In the July-September quarter, Delhi-NCR’s primary housing market witnessed an average annual increase of 24 percent, driven by heightened demand, particularly for luxury properties, as reported by Anarock. The average price of residential properties in the region rose to Rs 8,900 per square foot from Rs 7,200 per square foot compared to the same period last year. Key markets in Delhi-NCR include Gurugram, Noida, Greater Noida, Delhi, and Ghaziabad. Across seven major Indian cities, the overall housing prices increased by 9 percent, reaching Rs 9,105 per square foot, up from Rs 8,390 per square foot. Delhi-NCR recorded the highest increase at 24 percent.
The Mumbai Metropolitan Region (MMR) remains the priciest housing market, with prices rising 6 percent to Rs 17,230 per square foot from Rs 16,300 per square foot. Bengaluru saw a 10 percent increase in prices to Rs 8,870 per square foot from Rs 8,100 per square foot. Pune’s residential property prices rose 4 percent to Rs 7,935 per square foot from Rs 7,600 per square foot, while Hyderabad experienced an 8 percent increase to Rs 7,750 per square foot from Rs 7,150 per square foot. In Chennai, prices rose by 5 percent to Rs 7,010 per square foot from Rs 6,680 per square foot.
Kolkata’s housing prices increased 6 percent to Rs 6,060 per square foot during the same period, up from Rs 5,700 per square foot last year. Manoj Gaur, CMD of Gaurs, noted that the 24 percent surge in NCR’s housing prices indicates a fundamental shift in end-user behavior, with homebuyers now focusing on well-planned, lifestyle-oriented cities that offer a sense of aspiration and stability. Ashok Kapur, Chairman of Krisumi Corporation, emphasized that the significant rise in housing prices in Delhi-NCR highlights ongoing demand for quality homes across various segments. He noted that despite economic uncertainties and changing buyer preferences, the real estate sector shows resilience and long-term growth potential, as buyers seek enhanced lifestyles and modern amenities.
BPTP Ltd CEO Manik Malik remarked that the increasing demand for luxury homes reflects growing affluence and global aspirations, with improved infrastructure contributing to the rising demand and prices in the Delhi-NCR market. Ashish Jerath, President of Sales & Marketing at Smartworld Developers, indicated that while Gurugram is an established market benefitting from new infrastructure like the Dwarka Expressway and UER 2, Noida is emerging as a luxury-focused market, benefitting from the upcoming international airport and improved infrastructure.