Delhi-NCR Leads Housing Price Surge Among Major Indian Cities
Delhi-NCR experienced a 24% year-on-year increase in housing prices during the July-September quarter, outpacing six other major Indian cities. The average housing price in Delhi-NCR rose to ₹8,900 per square foot from ₹7,200 in the previous year. This surge was driven by strong demand, particularly in the luxury home segment. Across all seven major cities, housing prices increased by 9% on average. Mumbai Metropolitan Region remains the most expensive housing market with an average price of ₹17,230 per square foot, despite a 6% annual increase. The quarter-over-quarter growth has moderated to 1-3% across the seven cities, indicating a potential market stabilization.
*this image is generated using AI for illustrative purposes only.
Delhi-NCR has emerged as the frontrunner in housing price appreciation among seven major Indian cities during the July-September quarter, according to recent market data. The region witnessed a remarkable 24% year-on-year increase in housing prices, outpacing other metropolitan areas and reflecting a robust demand in the real estate sector.
Key Highlights
- Delhi-NCR's average housing price rose to ₹8,900 per square foot from ₹7,200 per square foot in the same period last year.
- The surge was primarily driven by strong demand, particularly in the luxury home segment across markets including Gurugram, Noida, Greater Noida, Delhi, and Ghaziabad.
- Across all seven major cities, housing prices increased by 9% on average, reaching ₹9,105 per square foot from ₹8,390 per square foot in the previous year.
Comparative Analysis of Major Indian Cities
| City | Current Price (₹/sq ft) | YoY Increase (%) |
|---|---|---|
| Delhi-NCR | 8,900.00 | 24.00 |
| Mumbai Metropolitan Region | 17,230.00 | 6.00 |
| Bengaluru | 8,870.00 | 10.00 |
| Hyderabad | 7,750.00 | 8.00 |
| Kolkata | 6,060.00 | 6.00 |
| Chennai | 7,010.00 | 5.00 |
| Pune | 7,935.00 | 4.00 |
Factors Driving Delhi-NCR's Price Surge
Industry executives attribute Delhi-NCR's significant price appreciation to several factors:
- Changing buyer preferences towards quality homes
- Infrastructure improvements, including the Dwarka Expressway and upcoming international airport
- Rising affluence driving demand for luxury homes
Market Outlook
While the year-on-year growth has been substantial, the quarter-over-quarter growth has moderated to 1-3% across the seven cities. This indicates a potential slowdown from the sharp post-COVID price increases, suggesting a stabilization in the market.
The Mumbai Metropolitan Region maintains its position as the most expensive housing market in India, with an average price of ₹17,230 per square foot, despite a relatively modest 6% annual increase.
As the real estate market continues to evolve, potential homebuyers and investors should keep a close eye on these trends. The significant price appreciation in Delhi-NCR, coupled with infrastructure developments, may present both opportunities and challenges in the coming months.
For those considering real estate investments, it's crucial to conduct thorough research and consider factors such as location, amenities, and long-term growth prospects before making decisions in this dynamic market landscape.
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