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