Average home prices in Delhi-NCR rise maximum at 12% annually in July-September: Anarock

The latest market report highlights that Housing prices in Delhi-NCR primary market rose a maximum of 12 per cent annually during the July-September period due to a hike in input costs and builders' increased focus on luxury projects, according to Anarock.

Real estate consultant Anarock data revealed that the average residential prices in Delhi-NCR have increased to Rs 9,980 per sq ft during the July-September quarter from Rs 8,900 per sq ft in the year-ago period.

The average residential property price across the top seven cities collectively witnessed an annual expansion of 7 per cent to Rs 9,714 per sq ft from Rs 9,105 per sq ft.

Among the top 7 cities, Delhi-NCR saw the highest annual jump of 12 per cent in its average price.

The top seven cities are — Bengaluru, Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, Chennai, Hyderabad and Kolkata.

Anarock Vice Chairman Santhosh Kumar noted that housing prices have risen sharply post-COVID pandemic across all major cities because of an gain in the cost of inputs including land and construction raw materials.

In Delhi-NCR, he stated the land rates in Noida, Greater Noida and Gurugram have surged, as reflected in the auctions conducted by the development authorities.

Kumar stated that real estate developers are focusing on rolling out premium, luxury and ultra luxury homes only.

On the demand and price trend, Manik Malik, CEO & President of BPTP Ltd, stated the housing demand stays steady.

"In NCR, evolving infrastructure, connectivity and employment-led demand keep backing residential activity, particularly in the premium and luxury segments," he further noted.

Robin Mangla, President of M3M India, stated, "In NCR, while sales saw a marginal moderation, the 12 per cent annual appreciation in residential prices reflects the market's continued resilience and the premium commanded by well-connected micro-markets."

Ashish Sarin, CEO & Director, Alpha Corp Development Ltd, stated the residential real estate market's performance in the September quarter reflects the resilience of housing demand amid evolving global and economic conditions.

"Firm end-user demand keeps backing sales, with housing increasingly being viewed as a long-term need rather than purely an investment avenue," he stated.