In 5 years, Delhi-NCR sees 81% jump in property prices; Noida clocks highest surge
Residential property prices in the National Capital Region (NCR) have surged by 81 per cent over the last five years, according to a report released by real estate consultancy Anarock. Leading the price growth is Greater Noida, which witnessed a staggering 98 per cent increase — from Rs 3,340 per sqft in the first quarter (Q1) of 2020 to Rs 6,600 per sqft in Q1 2025.
The report, titled NCR Real Estate – A Beacon of Growth and Opportunity, highlighted trends across the region's real estate sector from 2020 to 2025. Noida followed with a 92 per cent jump in average property prices to Rs 9,200 per sqft, while Gurgaon saw an 84 per cent rise to Rs 11,300 per sqft. Delhi continued to have the highest average property prices at ₹25,200 per sqft, though it posted a relatively modest increase of 38 per cent.
Despite price hikes, NCR's unsold housing inventory dropped 51 per cent in the five-year period, the report noted. From approximately 1.73 lakh units in the first quarter of 2020, the inventory fell to about 84,500 units by Q1 2025. Noida recorded the sharpest fall in unsold stock — down by 72 per cent — followed by Ghaziabad (58%) and Greater Noida (56%).
'The NCR market has undergone a remarkable transformation,' said Santhosh Kumar, vice-chairman, Anarock Group.
'Structural reforms like RERA, the SWAMIH Fund, and PMAY (Urban) have played a pivotal role,' he said.
'The report further highlights that strong sales velocity over the years, along with significant new launches, reduced the inventory overhang,' Kumar noted. Inventory overhang—a key metric indicating how long it would take to clear current unsold stock—fell dramatically from 88 months in 2020 to just 17 months in 2025.
The report also noted a shift in market preferences. While affordable housing (priced under ₹40 lakh) once dominated the supply pipeline, 2024 saw ultra-luxury housing (priced above Rs 2.5 crore) make up 59 per cent of new launches — up from just 4 per cent in 2020. Affordable housing's share fell to just 11 per cent of new launches in 2024.
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