Feedback. Average housing prices in DelhiNCR and the Mumbai Metropolitan Region MMR have surged by nearly 50 over the past five years, driven by higher demand, according to data from real estate consultant Anarock. Anarock's report reveals that the average price of residential properties in DelhiNCR jumped 49 to Rs 6,800 per square foot in JanuaryJune 2024, up from Rs 4,565 per square foot during the same period in 2019. Similarly, in the MMR, housing prices rose 48 to Rs 15,650 per square foot from Rs 10,610 per square foot over the same timeframe. The price hike is attributed to steep increases in construction costs and strong sales. Prices in both regions had remained stable from late 2016 to 2019. "The COVID19 pandemic significantly boosted 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," Anarock noted. Amar Sarin, MD and CEO of TARC Ltd, commented, "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 Gurugrambased property brokerage firm VS Realtors I Pvt Ltd, observed, "There has been a significant increase in demand for residential properties in NCR since the pandemic. Jha also mentioned that NCR's status as a major economic hub is attracting investors to the DelhiNCR property market. Yashank Wason, Managing Director of Royal Green Realty, stated that the surge in housing prices in DelhiNCR is driven by high demand, improved connectivity, infrastructure development, and strategic urban planning. He noted that major locations in and around DelhiNCR, including Bahadurgarh, have seen sharp increases in housing prices. Wason added that the development of road infrastructure has been a major factor in the rise of property prices in DelhiNCR and its surrounding cities. Copyright 2024 Living Media India Limited. For reprint rights: Syndications Today. Market. BT TV. Reels. Menu. Menu
Housing prices in DelhiNCR and the Mumbai Metropolitan Region have surged by almost 50% over the past five years due to increased demand, rising construction costs, and strong sales. The average price per square foot in DelhiNCR increased from Rs 4,565 to Rs 6,800, and in the MMR from Rs 10,610 to Rs 15,650. This growth is driven by infrastructural developments, enhanced connectivity, and strategic urban planning, attracting investors to these regions.