Anarock: NCR and MMR House prices raised up to 49%

08 Jul 2024 CW Team

According to data from Anarock, average residential prices in the National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) have surged by 49% over the past five years. NCR saw a 49% increase in average residential prices from Rs 4,565 per sq ft in H1 2019 to Rs 6,800 per sq ft in H1 2024, while MMR experienced a 48% rise from Rs 10,610 per sq ft to Rs 15,650 per sq ft during the same period.

Anuj Puri, chairman of Anarock Group, noted that NCR, previously known for its high unsold inventory driven by speculative demand and supply, has reduced its unsold stock by over 52% in the past five years?from approximately 1.82 lakh units at the end of H1 2019 to around 86,900 units by the end of H1 2024. The inventory overhang in NCR decreased to 16 months in H1 2024 from 44 months in H1 2019. This improvement was largely due to a conscious reduction in fresh supply, with only about 1.72 lakh units launched in NCR between H1 2019 and H1 2024.

In contrast, MMR currently has approximately 1.95 lakh units of available stock. Over the past five years, the region has seen a 13% decline in its unsold inventory, driven by significant new launches to meet rising demand. MMR saw over 5.26 lakh units launched between H1 2019 and H1 2024, three times the new supply in NCR during this period. The inventory overhang in MMR decreased to 14 months by the end of H1 2024 from 34 months at the end of H1 2019.

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