NCR housing prices skyrocket by 137% since 2019: Data
Riding on renewed investor confidence, strong homeownership sentiments, large-scale infrastructure development and rising land and construction costs, the National Capital Region (NCR) has seen an astounding 137 per cent increase in housing prices since 2019.
According to real estate data analytics firm PropEquity, the cities of Noida, Gurugram, Ghaziabad and Greater Noida experienced a dramatic rise in housing prices during this period. Noida saw the highest price surge, with a 152 per cent increase. Ghaziabad followed closely with a 139 per cent and Gurugram experienced a 135 per cent increase. Greater Noida too saw a 121 per cent rise.
“The National Capital Region is undergoing an infrastructural transformation, with key projects such as the Noida International Airport, Dwarka Expressway, Delhi-Meerut Expressway, metro expansion and rapid rail systems giving a major boost to the real estate market. The pandemic further strengthened investor and homebuyer interest in property and the emergence of branded developers, along with government efforts, has helped restore confidence in the NCR market,” said Samir Jasuja, CEO of PropEquity. “We expect the National Capital Region market to continue outperforming other Tier-1 cities, attracting more investment and development from leading developers,” he added.
On the supply side, Noida saw a 41 per cent decrease in new housing projects, while Gurugram experienced an extraordinary 222 per cent increase, followed by Ghaziabad with a 14 per cent rise and Greater Noida with a 36 per cent increase. In terms of absorption, Gurugram saw a 157 per cent rise, while Noida, Ghaziabad and Greater Noida saw declines of 55 per cent, 31 per cent, and 39 per cent, respectively.
PropEquity also reported that a significant number of housing projects remain stalled in the NCR region. The report said that Greater Noida has 167 stalled projects with 74,645 units, Noida has 103 stalled projects with 41,438 units, Ghaziabad has 50 stalled projects with 15,278 units and Gurugram has 158 stalled projects with a total of 52,509 units.
