Prices of new housing projects in NCR up over 2-fold since 2019-end: Report

In statement on Friday, real estate data analytic firm PropEquity said that "between 2019 and September 2024, Noida saw the highest rise at 152 per cent to Rs 14,946 per sq ft from Rs 5,910 per sq ft

The weighted average price of new residential projects launched in Gurugram, Noida, Greater Noida and Ghaziabad have more than doubled in the last five years, according to PropEquity.

In a statement on Friday, real estate data analytic firm PropEquity said that "between 2019 and September 2024, Noida saw the highest rise at 152 per cent to Rs 14,946 per sq ft from Rs 5,910 per sq ft.

In Ghaziabad, the weighted average rate has risen 139 per cent from Rs 3,691 per sq ft to Rs 8,823 per sq ft.

Gurugram has seen 135 per cent increase in weighted average price of new projects to Rs 19,535 per sq ft in September 2024 from Rs 8,299 per sq ft in 2019.

In Greater Noida, the rates quoted by developers for new projects rose 121 per cent to Rs 8,601 per sq ft from Rs 3,900 per sq ft.

Samir Jasuja, Founder and CEO of PropEquity, said: "The NCR is witnessing an infrastructural metamorphosis never seen in decades with developments like Noida International Airport, Dwarka Expressway, Delhi-Meerut expressway, Rapid rail, 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, he added.

Gurugram-based property consulting firm InfraMantra founder Shiwang Suraj said the return on investment from real estate has surpassed returns from all other investment tools.

"Demand continues to be robust even at elevated price points as is evident from the fall in property conversion time," he added.

Abhishek Trehan, Executive Director of Trehan Iris, said, "The significant rise in housing prices across NCR since 2019, reflects the region's growing appeal and evolving real estate landscape."  As demand continues to outpace supply, he said, "We have witnessed a surge in homebuyers who are increasingly looking for long-term investments in robust, well-connected locations in Delhi NCR."  This price appreciation is not just a short-term trend, but a clear indication of the region's economic resilience, infrastructure development, and its appeal as a hub for professionals and homebuyers alike, Trehan said.

Arjun Nanda, Founder & CEO of real estate consultancy firm Your Home (YHATAW), said, "Gurugram has been a standout market, excelling in both sales and value appreciation. Key infrastructure projects like Dwarka Expressway have driven demand and price growth. While housing prices have risen in line with increased land and material costs, we anticipate future stability or modest growth.