Owning a home is considered one of the biggest achievements for Indians.
However, with property prices soaring, buying a house today has become a stressful thought for many, especially in areas like Delhi NCR.
The increase in property prices is making it more difficult for people to afford homes, even if they are ready to invest their entire savings.
Let’s take a closer look at how property prices have changed in Delhi NCR from 2019 to 2024.
Huge Increase in Property Rates
In the past few years, property prices in Delhi NCR have skyrocketed, especially in areas like Noida, Greater Noida, and Ghaziabad.
Noida: Property prices have risen by 152% since 2019. The price per square foot, which was Rs 5,910 in 2019, has surged to Rs 14,946 in September 2024.
Ghaziabad: The property rates here have increased by 139%. In 2019, the price per square foot was Rs 3,691, and by September 2024, it has reached Rs 8,823.
Gurugram: Property prices have jumped by 135%, with the price per square foot rising from Rs 8,299 in 2019 to Rs 19,535 in 2024.
Greater Noida: There has been a 121% rise in property prices, with prices increasing from Rs 3,900 per square foot in 2019 to Rs 8,601 per square foot in September 2024.
Reasons Behind the Price Hike
Experts point out that the rise in property prices in Noida and Greater Noida can be attributed to infrastructure developments, such as the expansion of metro lines, expressways,
and the construction of the upcoming Jewar airport. Despite the rise in prices, demand for homes, especially luxury and ultra-luxury homes, has been on the rise.
Reports from Magicbricks show a growing interest in ultra-luxury homes priced over Rs 3 crore, with 3 out of every 10 Indians now looking to buy premium homes.
The demand for larger homes, particularly 3 and 4 BHK flats, has also increased, as noted in a report by Anarock.
This shift shows a preference for more spacious properties, even as prices continue to climb.
