Delhi-NCR Housing Prices Soar 30% in 2024, Highest Among Top 7 Cities
Delhi-NCR witnessed a remarkable surge in housing prices during 2024, emerging as the top-performing region among the seven major cities tracked by Anarock, a prominent real estate consultancy firm. Housing prices in the region increased by an impressive 30 percent, climbing from an average of ₹5,800 per square foot in 2023 to nearly ₹7,550 per square foot in 2024. This steep rise was attributed primarily to higher input costs, including escalating land and labor prices, as well as construction expenses.
Despite this sharp increase, the housing market in Delhi-NCR saw interesting dynamics. Sales volume experienced a slight dip, falling by 6 percent from 65,625 units in 2023 to 61,900 units in 2024. However, fresh housing supply soared, with 53,000 new units launched during the year, marking a 44 percent rise from the 36,735 units introduced in the previous year. These trends highlight a market grappling with mixed outcomes—lower sales but a significant uptick in available inventory.
Across India’s top seven cities, residential real estate prices grew between 13 to 30 percent during 2024. Factors contributing to this increase include heightened demand for housing and persistent growth in input costs. The average residential price across these cities rose by 21 percent, moving from ₹7,080 per square foot in 2023 to ₹8,590 per square foot in 2024. The cities tracked by Anarock include Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Hyderabad, Bengaluru, and Pune.
In Delhi-NCR, the resilience of homebuyers to navigate rising prices underscores the region’s significance as a crucial residential market. Developers have adjusted their strategies to cater to increased costs while ensuring sustained delivery of new projects, ensuring a steady infusion of supply despite market challenges. Additionally, policy bottlenecks, including slower project approvals and impacts of election-related processes, briefly affected the supply pipeline last year but are likely to ease moving forward.
Looking ahead to 2025, the meteoric growth in housing prices seen in 2024 is not expected to repeat. Anarock Chairman Anuj Puri anticipates price hikes will stabilize in the coming year, with moderate but steady growth underpinned by continued demand and elevated construction costs. Listed developers are poised to contribute generously to new inventory levels in 2025, showcasing a proactive stance towards fulfilling market requirements.
As the housing market recalibrates after an extraordinary year, the upcoming supply combined with stable price growth signals a promising horizon for prospective homebuyers and investors in Delhi-NCR and other key cities.
