The National Capital Region (NCR) real estate market has experienced a remarkable price surge over the past five years. According to PropEquity, Noida has seen the most significant increase, with prices soaring 152% from Rs 5,910 per sq ft in 2019 to Rs 14,946 per sq ft in September 2024. Ghaziabad, Gurugram, and Greater Noida followed closely with price increases of 139%, 135%, and 121%, respectively.
Several factors have contributed to this price surge. Significant infrastructure developments, including the Noida International Airport, Dwarka Expressway, Delhi-Meerut Expressway, Metro expansion, and Rapid Rail, have enhanced connectivity and accessibility. The COVID-19 pandemic accelerated the shift towards real estate as a safe investment, boosting demand. Additionally, limited land availability and stringent regulations have constrained supply, further driving up prices.
Homebuyers' evolving preferences for larger, more luxurious homes have fueled demand in the premium and luxury segments. Experts attribute the strong demand and price growth to these factors, anticipating future stability or modest growth in the region.
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