Prospective home buyers looking to purchase residential properties across the national capital and its adjoining suburbs are facing substantial financial strain. Average housing rates in Delhi, Noida, Greater Noida, Ghaziabad, Faridabad, and Gurugram have climbed steeply over the past year. During the July to September quarter of the ongoing financial year, residential real estate prices across Delhi-NCR surged by more than 12 percent compared to the corresponding period of the previous year.
NCR Sees More Than 1,000 Rupees Per Square Foot Surge
According to market figures compiled by real estate consultancy firm Anarock, the average price of residential properties in Delhi-NCR escalated to 9,980 rupees per square foot during the July-September quarter. In the identical quarter of the preceding financial year, this figure stood at 8,900 rupees per square foot. This shift reflects an absolute hike exceeding 1,000 rupees per square foot within twelve months. Property analysts attribute this persistent rise to steeper construction overheads alongside real estate builders shifting their focus toward high-end luxury housing ventures.
Top Seven Metros Witness 7 Percent Collective Appreciation
The trend of ascending capital values extends well beyond the capital region into India's other major commercial hubs. Across the country's top seven residential markets collectively, average property values grew by 7 percent year-on-year to 9,714 rupees per square foot, rising from 9,105 rupees per square foot recorded in the prior financial year's corresponding quarter. Among these prime seven markets, Delhi-NCR registered the steepest appreciation rate at 12 percent, outperforming all other metro regions in annual price expansion.
Santhosh Kumar, Vice Chairman at Anarock, highlighted that post-Covid-19 market dynamics triggered significant property price escalations across all key urban locations. The underlying causes include spiraling land acquisition rates alongside higher outlays for cement, steel, and structural building inputs. The comprehensive assessment spans seven primary real estate hubs: Bengaluru, Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, Chennai, Hyderabad, and Kolkata, all of which experienced consistent upward momentum in residential real estate valuations.
CREDAI Pushes to Revise 45 Lakh Rupee Affordable Housing Cap
Highlighting the impact of escalating development overheads, apex real estate developers' body CREDAI stated that creating viable residential units under the historic affordable housing framework has become nearly impossible. The developer lobby has approached the government with formal demands to elevate the investment ceiling and revamp the parameters governing budget housing. At present, properties priced up to 45 lakh rupees qualify under the affordable category. CREDAI expects the government to modify this threshold within the next six months to revitalize entry-level home construction.
