Avg NCR home prices up 12% in Jul-Sep: Anarock

Real estate prices in Delhi-NCR surged by up to 12 percent year-over-year during the July-September quarter, according to Anarock, a leading real estate consultant. The average residential property price in the NCR region surged to Rs 9,980 per square foot, up from Rs 8,900 per square foot in the same period last year. The top seven cities, including Bengaluru, Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, Chennai, Hyderabad, and Kolkata, witnessed a collective annual growth of 7 percent in residential property prices to Rs 9,714 per square foot from Rs 9,105 per square foot.

Delhi-NCR led the pack in terms of annual price growth, with an impressive 12 percent increase, thanks to a surge in input costs and builders' focus on luxury projects. Santhosh Kumar, Anarock's Vice Chairman, attributed the sharp price rise post-COVID pandemic to a rise in input costs such as land and construction materials. In Delhi-NCR, land rates in Noida, Greater Noida, and Gurugram have climbed, as evidenced by auctions conducted by development authorities.

Developers are now concentrating on launching premium, luxury, and ultra-luxury homes. Manik Malik, CEO & President of BPTP Ltd, emphasized that housing demand remains steady, with evolving infrastructure, connectivity, and employment-led demand supporting the sector, particularly in the premium and luxury segments. Robin Mangla, President of M3M India, noted that while sales faced a slight moderation, the 12 percent annual appreciation in residential prices underscores the market's strength and the premium commanded by well-connected micro-markets.

Ashish Sarin, CEO & Director of Alpha Corp Development Ltd, highlighted the resilience of housing demand during global and economic uncertainties. Strong end-user demand continues to fuel sales, with people viewing housing as a long-term need rather than a mere investment.