The National Capital Region (NCR) stands out as one of the most vibrant real estate markets in the country. In the last five years, the region has undergone several notable changes in market trends.
Average housing prices across top eight cities rose in a range of 7 percent to 57 percent during the July-September period, with Delhi-NCR witnessing maximum appreciation, according to online property brokerage firm PropTiger.com.
The real estate consultant’s data showed that the average housing prices in Delhi-NCR grew 57 percent to Rs 8,017 per square feet during July-September from Rs 5,105 per square feet in the year-ago period.
PropTiger attributed this price appreciation to rising demand, especially for high-end properties.
“The fact that the Reserve Bank has maintained a status quo on the repo rate at 6.5 percent in the past 10 policy meetings is adding further pressure on pricing. In the absence of a rate cut, developers as well as buyers continue to pay a comparatively high interest on loans, which ultimately impacts housing affordability,” the report said.
According to recent data from ANAROCK, during the first half of 2024, around 32,200 housing units were sold in the NCR, with over 45% of these transactions occurring within the luxury segment, while the affordable segment represented 24%. In comparison, in 2019, luxury home sales accounted for merely 3%, whereas affordable housing comprised 49% of the market share.
Within Delhi NCR, Dwarka Expressway and Golf Course Extension/Sohna Road witnessed a significant price appreciation of over 50% YoY, leading to a sharp rise in average housing prices at an overall level, noted the Colliers-Liases Foras Housing Price Tracker for Q3 2024.
In recent years, numerous commercial and residential hubs, as well as micro markets, have developed in the Delhi-NCR region. Notably, Golf Course Extension Road and New Gurugram have become prominent growth corridors, attributed to their outstanding connectivity and dynamic social infrastructure. Likewise, Dwarka Expressway, Sohna Road, and Noida Expressway have experienced significant transformations regarding investments in both residential and commercial real estate.
Dwarka Expressway
The completion of key infrastructure projects and recent policy decisions have played an important role in the development of New Gurugram or the Dwarka Expressway. With the Gurugram section of the Dwarka Expressway inauguration and the Haryana Government approving a Rs 99.5 crore project to construct service roads on both sides of the expressway, real estate experts predict a surge in residential and commercial investments by top developers and property buyers.
The Dwarka Expressway, with a budget of ₹9,000 crore, stands as one of the most ambitious yet protracted projects, being developed in four phases—two in Delhi and two in Gurugram—linking Dwarka in Delhi to Kherki Daula in Gurugram.
Over the last five to six years, the area has experienced considerable growth, attracting substantial investments from Grade-A developers, which has led to a diverse range of property offerings, including high-rise apartments, gated communities, independent floors, and affordable housing options.
Real estate experts state that Dwarka Expressway, especially micro markets such as Sector 84 and 85, have become favourable zones for luxury housing purchases. The rapid development of infrastructure, extensive connectivity improvements, and the introduction of luxury housing projects have been instrumental in driving up property values in Sector 85 and neighbouring areas.
Concurrently, there has been a significant surge in property demand recently. With the Gurugram section of the Dwarka Expressway likely to be opened soon, it is expected that property prices will increase substantially, attracting more investors to the real estate market.
Sohna Road
Sohna Road is another emerging and rapidly evolving suburb within the National Capital Region, enjoying advantageous proximity to the Delhi-Mumbai Expressway and key commercial areas such as Cyber City and Golf Course Road. This strategic location renders it an attractive choice for professionals employed in these sectors. Increasingly, homebuyers are gravitating towards regions like Sohna Road, which provide access to natural surroundings and foster health and wellness.
The availability of green spaces is associated with enhanced social cohesion and a heightened sense of community, contributing positively to overall well-being. In light of the rising demand for sustainable and health-centric living environments, developers and urban planners are creating new micro-markets and suburbs that emphasise natural elements and promote healthy lifestyles. This trend is anticipated to continue as more individuals seek to prioritise their physical and mental health in their everyday routines.
Noida Expressway
The Noida-Greater Noida Expressway is swiftly emerging as a prime location for retail and commercial projects, encompassing shop-cum-offices and high-street developments. This corridor stands out in several critical aspects, including connectivity, infrastructure, population density, and urban settlements. It provides outstanding access to the forthcoming Noida International Airport/Jewar Airport through the Yamuna Expressway, with a travel duration of less than one hour.
The expressway offers convenient access to significant urban centers within the NCR, such as Delhi, Greater Noida, Ghaziabad, Faridabad, and Gurugram. The Aqua Metro line operated by the Noida Metro Rail Corporation (NMRC) enhances this connectivity by linking Noida to important locations in Greater Noida, including Pari Chowk and Knowledge Park. Furthermore, its close proximity to the Yamuna Expressway, which connects to notable cities and pilgrimage sites in Uttar Pradesh such as Agra, Mathura, and Vrindavan, along with the FNG Expressway, significantly boosts its connectivity benefits.
Now that you have chosen your dream home, contact OneNDF for the best home loan. Explore our insider knowledge and experience in home loans. Our mortgage experts will help you find the right home loan by taking you through the process, explaining the key stages and helping you understand your options.
