The real estate market in Delhi-NCR is on fire! According to new data from real estate consultant Anarock, the primary housing market in the region saw a massive 24% average price increase during the July-September period compared to the same time last year.1 This phenomenal jump is being fueled by strong buyer interest, particularly in the luxury home segment.2
The average price of residential properties across the major markets of Delhi-NCR (which include Gurugram, Noida, Greater Noida, Delhi, and Ghaziabad) hit ₹8,900 per square foot, up significantly from ₹7,200 per square foot a year ago.3
NCR Leads India in Price Growth
While housing prices rose across all seven major cities tracked by the consultant (up 9% overall to ₹9,105 per sq ft), Delhi-NCR saw the largest surge at 24%.4
Here’s how other major cities fared:
| City | Price Increase (Annual) | Average Price (Jul-Sep) | Note |
| Delhi-NCR | 24% | ₹8,900 per sq ft | Highest growth in India |
| MMR | 6% | ₹17,230 per sq ft | Remains India’s most expensive market |
| Bengaluru | 10% | ₹8,870 per sq ft | Strong double-digit growth |
| Hyderabad | 8% | ₹7,750 per sq ft | Consistent growth |
| Kolkata | 6% | ₹6,060 per sq ft | Steady appreciation |
| Chennai | 5% | ₹7,010 per sq ft | Moderate increase |
| Pune | 4% | ₹7,935 per sq ft | Measured increase |
Why the Price Jump? The Luxury & Lifestyle Factor
Real estate experts believe this price hike reflects a fundamental shift in buyer behavior and aspiration:
- Aspiration and Stability: Manoj Gaur, CMD of Gaurs Group, stated that the 24% surge is a “structural realignment in end-users’ behaviour,” with homebuyers prioritizing ownership in “well-planned, lifestyle-led cities.”
- Sustained Demand for Quality: Ashok Kapur, Chairman of Krisumi Corporation, highlighted that the surge “underlines the sustained demand for quality homes.” Buyers are looking for better lifestyles, modern amenities, and value-driven living spaces.5
- Affluence and Infrastructure: The surge in luxury home demand is a “testament to rising affluence and global aspirations,” according to Manik Malik, CEO of BPTP Ltd. He added that vast improvements in infrastructure have fueled both demand and prices.
The Noida vs. Gurugram Story
Both major NCR markets are growing, but for different reasons:
- Gurugram: As a mature market, price increases are being supported by new infrastructure, such as the Dwarka Expressway and the opening of UER 2.6
- Noida: Is rapidly evolving as a luxury-focused market.7 New launches are benefiting heavily from the upcoming Noida International Airport (Jewar) and superior civic infrastructure.8
However, the future rate of growth may moderate. Vijay Harsh Jha, CEO of VS Realtors, suggested that given the slight quarter-on-quarter decline in both sales and new launches, the rate of price growth might see some cooling off moving forward.9
Despite this, the year-on-year data firmly establishes Delhi-NCR as the fastest-growing major housing market in the country.10