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NCR's real-estate market has witnessed remarkable growth over the past five years, with Greater Noida leading at 98% price appreciation, followed by Noida (92%) and Gurugram (84%). Overall, NCR saw an 81% rise in residential prices. Unsold inventory dropped by 51%, with Noida recording the sharpest fall at 72%. The inventory overhang reduced dramatically from 88 to 17 months by Q1 2025. New launches surged, with 53,000 units added in 2024, a 44% increase from 2023. Post-COVID trends show a strong shift toward luxury housing, with ultra-luxury segment launches rising to 59%, while affordable housing's share declined to 11%.
Over the past decade, NCR's real estate market has experienced a robust revival across residential segments, characterized by a surge in both demand and supply. According to Anarock, Greater Noida emerged as the top performer, recording a remarkable 98% price appreciation over the last five years. The average property price in Greater Noida rose from INR 3,340 per sq. ft. in Q1 2020 to INR 6,600 per sq. ft. by the end of Q1 2025. Advertisement
Noida followed closely, registering a 92% appreciation as prices escalated from INR 4,795 to INR 9,200 per sq. ft. during the same period. Gurugram also demonstrated impressive growth with an 84% rise, moving from INR 6,150 to INR 11,300 per sq. ft. Ghaziabad and Faridabad saw price increases of 72% and 50%, respectively, while Delhi recorded a relatively moderate growth of 38%, with average prices increasing from INR 18,200 to INR 25,200 per sq. ft. Overall, NCR witnessed an 81% surge in average residential property prices, underlining its status as a prime investment destination.
Simultaneously, the region saw a dramatic reduction in unsold inventory. From approximately 1,73,117 units at the end of Q1 2020, unsold stock dropped by 51% to around 84,500 units by Q1 2025. Noida led this trend, posting a 72% decline-from about 18,148 units to 5,012 units. Ghaziabad's unsold inventory shrank by 58%, Greater Noida by 56%, and Gurugram by 42%. Delhi, Bhiwadi, and Faridabad also saw notable declines, with Faridabad recording a 10% decrease.
The sharp reduction in unsold inventory reflects stronger absorption rates and an improving supply-demand balance across NCR. This momentum brought down the inventory overhang significantly, from a staggering 88 months five years ago to just 17 months by Q1 2025, showcasing healthier market dynamics.
New residential supply also picked up pace, with 53,000 units launched in 2024-a 44% increase over 2023. However, a major shift occurred in the composition of new supply. Pre-pandemic years saw affordable housing (units priced below INR 40 lakh) dominate launches, but recent trends highlight a pivot towards luxury and ultra-luxury segments.
Ultra-luxury homes (priced above INR 2.5 crore) accounted for nearly 59% of the total launches in 2024, a significant rise from 24% in 2023 and a mere 4% in 2020. In contrast, affordable housing's share shrank to just 11% of launches in 2024, down from 41% in 2022 and 47% in 2019, marking a decisive shift towards premium living options across NCR.
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