Delhi-NCR leads housing price surge in July-Sept

Residential property prices in Delhi-NCR rose 24 per cent year-on-year during the July-September quarter, making it highest among top seven Indian cities, according to real estate consultancy Anarock.

The surge has been concentrated in luxury and premium segments, while affordable housing options remain limited.

Data from Anarock showed that the average price of residential properties across Delhi-NCR reached Rs 8,900 per square foot from Rs 7,200 a year ago. Key markets contributing to this growth include Gurugram, Noida, Greater Noida, Delhi and Ghaziabad.

Across top seven Indian cities, including Mumbai, Bengaluru, Hyderabad, Pune, Chennai and Kolkata, housing prices increased 9 per cent to Rs 9,105 per square foot from Rs 8,390. Among these cities, Delhi-NCR recorded the highest growth, while Mumbai remained the most expensive market, with prices at Rs 17,230 per square foot.

Experts attribute the rise in prices to infrastructure projects and end-user demand.

Manoj Gaur, CMD of Gaurs, said, “The 24 per cent surge in NCR’s housing prices reflects a shift in buyers’ priorities. Homebuyers are focusing on planned developments with clear ownership and connectivity.”

Ashok Kapur, chairman of Krisumi Corporation, said buyers today are seeking residences that combine location, infrastructure and long-term value.

Infrastructure upgrades have played a key role. Ashish Jerath, President of Sales & Marketing at Smartworld Developers, said: “Gurugram benefits from Dwarka Expressway and Urban Extension Road-II, while Noida is emerging as a luxury-focused hub due to the upcoming international airport and improved connectivity.”

The surge in luxury housing occurs amid an ongoing affordable housing crisis. In 2024, more than 4.12 lakh new units were launched across India’s top seven cities, yet most remain out of reach for middle and lower-income families.

Urban land costs remain high, forcing young professionals and migrants into long-term renting or informal settlements.

Recent data from the National Housing Board (NHB) shows that the highest earning 5 per cent of households face extreme challenges in home ownership, needing around 109 years to buy a house in Mumbai, 64 years in Gurugram, 36 years in Bengaluru and 35 years in Delhi.