The National Capital Region (NCR) has experienced a remarkable 137% increase in housing prices, driven by renewed investor confidence, positive homeownership sentiments, extensive infrastructure projects, and escalating land and construction costs. Notably, between 2019 and September 2024, areas such as Noida, Gurugram, Ghaziabad, and Greater Noida have seen their prices more than double, as reported by PropEquity.

Data from PropEquity indicates that Noida recorded the highest price increase at 152%, rising from Rs 5,910 per square foot to Rs 14,946 per square foot. Ghaziabad followed with a 139% increase (from Rs 3,691 per square foot to Rs 8,823 per square foot), while Gurugram experienced a 135% rise (from Rs 8,299 per square foot in 2019 to Rs 19,535 per square foot in 2024). Greater Noida saw a 121% increase, moving from Rs 3,900 per square foot to Rs 8,601 per square foot.

Samir Jasuja, Founder and CEO of PropEquity, commented on the findings, stating that the NCR is undergoing an unprecedented infrastructural transformation, highlighted by projects such as the Noida International Airport, Dwarka Expressway, Delhi-Meerut Expressway, and metro expansions. “These developments are providing significant momentum to all real estate sectors. The pandemic has further directed investor funds and homebuyer interest towards real estate,” he said.

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Moreover, the rise of reputable developers and government initiatives have restored confidence among investors, homebuyers, corporations, and brands in the NCR market.

Jasuja anticipates that the NCR will continue to outperform other tier 1 cities, attracting further investment and expansion from established developers.

In terms of supply, Noida experienced a 41% decrease, while Gurugram saw an impressive 222% increase. Ghaziabad’s supply rose by 14%, and Greater Noida’s increased by 36%. Regarding absorption rates, Noida, Ghaziabad, and Greater Noida faced declines of 55%, 31%, and 39%, respectively, with Gurugram being the exception, which saw a 157% increase.

The inventory that remains unsold has experienced a steady decrease across all markets, particularly in Noida, Greater Noida, and Ghaziabad, which have observed notable reductions.

Jasuja noted that the initiatives undertaken by the Uttar Pradesh government to address the issues surrounding stalled projects have contributed to this decline in inventory.

According to a report by PropEquity, Greater Noida is currently facing 167 stalled projects, totaling 74,645 units. In Noida, there are 103 stalled housing projects, amounting to 41,438 units, while Ghaziabad has 50 stalled projects with 15,278 units. Additionally, Gurugram has 158 stalled projects, encompassing 52,509 units.

Commenting on the findings of the report, Aman Gupta, Director of RPS Group, said that the 137% increase in the real estate prices in the NCR since 2019 gives credence to the fundamental strength of the region in terms of real estate and the increasing confidence of the investors. New infrastructure developmental projects, especially in the regions of Noida, where the appreciation is as high as 152%, are going to generate new growth corridors.

“The demand across all the segments is strong even with the rising construction costs. The need for new branded developers as well as the government initiatives for the completion of the suspended projects have helped reinstated the confidence of the buyers in the market. This result is more than just a figure, it shows the change in the position of the National Capital Region in the real estate market. We believe this trend will continue, particularly in areas supported by advancing infrastructure, such as the Noida International Airport and metro expansion,” Gupta added.

Vishal Raheja, Founder & MD, InvestoXpert.com, said, “The remarkable surge in NCR housing prices since 2019 reflects a perfect confluence of factors: robust infrastructure projects like the Noida International Airport and Dwarka Expressway, a growing preference for homeownership post-pandemic, and increasing land and construction costs. Notably, Noida leading the pack with a price rise highlights its transformation into a preferred investment hotspot, fueled by connectivity and branded developer projects. The data underscores NCR’s emergence as a powerhouse real estate market, set to outpace its peers in terms of growth, demand, and investor confidence.”

Sunil Sisodiya, Founder, Geetanjali Homestate, said the NCR’s housing market is a prime example of how infrastructure and policy support drive long-term value creation. “With Gurugram witnessing a price increase and Ghaziabad not far behind, the narrative is clear—proximity to large-scale projects like rapid rail and metro expansions has made these cities investment hotspots. While absorption may have dipped, Gurugram remains an exception due to its commercial and luxury housing momentum. This growth trajectory, supported by rising land and construction costs, reaffirms that the NCR will continue to attract both end-users and investors in the coming years,” he added.