RNC That means house prices in Delhi and surrounding cities have increased by 137 percent since 2019. House prices have risen due to investor confidence, strong home buying sentiment, infrastructure development on a large scale and increasing land and construction costs. This is stated in a report published on Friday. According to a report by PropEquity, an online real estate data and analytics platform, house prices in Noida, Gurugram, Ghaziabad and Greater Noida have more than doubled between 2019 and September 2024.
Biggest price hike in Noida
According to the data, Noida saw the highest increase of 152 per cent (from Rs 5,910 per sq ft to Rs 14,946 per sq ft). It was followed by Ghaziabad, where it increased by 139 per cent (from Rs. 3,691 per sq ft to Rs. 8,823 per sq ft), Gurugram by 135 per cent (from Rs. 8,299 per sq ft in 2019 to Rs. 19,535 per sq ft in 2024) and Greater Noida by a percentage increase of 121 per cent (from Rs 3,900 per sq ft at Rs 8,601 per sq ft). Hui.
Real estate market boom after Covid
Speaking on the data, Sameer Jasuja, Founder and Chief Executive Officer (CEO), PropEquity, said, “There has been a transformation in infrastructure in the National Capital Region (NCR), which has not been seen in the last few decades. Noida International Airport, Dwarka Expressway, Delhi-Meerut Expressway, Rapid Rail and Metro Extension are the best examples of this. Due to this, all segments of the real estate sector have received a boost.” He said, “After the pandemic, the inclination of investors and home buyers towards the real estate sector has increased. Big real estate companies and government efforts have restored the confidence of investors, home buyers and businesses in the NCR market.
How much is the supply?
According to the report, as far as supply is concerned, Noida recorded a decline of 41 per cent, while Gurugram saw a whopping increase of 222 per cent. While in Ghaziabad there has been a 14 per cent increase and in Greater Noida there has been a 36 per cent increase. Shivang Suraj, founder and director of real estate consultancy Infomantra, said: “NCR has witnessed an extraordinary transformation in all aspects in the last few years. Be it investor confidence or government policy and infrastructure intervention. It is clear from the real estate boom that the new small markets on the outskirts of Noida, Gurugram and Ghaziabad are also buzzing and generating interest among homebuyers.” The report also says that the number of vacant houses is continuously declining. This is a development. According to Jasuja, “There has been a continuous decline in vacant housing across all markets. A significant reduction has been observed in Noida, Greater Noida and Ghaziabad.
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