The Delhi NCR property market has demonstrated a remarkable ability to withstand challenges and thrive by recording the highest yearly jump of 30 per cent in average residential price – from ₹5,800 per sq ft in 2023 to nearly ₹7,550 per sq ft in 2024, even as housing sales fell by 4 per cent in India’s top seven cities.
According to data from real estate consultancy ANAROCK, NCR also recorded a 44 per cent rise in new launches, the highest among the top residential markets (NCR, Mumbai Metropolitan Region, Bangalore, Pune, Hyderabad, Chennai and Kolkata). This also contributed significantly to the 4.12 lakh units launched nationwide in 2024.
The report also revealed that housing prices surged by 13-30 per cent across India in 2024, primarily driven by rising input costs and robust demand from homebuyers. Collectively, the leading cities experienced a 21 per cent annual increase in the average residential price, rising from ₹7,080 per sq ft in the fourth quarter of 2023 to more than ₹8,590 per sq ft in the fourth quarter of 2024.
However, in NCR, the 30 per cent increase in prices exceeded the average rise of 21 per cent observed in other major cities, establishing the region as a significant contributor to the real estate momentum in the country.
On the flip side, housing sales in the other cities witnessed a marginal fall of 4 per cent in 2024, with over 4.59 lakh units being sold compared to over 4.76 lakh units in 2023. With the sales going down, launches in the top seven cities also slumped by 7%, from 4.45 lakh units launched in 2023 to 4.12 lakh units in 2024, according to ANARCOK.
The report stated that strong homebuyer demand, hardening property prices, and the general and state elections dented India’s residential growth momentum in 2024. Although sales dropped, the sales value in 2024 rose by 16 per cent to ₹5.68 lakh crore from ₹4.88 lakh crore in 2023.
All cities, with the exception of MMR and Bengaluru, experienced a decline in sales. MMR recorded the highest sales figures, reaching approximately 155,000 units in 2024, which represents a 1 per cent increase from the 153,000 units sold in 2023. While Bengaluru saw a 2 per cent rise in sales, increasing from 63,980 units in 2023 to 65,230 units in 2024. Additionally, NCR and Pune both witnessed a 6 per cent decrease in housing sales, while Hyderabad faced a 5 per cent decline. Kolkata recorded the most significant drop at 20 per cent, and Chennai saw an 11 per cent reduction in total housing sales in 2024 compared to the previous year.
“While sales also saw a marginal decline when compared to 2023, this was offset by a 16% jump in the overall sales value, thanks to average price appreciation and increasing unit sizes,” said Anuj Puri, Chairman of Anarock, adding that 2025 will also see generous new supply infusions by listed developers, who have significant inventory lined up. He pointed out that the elections and slow project approval process had dented the new supply pipeline in 2024.
Mumbai Metropolitan Region (MMR) continues to be the most expensive market, but its growth rate is lower than that of NCR.
Anarock report highlights that NCR, besides Bengaluru and Chennai, was one of the few regions to witness a growth in new supply during 2024.
Unsold inventory in the NCR experienced a decline of 8%, suggesting higher absorption rates and a transition towards a more balanced relationship between demand and supply. MMR and Bengaluru collectively represented almost 50% of the overall new housing supply in 2024.
However, NCR’s significant 44% rise in launches indicates rising interest from developers and buyers in this market.
