Greater Noida has posted the sharpest rise in average residential property prices across the National Capital Region (NCR) over the past five years, according to the latest market analysis by ANAROCK. The city recorded a staggering 98 per cent jump, with prices nearly doubling from Rs 3,340 per sq. ft. in early 2020 to Rs 6,600 per sq. ft. by the first quarter of 2025.
The search volume for Gurugram grew 124 per cent, while for Noida, it was up 92 per cent, as compared to last year. The average price per square foot for the city complex increased to Rs 9,200 from Rs 4,795. ft. during the same period. Gurugram, too, witnessed healthy growth of 84 per cent, followed by Ghaziabad with 72 per cent and Faridabad with 50 per cent. Delhi posted a relatively modest 38 per cent rise in average apartment prices to Rs 25,200 per sq ft from Rs 18,200.
Across the NCR, the average residential price appreciated by 81 per cent over the five-year span. This surge came despite the region previously grappling with oversupply and stagnant demand.
Umesh Rathore, VP, Sales & Marketing, VVIP Group, says: “The growth trajectory of key markets like Greater Noida has been overwhelming over the last five years, with an impressive 98 per cent appreciation in residential prices, rising from INR 3,340 per sq. ft. in Q1 2020 to INR 6,600 per sq. ft. by Q1 2025-end. This expansion is fueled by notable development projects like the Yamuna Expressway, the Noida International Airport, the announcement of New Noida and metro connectivity. From a developer's point of view, we've observed a strong shift towards Greater Noida West, led by the luxury and ultra‑luxury residential segment."
Inventory-related problems have eased significantly, according to data from ANAROCK. Unsold inventories across the NCR decreased by 51 percent - from 1.73 lakh units by the end of Q1 2020 to approximately 84,500 units by Q1 2025. This turnaround was led by Noida, which saw a reduction of 72 per cent in its unsold inventory. There was also significant progress in Greater Noida and Ghaziabad, where the number of unsold housing units dropped by 56 per cent and 58 per cent respectively.
“This sharp decline in unsold stock is a direct result of sustained sales momentum and increased developer activity,” said Santhosh Kumar, Vice Chairman of ANAROCK Group. “Inventory overhang in the NCR has now fallen to just 17 months, a dramatic improvement from the 88-month peak five years ago.”
Additionally, "the pandemic reset also pushed people towards homeownership with a fresh perspective of permanence and security. Combined, these are not only shrinking inventory and overhang but also repositioning NCR as a forward-looking real estate destination," says Yukti Nagpal, Director of Gulshan Group.
The report also points to a notable shift in the nature of new launches. Affordable housing, which once dominated the supply pipeline, has taken a back seat. In 2024, luxury and ultra-luxury homes (priced above Rs 2.5 crore) accounted for nearly 59 per cent of all new launches in the NCR, compared to just 4 per cent in 2020. Affordable housing’s share fell to just 11 per cent last year, down from 41 per cent in 2022.
Salil Kumar, Director (Sales & Marketing), CRC Group, says: "NCR’s real estate has been on a steep growth trajectory. With massive infrastructural developments, the construction of the Noida International Airport, India’s phenomenal economic growth and a general rise in wealth, NCR real estate has provided massive ROI, both for end-users and investors. A combination of a limited land bank and the announcement of new mega-cities such as New Noida that include parts of Bulandshahar district will ensure that the NCR, especially the regions adjoining Noida and Yamuna Expressway, will continue to exhibit high growth momentum".
After supply slumped to 180,000 units during the year, new supply in 2024 was meanwhile tracked at 53,000, a 44 per cent increase year-on-year, driven by strong confidence among developers and strong demand in the high-end.
Two Tier Two South citys that have held on to their real estate potential are Chennai and Pune, while emerging nodes as per the report, comprise Sohna, New Gurgaon, Dwarka Expressway and Greater Noida West, that are turning into residential, office and retail hotspots.
