Property Prices Surge in Delhi-NCR and MMR: Anarock Report

Average housing prices in Delhi-NCR and Mumbai Metropolitan Region (MMR) have risen by nearly 50% in the last five years due to higher demand, as per Anarock's report. Price hikes are attributed to increased construction costs and healthy sales. Experts cite infrastructural developments and enhanced connectivity as key factors.

The average housing prices in Delhi-NCR and the Mumbai Metropolitan Region (MMR) have surged by nearly 50 percent over the past five years, driven by soaring demand, according to real estate consultant Anarock.

Data from Anarock indicates that the average rate of residential properties in Delhi-NCR increased by 49 percent to Rs 6,800 per square foot from Rs 4,565 per square foot between January-June 2024, compared to the same period in 2019.

Similarly, in the MMR, average housing prices have risen 48 percent to Rs 15,650 per square foot from Rs 10,610 per square foot over the same timeframe. Anarock cites steep hikes in construction costs and robust sales as primary reasons for this price escalation.

From late 2016 to 2019, prices in both regions had remained stable. However, the COVID-19 pandemic significantly boosted demand in these residential markets. Initially, developers promoted sales through offers and freebies, but as demand soared, they gradually increased prices, Anarock noted.

Amar Sarin, MD and CEO of TARC Ltd, pointed out that the sharp rise in housing prices in the NCR region over the past five years reflects robust demand propelled by infrastructural developments and enhanced connectivity, suggesting the region's potential for sustainable growth and investment opportunities. VS Realtors founder and CEO Vijay Harsh Jha added that the increased demand for residential properties in NCR since the pandemic has led people to prioritize more spacious homes.

Royal Green Realty Managing Director Yashank Wason highlighted that the surge in housing prices in Delhi-NCR is driven by high demand, improved connectivity, and strategic urban planning, with significant appreciation in regions like Bahadurgarh. Wason emphasized that road infrastructure development has been a major factor for the rise in property prices in Delhi-NCR and surrounding areas.

(With inputs from agencies.)