Delhi-NCR Real Estate - Experts Say 9% Annual Price Increase
The dynamic real estate market of Delhi-NCR witnessed a notable 9% annual increase in housing prices, as experts share insights
Real estate Delhi-NCR housing prices have been going up by about nine percent every year, as per the latest report by Colliers India. Noida Extension saw a big increase of 61 percent compared to last year, while Golf Course Road also witnessed a massive growth due to better infrastructure and emergence of an increasing number of businesses.
The good news is that the number of unsold homes has been going down for four quarters in a row. This shows that despite changes, the real estate market is staying strong and stable. Compared to other big cities in India, real estate in Delhi-NCR saw the biggest drop in unsold homes, down by nine percent from last year.
Abhishek Raj, the head of Jenika Ventures, emphasised on the housing price fluctuations in Delhi-NCR. Highlighting a significant 9% annual rise in housing prices in Delhi-NCR, he attributed this rise to increased demand in sought-after areas like Golf Course Road and Noida Extension. Raj believes that the increasing preference for luxury residences, construction delays, and a growing influx of people into the NCR region are key factors driving this trend.
In addition, as per the recent data the housing prices in Noida Extension went up by 61 percent last year. The average apartment cost in Noida surged from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023, indicating a willingness among homebuyers and investors to invest in higher-quality residences.
Vikas Bhasin, from Saya Group, believes Delhi-NCR is becoming an attractive location to purchase homes. He highlights that according to market analysis the government is making substantial investments in infrastructure projects like the Jewar Airport and the RRTS train line which is driving increased interest in purchasing homes in the area, aided by the ample land available for development.
Deepak Kapoor, representing Gulshan Group, suggests that the residential properties market in Delhi-NCR is thriving due to a growing demand for larger and more luxurious homes. He also credits the market's success to the country's expanding economy, which is encouraging more people to invest in real estate.
