Residential property prices in the Delhi-NCR region have increased strongly over the last five years as per 99acres data. Changes in government policies, economic situations, and regulatory reforms have all contributed to market changing aspects.
“More than 1.6 lakh housing units are set to be delivered to home buyers across Delhi NCR in 2023,” said Maneesh Upadhyaya, Chief Business Officer, 99acres.com”. Infrastructure developments like the expansion of metro lines, Expressways, and the planned airport, as well as a surge in new project launches in the first quarter of the year, has great impact on the region.
These infrastructure developments have contributed to an increase in property prices in important micro-markets of Gurugram and Noida, in both the resale and new housing segments.
Gurugram has had a 20.3% Year on Year price increase across 50+ locations, as per 99acres data. Residential flats are available in the city, followed by builder floors and residential plots. The famous and most preferred locations of Gurugram’s DLF Phase 5 and Sector 48 are priced at 16,400/square feet and 11,350/ square feet, respectively.
Property prices in these areas increased by 16% and 23.70% year on year, respectively. Prices in Sector 102 increased by 43.10% between 2022 and 2023, and by a stunning 68% over the prior five years. The presence of business hubs, excellent social infrastructure, and strong connectivity have made Gurugram an appealing alternative, fueling the rapid growth of property rates.
Prices have risen by 20.2% year on year in more than 20 areas in Noida. Noida is well-known for its housing societies, which are followed by individual residences. Sector 75 and Sector 137 are the most searched areas in Noida, with prices starting at 8500/ square feet and 5700/ square feet respectively.
Property prices in Sector 75 have increased by 26% during the last year, while those in Sector 137 have increased by 21%. Property prices in Sector 62 Noida have risen by 19% in the last three years. The key elements contributing to property rate appreciation are an improved metro network, excellent road connectivity, and business zones.
Source- Hindustan Times