-end, from 34 months back in H1 2019-end. Anuj Puri, chairman of Anarock Group, attributed the growth to conscious curtailment of fresh supply, which helped the region to clear its stock.
Information
Anarock is a leading real estate consulting firm that provides expert advice and solutions to its clients. With its presence in multiple cities across India, Anarock has established itself as a trusted partner for real estate developers, investors, and buyers.
Anarock Group is a leading real estate services company that provides a wide range of services, including residential and commercial brokerage, investment advisory, and project management. With its expertise and knowledge, Anarock helps its clients make informed decisions in the real estate market.
Frequently Asked Questions
What is the percentage growth in average residential prices in NCR and MMR?
The average residential prices in NCR and MMR have increased by 49% between H1 2019 and H1 2024.
What is the current available stock in MMR?
The current available stock in MMR is at approximately 1.95 lakh units.
How many units were launched in MMR between H1 2019 and H1 2024?
MMR has seen over 5.26 lakh units launched between H1 2019 and H1 2024.
What is the inventory overhang in NCR as of H1 2024-end?
The inventory overhang in NCR has reduced to 16 months in H1 2024, compared to 44 months back in H1 2019.
What is the reason for the growth in average residential prices in NCR and MMR?
The growth in average residential prices in NCR and MMR can be attributed to various factors, including the decrease in unsold inventory and conscious curtailment of fresh supply.
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