Delhi-NCR, Mumbai Housing Prices Soar 50% in 5 Years: Anarock

New Delhi, Jul 7 (PTI) Average housing prices in Delhi-NCR and Mumbai Metropolitan Region (MMR) have risen by nearly 50 per cent in the last five years, driven by higher demand, according to Anarock.

Real estate consultant Anarock's data shows that the average rate of residential properties in Delhi-NCR has risen by 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 of the 2019 calendar year.

Similarly, in the MMR, the average housing prices grew 48 per cent to Rs 15,650 per square feet from Rs 10,610 per square feet during the period under review.

Anarock has attributed the rise in prices to steep hikes in construction costs and healthy sales.

Prices in both regions had maintained the status quo from late 2016 to 2019, it pointed out.

"The COVID-19 pandemic was a boon for these two residential markets, causing demand to soar to new heights. Initially, developers induced sales with offers and freebies, but with demand heading north, they gradually increased average prices," Anarock said.

Listed realty firm TARC Ltd MD and CEO Amar Sarin said, "The major rise in housing prices in the NCR region over the past five years reflects a robust demand driven by infrastructural developments and enhanced connectivity. This trend underscores the region's potential for sustainable growth and investment opportunities".

Gurugram-based property brokerage firm VS Realtors (I) Pvt Ltd founder and CEO Vijay Harsh Jha said, "There has been a significant increase in demand for residential properties in NCR since the pandemic. People are prioritising having more spacious homes".

NCR's status as a major economic hub is also attracting investors in the Delhi-NCR property market, Jha added.

Royal Green Realty Managing Director Yashank Wason said the surge in housing prices in Delhi-NCR is driven by high demand, improved connectivity, infrastructure development and strategic urban planning.

He noted that all major locations in and around Delhi-NCR, including Bahadurgarh, have witnessed a sharp appreciation in housing prices.

Wason said the development of road infrastructure has been one of the major factors for this rise in property prices in Delhi-NCR and adjoining cities.