Over the past decade, NCR has experienced a strong revival in demand and supply across real estate segments, with significant housing price appreciation in major hotspots.
According to Anarock, Greater Noida saw an astounding 98% appreciation among all NCR cities in the last five years - average prices here rose from Rs 3340/sq.ft. in Q1 2020 to Rs 6600/sq.ft. by Q1 2025-end. Noida recorded the second-best appreciation of 92% in the same period – from Rs 4795/sq.ft in Q1 2020 to Rs 9200/sq.ft by Q1 2025. Gurugram witnessed an 84% jump - from Rs 6,150/sq.ft. to Rs 11,300 per sq. ft. in this period.
Overall, the entire NCR saw an 81% jump in average residential prices over five years. Little wonder, then, that the region is seen as an investment destination par excellence among those who know where to look and what to look for.
Average residential property prices across NCR cities have witnessed significant growth from Q1 2020 to Q1 2025, with Greater Noida leading the surge at a 98% increase (from Rs 3,340 to Rs 6,600 per sq ft), followed by Noida with a 92% rise (Rs 4,795 to Rs 9,200) and Gurgaon at 84% (Rs 6,150 to Rs 11,300). Ghaziabad and Faridabad recorded price hikes of 72% (Rs 3,260 to Rs 5,600) and 50% (Rs 3,200 to Rs 4,800), respectively. Meanwhile, Delhi saw a comparatively moderate increase of 38%, with prices rising from Rs 18,200 to Rs 25,200 per sq ft. On average, the entire NCR region registered an 81% jump in residential property prices over the five years, reflecting robust demand and sustained real estate momentum.
Notably, the NCR market, which had previously seen the highest unsold stock in the country, is now seeing a remarkable decline. Despite the significant price rises across NCR in the last five years, unsold inventory in the region has dropped by 51% in the last five years from approx. 1,73,117 units by Q1 2020-end to approx. 84,500 units by Q1 2025-end.
City-wise, Noida recorded the highest 72% decline in its unsold stock – from approx. 18,148 units by Q1 2020-end to approx. 5,012 units by Q1 2025-end. Ghaziabad saw its unsold stock decline by 58% in this period, from approx. 27,142 units by Q1 2020-end to approx. 11,393 units by Q1 2025-end. Greater Noida saw a 56% decline in unsold inventory from approx. 42,906 units by Q1 2020-end to approx. 19,066 units by Q1 2025-end.
Unsold residential inventory across NCR cities has sharply declined from Q1 2020 to Q1 2025, dropping by 51% overall, from 1,73,117 to 84,500 units. Leading this downtrend, Noida recorded the steepest fall at 72%, reducing its unsold stock from 18,148 to just 5,012 units. Gurgaon also saw a 42% drop, bringing inventory down from 60,130 to 34,921 units. Greater Noida, Ghaziabad, Delhi, and Bhiwadi all experienced a 56–58% reduction in unsold units, highlighting improved absorption and demand. Faridabad showed a comparatively smaller decline of 10%, with inventory levels decreasing from 6,927 to 6,233 units. This broad-based reduction across the region reflects a more balanced supply-demand dynamic in the NCR real estate market.
The report further highlights that strong sales velocity over the years, along with significant new launches, reduced the inventory overhang to just 17 months by the end of Q1 2025. This is a remarkable drop from the peak of 88 months about five years ago.”
The NCR residential market saw a new supply addition of 53,000 units in 2024, almost 44% higher than the launches in 2023. Another notable change is in budget categories - in previous years, affordable housing (units priced < Rs 40 lakh) dominated the supply pipeline. However, the past three years post-COVID-19 saw the maximum supply share cornered by luxury and ultra-luxury housing.
In fact, the report highlights a significant increase in new launches in the ultra-luxury segment (units priced over Rs 2.5 Cr.), which contributed nearly 59% in 2024 compared to 24% in 2023 and only 4% in 2020. The supply share of affordable housing continued to decline, accounting for only 11% of NCR’s total launches in 2024 as compared to 41% in 2022 and 47% in 2019.
