Property Price in Delhi NCR: There has been a tremendous increase in the prices of houses in Delhi-NCR last year. According to the report of property consultant company Anarock, property prices here saw an average increase of 30 percent in 2024
Property Price in Delhi NCR: There has been a tremendous increase in the prices of houses in Delhi-NCR last year. According to the report of property consultant company Anarock, in 2024, the property prices here saw an average increase of 30 percent. The main reason behind this was the increase in the cost of building the house and the input cost.
Rise in prices
In 2023, the average price of houses in Delhi-NCR was Rs 5,800 per square foot, which increased to Rs 7,550 per square foot in 2024. This increase was the highest among the seven major cities.
Decrease in sales and increase in new supply
Housing sales in Delhi-NCR declined by six percent during 2024. While 65,625 houses were sold in 2023, this figure came down to 61,900 units in 2024. In contrast, the supply of new residential projects increased by 44 percent. 36,735 new units were launched in 2023, while this number increased to 53,000 in 2024.
Average increase in seven cities
Average residential prices increased by 13-30 percent in seven major cities including Delhi-NCR. These cities also include Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru and Pune. The average residential price of seven cities increased from Rs 7,080 per square foot in 2023 to Rs 8,590 per square foot in 2024.
Why is property getting expensive?
Anarock’s report shows that this jump in residential prices was seen due to the rising cost of land, labor and construction material. Along with this, strong demand for buying a house also played a role in pushing the prices up. This increase in prices in Delhi-NCR shows that even though sales have declined in the property market, prices remained bullish due to new projects and high demand. Housing prices in Delhi-NCR increased despite excess supply and a slight decline in sales during 2024.
