NCR Real Estate Prices Surge 81 per cent in Five Years, Led by Greater Noida’s 98 per cent Boom: ANAROCK Report

The National Capital Region (NCR) is spearheading India's real estate boom, with a vast urban landscape spanning four states. After years of slowdown, the region's housing market has picked up pace, driven by significant reforms and renewed interest from buyers and investors. Notably, NCR's residential property prices surged 81 per cent between Q1 2020 and Q1 2025, according to ANAROCK’s latest report titled “NCR Real Estate – A Beacon of Growth and Opportunity”.

According to the report, Greater Noida has witnessed the maximum average residential price appreciation in NCR in the past five years. Prices have escalated by 98 per cent, from 3,340 per sq. ft. during Q1 2020 to 6,600 per sq. ft. during Q1 2025. The location has become a prime residential destination, appealing to both end-users and investors alike, because of its affordability, extent of development, and enhanced infrastructure.

“Greater Noida saw an astounding 98 per cent appreciation among all NCR cities in the last five years - average prices here rose from Rs 3340/sq.ft. in Q1 2020 to Rs 6600/sq.ft. by Q1 2025-end. Noida recorded the second-best appreciation of 92 per cent in the same period, from Rs 4795/sq.ft in Q1 2020 to Rs 9200/sq.ft by Q1 2025. Gurugram witnessed an 84 per cent jump - from INR 6,150/sq.ft. to Rs 11,300 per sq. ft. in this period. Overall, the entire NCR saw an 81 per cent jump in average residential prices over five years.

Little wonder, then, that the region is seen as an investment destination par excellence among those who know where to look and what to look for,” said Santhosh Kumar, Vice Chairman – ANAROCK Group.

Noida registered the second-highest rise in housing prices, increasing by 92 per cent from 2020 to 2025 — from 4,795 per sq. ft. to 9,200 per sq. ft. Gurugram experienced an 84 per cent price rise, with average rates going up from 6,150 per sq. ft. to 11,300 per sq. ft. during the same duration.

The report points out that as a whole, NCR witnessed an average 81 per cent increase in residential property prices over five years, highlighting the region's high investment demand.

Even with inflation, NCR unsold housing stock fell by 51 per cent, from around 1,73,117 units in Q1 2020 to about 84,500 units by Q1 2025.

The mix of supply has undergone a significant change. According to the report, the segment of ultra-luxury property (priced over 2.5 crore) accounted for 59 per cent of total new launches in 2024, compared to 24 per cent in 2023 and merely 4 per cent in 2020.

Conversely, affordable housing (below 40 lakh), which was the erstwhile NCR supply leader, contributed a mere 11 per cent in 2024, declining from 41 per cent in 2022 and 47 per cent in 2019. Even the luxury segment (80 lakh to 1.5 crore) picked up pace, with more than 53 per cent of new supply being contributed by this segment in 2023–24.

The report emphasises Sohna as a quickly emerging residential segment in South Gurgaon due to connectivity with business parks such as DLF Cyber City, Udyog Vihar, and Golf Course Road. Due to scheduled infrastructural upgradations and affordability, along with accessibility to urban luxuries, Sohna has emerged as the preferred choice among homebuyers.

Sohna's neighborhood to industrial agglomerations, growing road infrastructure, and upgraded social infrastructure still keeps driving its residential demand, particularly for the mid-segment and first-home buyers.

As per the report, Dwarka Expressway has been one of the most promising corridors in NCR. The price of residential properties has doubled more than once since 2019, increasing from 5,360 per sq. ft. to approximately 11,000 per sq. ft. as of the beginning of 2025.

Its link to Dwarka, Golf Course Road, and the IGI Airport, along with Grade A commercial properties, upscale social infrastructure, and proximity to established Gurgaon communities, has attracted investors and end-users alike to Dwarka Expressway.

The report asserts that NCR's realty market is likely to grow over the long term, supported by strategic investments in infrastructure, improving buyer sentiment, and growth in peripheral markets.

"With growing demand from end-users and investors alike, and the emergence of vibrant growth corridors like Sohna, New Gurgaon, Dwarka Expressway, and Greater Noida West, the region is primed for long-term expansion. As core areas saturate, these peripheries will drive the next wave of residential and commercial development," the report concluded.

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