NCR housing prices surge 137% between 2019-24
Noida: The National Capital Region (NCR) experienced a remarkable 137 per cent surge in housing prices between 2019 and September 2024, with cities like Noida, Gurugram, Ghaziabad and Greater Noida recording price increases of more than 100 per cent, suggest studies.
This growth is attributed to renewed investor trust, strong housing demand, extensive infrastructure projects and escalating land and construction costs.
NSE-listed PropEquity’s data reveals that Noida led with a 152 per cent increase (from Rs 5910 per sq. ft. to Rs 14,946 per sq. ft.), whilst Ghaziabad showed 139 per cent growth (from Rs 3691 per sq. ft. to Rs 8823 per sq. ft.). Gurugram registered 135 per cent growth (from Rs 8299 per sq. ft. to Rs 19,535 per sq. ft.), and Greater Noida recorded 121 per cent increase (from Rs 3900 per sq. ft. to Rs 8601 per sq. ft.).
Samir Jasuja, Founder and CEO, PropEquity stated: “The NCR is witnessing an infrastructural metamorphosis never seen in decades with developments like Noida International Airport, Dwarka Expressway, Delhi-Meerut expressway, Rapid raid, metro expansion among others providing the much-needed fillip to all segments of real estate. The pandemic further gravitated investors’ money and homebuyers’ sentiments towards real estate. Additionally, the emergence of branded developers and Government efforts have reinstated the confidence of investors, homebuyers, corporates and brands in the NCR market. The NCR market will continue to outperform other tier 1 cities and see more investment and expansion from branded developers.”
Regarding supply dynamics, Noida experienced a 41 per cent reduction, whilst Gurugram recorded a substantial 222 per cent increase, with Ghaziabad and Greater Noida showing 14 per cent and 36 per cent growth respectively. In terms of absorption, Gurugram showed 157 per cent growth, whilst Noida, Ghaziabad and Greater Noida experienced declines of 55 per cent, 31 per cent and 39 per cent respectively.
“The unsold inventory has seen a consistent decline across all markets with Noida, Greater Noida and Ghaziabad seeing significant decline. The efforts of the UP government towards resolving the stalled project crisis have helped in reducing the inventory,” Jasuja added.
PropEquity’s report indicated that Greater Noida has 167 stalled projects comprising 74,645 units.
Noida contains 103 stalled housing projects with 41,438 units, whilst Ghaziabad has 50 stalled projects totalling 15,278 units. Gurugram reports 158 stalled projects encompassing 52,509 units.
