<p>Mumbai: Housing prices of two leading realty hotspots - National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) have surged in the last five years, according to reports of ANAROCK Property Consultants Pvt. Ltd.</p><p>The NCR recorded a 49 per cent jump in average residential prices between H1 2019 and H1 2024 while MMR saw average residential prices appreciate 48 per cent in the period.</p><p>"Latest ANAROCK Research data finds that NCR recorded a 49 per cent five-yearly jump in average residential prices between H1 2019 and H1 2024 – from Rs 4,565 per sq. ft. to Rs 6,800 per sq. ft.," says Anuj Puri, Chairman, ANAROCK Group.</p><p>"In MMR, average residential prices appreciated 48 per cent in the period – from Rs 10,610 per sq. ft. in H1 2019 to Rs 15,650 per sq. ft. in H1 2024,” added Puri.</p><p>The steep rise of housing prices in Delhi-NCR and MMR is attributable to steep hikes in construction costs as well as healthy sales. </p><p>Prices in both regions had maintained status quo from late 2016 to 2019. Just when these two markets were beginning to see green revival shoots, the pandemic struck.</p>.Godrej Properties sells more than 2,000 flats in Bengaluru for over Rs 3,150 crore.<p>The Covid-19 pandemic was a boon for these two residential markets, causing demand to soar to new heights. Initially, developers induced sales with offers and freebies; but with demand heading north, they gradually increased average prices. </p><p>Strong sales saw a decline in unsold inventory during the period, especially in NCR.</p><p>"Paradoxically, the pandemic was an undisguised blessing for the National Capital Region," said Puri in a press statement. </p><p>"Once infamous for high unsold inventory fed by speculative demand and supply, the region has seen a sharp decline of over 52 per cent in its unsold stock in the last five years – from approx. 1.82 lakh units at H1 2019-end to approx. 86,900 units by H1 2024-end. Interestingly, the inventory overhang has reduced to 16 months in NCR in H1 2024 as against 44 months back in H1 2019,” he added.</p><p>Conscious curtailment of fresh supply was a major factor that helped the region clear its stock. ANAROCK data indicates that only about 1.72 lakh units were launched in NCR between H1 2019 and H1 2024.</p><p>Meanwhile, MMR’s current available stock is at approximately 1.95 lakh units. In the last five years, the region has seen a 13 per cent decline in its unsold stock - largely on account of substantial new launches to meet resurgent demand. </p><p>MMR has seen over 5.26 lakh units launched between H1 2019 and H1 2024 - thrice the new supply in NCR in this period. The inventory overhang in the region came down 14 months as of H1 2024-end from 34 months back in H1 2019-end.</p>
<p>Mumbai: Housing prices of two leading realty hotspots - National Capital Region (NCR) and Mumbai Metropolitan Region (MMR) have surged in the last five years, according to reports of ANAROCK Property Consultants Pvt. Ltd.</p><p>The NCR recorded a 49 per cent jump in average residential prices between H1 2019 and H1 2024 while MMR saw average residential prices appreciate 48 per cent in the period.</p><p>"Latest ANAROCK Research data finds that NCR recorded a 49 per cent five-yearly jump in average residential prices between H1 2019 and H1 2024 – from Rs 4,565 per sq. ft. to Rs 6,800 per sq. ft.," says Anuj Puri, Chairman, ANAROCK Group.</p><p>"In MMR, average residential prices appreciated 48 per cent in the period – from Rs 10,610 per sq. ft. in H1 2019 to Rs 15,650 per sq. ft. in H1 2024,” added Puri.</p><p>The steep rise of housing prices in Delhi-NCR and MMR is attributable to steep hikes in construction costs as well as healthy sales. </p><p>Prices in both regions had maintained status quo from late 2016 to 2019. Just when these two markets were beginning to see green revival shoots, the pandemic struck.</p>.Godrej Properties sells more than 2,000 flats in Bengaluru for over Rs 3,150 crore.<p>The Covid-19 pandemic was a boon for these two residential markets, causing demand to soar to new heights. Initially, developers induced sales with offers and freebies; but with demand heading north, they gradually increased average prices. </p><p>Strong sales saw a decline in unsold inventory during the period, especially in NCR.</p><p>"Paradoxically, the pandemic was an undisguised blessing for the National Capital Region," said Puri in a press statement. </p><p>"Once infamous for high unsold inventory fed by speculative demand and supply, the region has seen a sharp decline of over 52 per cent in its unsold stock in the last five years – from approx. 1.82 lakh units at H1 2019-end to approx. 86,900 units by H1 2024-end. Interestingly, the inventory overhang has reduced to 16 months in NCR in H1 2024 as against 44 months back in H1 2019,” he added.</p><p>Conscious curtailment of fresh supply was a major factor that helped the region clear its stock. ANAROCK data indicates that only about 1.72 lakh units were launched in NCR between H1 2019 and H1 2024.</p><p>Meanwhile, MMR’s current available stock is at approximately 1.95 lakh units. In the last five years, the region has seen a 13 per cent decline in its unsold stock - largely on account of substantial new launches to meet resurgent demand. </p><p>MMR has seen over 5.26 lakh units launched between H1 2019 and H1 2024 - thrice the new supply in NCR in this period. The inventory overhang in the region came down 14 months as of H1 2024-end from 34 months back in H1 2019-end.</p>