Residential property prices in the Delhi-NCR region have appreciated significantly over the last five-year period as per insights shared by property search platform 99acres.com. Various factors, such as changes in government policies, economic conditions, and regulatory reforms like the Real Estate (Regulation and Development) Act, 2016, have contributed to the market dynamics.
Maneesh Upadhyaya, Chief Business Officer, 99acres.com, said, “In 2023, more than 1.6 lakh housing units are set to be delivered to home buyers across Delhi NCR. This, accompanied with infrastructural developments, such as the expansion of metro lines, expressways and upcoming airport, along with an increase in new project launches in the first quarter of the year have rendered a positive impact on the region. These developments have collectively contributed to the rise in property prices in key micro-markets of Gurugram and Noida in both resale and new home segments.”
According to 99acres, Gurugram has seen 20.3% YoY price appreciation across 50+ localities. The city has an ample supply of residential apartments, followed by builder floors and residential plots. The prominent and most searched areas of DLF Phase 5 and Sector 48 in Gurugram have a price of Rs 16,400/sqft and Rs 11,350/sqft respectively.
The property prices in these localities surged by 16% and 23.70% YoY respectively. In Sector 102, the prices appreciated by 43.10% from 2022 to 2023, and a whopping 68% over the last five years. Presence of commercial hubs, sound social infrastructure and robust connectivity have made Gurugram an attractive option and driven the rapid appreciation of property rates.
In Noida, there has been 20.2% YoY price appreciation across 20+ localities. Noida is popular for housing societies followed by independent homes. Sector 75 and Sector 137 are the most searched localities in Noida on the 99acres.com platform, with prices standing at Rs 8500/sq.ft. and Rs 5700/sq.ft. respectively.
n the past year, property prices of Sector 75 appreciated by 26% and of Sector 137 by 21%. Sector 62 Noida has seen property prices surge by 19% over the last three years. Improved metro network, smooth road connectivity, and several employment zones are the major factors contributing to the appreciation of property rates.
Greater Noida has also exhibited significant appreciation in the property rates with 17.6% YoY appreciation across 10+ localities. The city offers a perfect blend of under-construction and ready-to-move housing societies attracting both residents and investors. Prices in Sector 10, Greater Noida West currently stand at Rs 7300/sq.ft. The property prices in this locality have appreciated by 86% in the last three years and witnessed a significant 126% increase in five years.
Jaypee Greens is another most searched locality in Greater Noida. The property prices in this locality increased by 19.80% YoY and 48% over the last three years. Greater Noida’s well-planned infrastructure such as the metro, road connectivity and the upcoming Jewar Airport is attracting residents.
“This upward trend in property prices is expected to persist for several more quarters, as the housing demand, which had been subdued due to Covid-induced economic uncertainties, is gradually bouncing back,” Upadhyaya added.