The National Capital Region (NCR) has seen an 81 per cent surge in average property prices, reaching ₹8,300 per square foot in Q1 2025, up from ₹4,580 in 2020, according to a report by real estate consultancy Anarock, published by Hindustan Times.
Greater Noida experienced the highest price increase in NCR, with property values rising by 98%, from ₹3,340 per square foot in 2020 to ₹6,600 per square foot in Q1 2025. Noida followed closely with a 92% rise in property prices, reaching ₹9,200 per square foot in Q1 2025, up from ₹4,795 per square foot in 2020.
Meanwhile, Delhi and Gurgaon had the highest average property prices in NCR during Q1 2025, with Delhi at ₹25,200 per square foot and Gurgaon at ₹11,300 per square foot. Over the past five years, property prices in Delhi have increased by 38%, while Gurgaon saw an 84% increase.
The report, titled NCR Real Estate – A Beacon of Growth and Opportunity, covers the housing market in NCR from 2020 to 2025, emphasizing the impact of major structural reforms, including RERA, the SWAMIH Fund, and the Pradhan Mantri Awas Yojana (PMAY) for Urban Areas, which have played a pivotal role in the region’s real estate revival.
The report highlights a dramatic 51% reduction in unsold housing inventory in NCR. From approximately 1.73 lakh unsold units in Q1 2020, this number decreased to about 84,500 units by Q1 2025.
Noida led the region with a 72% reduction in unsold homes, dropping from around 18,148 units in Q1 2020 to just over 5,000 units in Q1 2025. Ghaziabad followed with a 58% decline, and Greater Noida recorded a 56% decrease in unsold housing stock over the same period.
The decline in unsold inventory has also resulted in a significant reduction in the inventory overhang—the time needed to sell the unsold stock at the current sales rate. By Q1 2025, this overhang decreased to just 17 months, a marked improvement from the peak of 88 months in 2020.
NCR’s housing supply saw a major boost in 2024, with approximately 53,000 units launched across the region, representing a 44% increase compared to 2023. The report noted a significant shift in the market’s focus, with the majority of new housing launches now concentrated in the luxury and ultra-luxury segments, rather than affordable housing.
In 2024, ultra-luxury homes (priced above ₹2.5 crore) accounted for 59% of new launches, a sharp rise from 24% in 2023 and just 4% in 2020. This shift reflects a broader market trend toward high-end homes following the COVID-19 pandemic.
The report also highlights key growth corridors within NCR, which are seeing substantial real estate activity. Notable areas include Sohna, New Gurgaon, Dwarka Expressway, and Greater Noida West, which are driving the region’s market expansion and attracting significant real estate development.