Noida leads NCR's price surge: Real estate rates are up 152% in 5 years
The real estate market in the National Capital Region (NCR) has witnessed a significant price surge over the past five years. According to a recent report by PropEquity, the weighted average price of new residential projects in Gurugram, Noida, Greater Noida, and Ghaziabad has more than doubled.
- Noida has seen the largest increase, with prices rising by 152%, from Rs 5,910 per sq ft in 2019 to Rs 14,946 per sq ft in September 2024.
- Ghaziabad's prices rose by 139%, from Rs 3,691 per sq ft to Rs 8,823 per sq ft.
- Gurugram saw a 135% increase, with prices rising from Rs 8,299 per sq ft in 2019 to Rs 19,535 per sq ft in 2024.
- Greater Noida saw a 121% increase, from Rs 3,900 per sq ft to Rs 8,601 per sq ft.
Infrastructural Developments: One of the key reasons cited for the rise in real estate prices in NCR is the significant development in infrastructure. These include:
- The Noida International Airport (which is expected to increase demand for housing in the region).
- The Dwarka Expressway, Delhi-Meerut Expressway, and Metro expansion, all of which enhance connectivity and improve the region's accessibility.
- The Rapid Rail, another infrastructure project, is expected to improve commuting
Pandemic Impact: The COVID-19 pandemic shifted people’s preferences towards real estate, with more individuals and investors moving funds into property as a safer investment. This helped sustain strong demand even as prices increased.
Read more at: https://www.business-standard.com/finance/personal-finance/noida-leads-ncr-s-price-surge-real-estate-rates-are-up-152-in-5-years-124111800187_1.html
Reference: https://economictimes.indiatimes.com