NCR That means house prices in Delhi and its surrounding cities have increased by 137 percent since 2019. Housing prices have increased due to investor confidence, strong home buying sentiments, large-scale infrastructure development and rising land and construction costs. This has been said in a report released on Friday. According to a report by PropEquity, an online real estate data and analytics platform, home prices in Noida, Gurugram, Ghaziabad and Greater Noida have more than doubled between 2019 and September 2024.
Highest price increase in Noida
According to the data, Noida saw the highest increase of 152 per cent (from Rs 5,910 per sq ft to Rs 14,946 per sq ft). It was followed by Ghaziabad, where it increased by 139 percent (from Rs 3,691 per sq. ft. to Rs. 8,823 per sq. ft.), Gurugram by 135 percent (from Rs. 8,299 per sq. ft. in 2019 to Rs. 19,535 per sq. ft. in 2024) and Greater Noida by 121 percent. percent (from Rs 3,900 per sq. ft. to Rs. 8,601 per sq. ft.).
Boom in property market after Covid
Commenting on the data, Sameer Jasuja, Founder and Chief Executive Officer (CEO), PropEquity, said, “There has been a transformation in the infrastructure in the National Capital Region (NCR), which has not been seen in the last decades. Noida International Airport, Dwarka Expressway, Delhi-Meerut Expressway, Rapid Rail, Metro extension are the best examples of this. Due to these, all segments of real estate have got a boost.'' He said, ''After the pandemic, the inclination of investors and home buyers has increased towards real estate. Big real estate companies and government efforts have restored the confidence of investors, home buyers and companies in the NCR market.
How much is the supply?
According to the report, when it comes to supply, Noida recorded a decline of 41 percent, while Gurugram saw a huge increase of 222 percent. There has been an increase of 14 percent in Ghaziabad and 36 percent in Greater Noida. Shivang Suraj, founder and director, property consultancy Infomantra, said, “NCR has witnessed extraordinary transformation in all aspects in the last few years. Be it investor confidence or government policy and infrastructure intervention. It is evident from the real estate boom that the new small markets on the periphery of Noida, Gurugram and Ghaziabad are also bustling and generating interest among home buyers.'' The report also said that the number of vacant houses is continuously decreasing. It is happening. According to Jasuja, “There has been a continuous decline in vacant houses in all markets. A significant reduction has been seen in Noida, Greater Noida and Ghaziabad.
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