Why Delhi-NCR and Mumbai Are Seeing a Surge in Housing Prices
Housing prices in Delhi-NCR and Mumbai have seen a significant surge over the past five years, driven by high demand and infrastructural developments.
Delhi Ncr Property MarketMumbai Metropolitan RegionHousing PricesReal EstateInfrastructure DevelopmentReal Estate NewsJul 07, 2024
Similarly, housing prices in the MMR rose 48% to Rs 15,650 per square foot from Rs 10,610 per square foot over the same timeframe. This significant price hike is attributed to steep increases in construction costs and strong sales.\n\nThe COVID-19 pandemic played a crucial role in boosting these two residential markets, causing demand to reach new heights. Initially, developers attracted buyers with offers and freebies, but as demand increased, they gradually raised prices.
Amar Sarin, MD and CEO of TARC Ltd, believes that the significant rise in housing prices in the NCR region over the past five years reflects robust demand driven by infrastructural developments and enhanced connectivity. This trend highlights the region's potential for sustainable growth and investment opportunities.
Vijay Harsh Jha, founder and CEO of VS Realtors (I) Pvt Ltd, observed that there has been a significant increase in demand for residential properties in NCR since the pandemic, with people prioritizing more spacious homes. NCR's status as a major economic hub is also attracting investors to the Delhi-NCR property market.
Yashank Wason, Managing Director of Royal Green Realty, stated that the surge in housing prices in Delhi-NCR is driven by high demand, improved connectivity, infrastructure development, and strategic urban planning. He noted that major locations in and around Delhi-NCR, including Bahadurgarh, have seen sharp increases in housing prices.\n\nThe development of road infrastructure has been a major factor in the rise of property prices in Delhi-NCR and its surrounding cities.
Frequently Asked Questions
What is the average increase in housing prices in Delhi-NCR over the past five years?
The average increase in housing prices in Delhi-NCR over the past five years is 49%.
What is the current average price of residential properties in Delhi-NCR?
The current average price of residential properties in Delhi-NCR is Rs 6,800 per square foot.
What is the main factor driving the surge in housing prices in Delhi-NCR?
The main factor driving the surge in housing prices in Delhi-NCR is high demand, driven by infrastructural developments and enhanced connectivity.
How has the COVID-19 pandemic affected the Delhi-NCR property market?
The COVID-19 pandemic has significantly boosted the Delhi-NCR property market, causing demand to reach new heights.
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