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Buying a home in Delhi NCR becomes expensive, prices rise by 50%

Sagar Patel

By Sagar Patel

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Average home prices in Delhi-NCR and the Mumbai Metropolitan Region (MMR) have risen by nearly 50 per cent over the past five years. Real estate consultancy Anarock said the growth was driven by high demand. According to data from Anarock, the average residential property price in Delhi-NCR rose 49 per cent to Rs 6,800 per square foot in January-June 2024, from Rs 4,565 per square foot in the same period in 2019.

What does the report say?

Similarly, average house prices in MMR rose 48 per cent to Rs 15,650 per sq ft from Rs 10,610 per sq ft during the review period. Anarock said the price increase was due to a huge increase in manufacturing costs and good sales. It reported that prices in both sectors had remained stable from late 2016 till 2019.

Anarock said that due to the Covid-19 pandemic, demand in both residential markets reached new highs. At first, developers promoted sales with the help of offers and gifts, but as demand increased, average prices gradually increased.

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Sales also fell.

Not only this, the number of unsold houses in Delhi-NCR has declined by 57 per cent in the last 5 years. In this, Noida and Gurugram are in opposite directions. The number of unsold houses in Gurugram declined from 53,136 to 33,326. Despite this, this is the largest inventory of unsold houses in Delhi-NCR. At the same time, the number of such houses in Noida has declined by 71 per cent. From 25,669 units in Noida, the number of vacant houses has come down to 7,451 units. In Greater Noida, their number fell by 70 per cent to 18,668 as compared to 61,628. While in Ghaziabad this number declined by 70 per cent from 37,005 to 11,011.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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