137% Increase in 5 Years
PropEquity Report Reveals
Home prices in the Delhi-National Capital Region (NCR) have surged significantly, driven by investor confidence, strong buyer demand for homeownership, large-scale infrastructure development, rising land and construction costs, among other factors. Compared to 2019, home prices have increased by 137%. A recent report from PropEquity reveals that cities like Noida, Gurugram, Ghaziabad, and Greater Noida have seen price increases of more than double between 2019 and 2024.
Between September 2019 and September 2024, Noida saw the highest increase at 152% (from Rs 5,910 per square foot to Rs 14,946). Ghaziabad followed with a 139% rise (from Rs 3,691 to Rs 8,823 per square foot). In Gurugram, prices increased by 135% (from Rs 8,299 to Rs 19,535 per square foot), while Greater Noida saw a 121% increase (from Rs 3,900 to Rs 8,601 per square foot).
PropEquity founder and CEO Sameer Jasuja stated that the Delhi NCR region has been witnessing unprecedented development with major projects like the Noida International Airport, Dwarka Expressway, Delhi-Meerut Expressway, Rapid Rail, and Metro extensions. This development has significantly boosted the real estate sector. He also pointed out that the COVID-19 pandemic further encouraged both investors and homebuyers to invest in real estate.
The rise in demand has been supported by the emergence of branded developers, government initiatives, and growing confidence among investors, homebuyers, corporates, and brands in the NCR market.
In terms of supply, Noida saw a 41% decline in new supply, while Gurugram witnessed a 222% increase, Ghaziabad saw a 14% increase, and Greater Noida saw a 36% rise in new supply. Occupancy rates also saw significant changes. Gurugram had a 157% increase in occupancy, while Noida saw a 55% rise, Ghaziabad 31%, and Greater Noida saw a 39% decline.
Regarding stalled projects, Greater Noida had 167 stalled projects with 74,645 units, Noida had 103 stalled projects with 41,438 units, Ghaziabad had 50 stalled projects with 15,278 units, and Gurugram had 158 stalled projects with 52,509 units.
