Delhi-NCR Sees 69% Surge in Housing Prices in Q2 2024
Residential property prices in the Delhi-NCR area soared by 30% year-over-year in the April quarter of the current year, making it the fastest-growing market among India’s top eight cities, according to a recent analysis. The report highlighted that Dwarka Expressway saw an impressive 69% rise in average housing prices during this period, while Greater Noida experienced a 45% year-on-year increase in the second quarter of 2024. These substantial price hikes are largely driven by the introduction of exclusive, high-end projects by leading developers, particularly in the luxury and ultra-luxury categories. The influx of these premium developments has fueled demand, pushing property values to new heights in these key areas.
According to the survey, Bengaluru emerged in the second spot, with the cost of housing rising by 28% on an annual basis in the southern metropolis. In Bengaluru, “the peripheral region & Outer East micro marketplaces had the largest price increase of 42 percent year on year. Current Metro expansions and planned suburban railway projects are expected to stimulate housing operation, particularly in the Inner East region and Outer North micro-markets,” the research stated. “1BHK flats continue to show robust demand, with their prices.
Throughout the housing market, demand expansion was highest in the premium and ultra-luxury categories, especially vacation properties, as seen by price increases in certain micro-markets of Delhi NCR and Bengaluru. Typical costs of housing for big residential units, especially 3-4BHK arrangements, in these towns have risen by up to 30% every year. Furthermore, the administration’s subsequent limited retrospective reversal on long-term capital gains originating from land sales is likely to bolster investor and resident opinions, and consequently the real estate market as a whole.
