Housing Prices Rise 19 per cent YoY In Delhi NCR, Fastest In India

India’s real estate sector is on an upward trajectory, with prices across top metro cities climbing faster than before. On top of this trend is Delhi NCR, which has seen the highest rise in prices.

According to recent data by Knight Frank (Q3 2025 Residential and Office Market Report), home prices in the Delhi-NCR region rose by 19 per cent year-on-year during the July-September quarter of 2025. This marks the highest price appreciation among major Indian cities.

What is behind the price surge in Delhi NCR?

The report notes a steady end-user demand as a key factor behind this sharp rise in prices topped with shrinking inventory and a clear buyer tilt towards premium and luxury housing.

The recent trends show that buyers are seeking larger homes with superior amenities and are willing to pay a premium price for ready-to-move-in or near-complete homes. This trend is most visible in Gurugram and Noida areas of the Delhi-NCR.

In comparison, Bengaluru and Hyderabad saw housing prices rise by 15 per cent and 13 per cent respectively, while Mumbai recorded a more moderate 7 per cent increase during the same period.

“The NCR real estate story in Q3 2025 is clearly one of two robust but distinct markets,” said Mudassir Zaidi, Executive Director, North, Knight Frank India. “The 19 per cent year-on-year price appreciation is a clear indicator that the region’s luxury and premium segments are firing on all cylinders. This growth is healthy, not speculative, and is backed by genuine end-user confidence and a diminishing supply of quality inventory.”

While overall home sales volumes in NCR stabilised, down around 5 per cent year-to-date, the value of transactions continued to climb, reinforcing confidence among both buyers and developers.

Knight Frank’s data shows that buyers are spending more even as unit sales flatten, a trend that underscores the premiumisation of NCR’s housing market.

Broader Market Snapshot

Across India, residential price growth varied sharply:

• Delhi-NCR: 19 per cent

• Bengaluru: 15 per cent

• Hyderabad: 13 per cent

• Chennai: 9 per cent

• Kolkata: 8 per cent

• Mumbai: 7 per cent

• Pune: 5 per cent

• Ahmedabad: 2 per cent

Office rental growth followed a similar trend, with Kolkata leading at 14 per cent, followed by Mumbai (11 per cent) and NCR (9 per cent).

The Outlook

The findings from the report reflect a maturing NCR market where demand is being led by genuine buyers and supported by a stable economic environment. Developers, too, are focusing on higher-value projects with limited new supply in established corridors.