Avg housing prices jumps nearly 50% in Delhi-NCR, Mumbai in 5 yrs: Anarock
Average housing prices in Delhi-NCR and Mumbai Metropolitan Region (MMR) have risen by nearly 50 per cent in the last five years, driven by higher demand, according to Anarock.
Real estate consultant Anarock's data shows that the average rate of residential properties in Delhi-NCR has risen by 49 per cent to Rs 6,800 per square foot in January-June 2024 from Rs 4,565 per square foot in the same period of the 2019 calendar year.
Similarly, in the MMR, the average housing prices grew 48 per cent to Rs 15,650 per square feet from Rs 10,610 per square feet during the period under review.
Anarock has attributed the rise in prices to steep hikes in construction costs and healthy sales.
Prices in both regions had maintained the status quo from late 2016 to 2019, it pointed out.
"The COVID-19 pandemic was a boon for these two residential markets, causing demand to soar to new heights. Initially, developers induced sales with offers and freebies, but with demand heading north, they gradual