NCR Property Market Surges 81% in 5 Years, Luxury Housing Takes Lead

A Real Estate Revolution: NCR's 5-Year Growth Story

Over the past five years, the National Capital Region (NCR) has undergone a transformational shift in its real estate dynamics. From affordable housing to soaring demand for luxury residences, and from declining unsold inventories to skyrocketing prices, the NCR market is scripting a success story like never before.

According to the latest Anarock report, the average property price in NCR increased by 81%—from ₹4,580 per sq. ft. in 2020 to ₹8,300 per sq. ft. in Q1 2025. The report, titled “NCR Real Estate – A Beacon of Growth and Opportunity”, paints a vivid picture of the region’s emergence as a robust real estate hub.

Greater Noida & Noida: Price Growth Front-Runners

Among all NCR cities, Greater Noida stood out with a massive 98% rise in average property prices, now at ₹6,600 per sq. ft., up from ₹3,340 in 2020.

Close behind was Noida, where average prices surged 92%, reaching ₹9,200 per sq. ft. in Q1 2025. These regions have benefited immensely from infrastructure upgrades, metro connectivity, and proximity to major commercial zones.

“Greater Noida and Noida are no longer the affordable alternatives—they're investment magnets,” the report suggests.

Delhi & Gurgaon: Premium Real Estate Powerhouses

While Delhi continued to hold the highest average property price in NCR at ₹25,200 per sq. ft., its five-year growth was relatively modest at 38%. Gurgaon, however, showed significant momentum with an 84% rise, reaching ₹11,300 per sq. ft.

These markets have become the epitome of high-end real estate in India, driven by corporate expansions, global tenant demand, and a shift toward luxury living.

From Piled-Up to Picked-Up: Unsold Inventory Shrinks by 51%

One of the most striking takeaways from the report is the 51% reduction in unsold housing stock across NCR—from 1.73 lakh units in Q1 2020 to around 84,500 units in Q1 2025.

City-wise Inventory Reduction:

• Noida: 72% drop (from 18,148 units to just over 5,000)
• Ghaziabad: 58% drop
• Greater Noida: 56% drop

This has led to a drastic decline in inventory overhang, from a worrying 88 months in 2020 to a healthier 17 months by Q1 2025. Such numbers signal stronger absorption rates and better project completion, bolstered by initiatives like RERA, PMAY (Urban) and the SWAMIH Fund.

Luxury Takes Center Stage: Changing Face of Housing Supply

NCR’s housing supply has evolved dramatically. In 2024 alone, 53,000 new housing units were launched—a 44% increase from 2023.

But it’s the segmental shift that truly defines the market's evolution.

In 2020, affordable homes (<₹40 lakh) dominated.

In 2024, 59% of new launches were ultra-luxury homes priced above ₹2.5 crore.

This sharp pivot reflects the aspirations of a rising urban elite and the migration of NRIs and HNIs back to Indian metros.

New Hotspots on the Horizon: NCR's Growth Corridors

As the core areas get saturated, the spotlight is shifting to new development corridors. Real estate activity is booming in:

• Sohna
• New Gurgaon
• Dwarka Expressway
• Greater Noida West

These zones are benefiting from better expressways, improved civic amenities, and more affordable land pricing compared to traditional hubs.

Conclusion: A Market Reimagined

The NCR real estate market is no longer just a barometer for India’s urban growth—it’s a trailblazer. With increasing investor confidence, reduced inventory pressure, rising luxury demand, and supportive government reforms, the region is well on its way to becoming a world-class property investment destination.