Property Rate: The skyrocketing rise in property prices continues in the country. After the Corona epidemic, the price of houses has increased rapidly from metro cities to small cities. Let us tell you that the average prices of houses in Delhi-NCR and Mumbai Metropolitan Region (MMR) have increased significantly in the last five years. Let us know in the news how much the property rates have increased in Delhi NCR in the last 5 years…
In the last 5 years, not only Delhi NCR but many cities have seen a significant jump in house prices. This has also been confirmed in the recent report of Real Estate Survey Company Anarock. This increase has happened not only in Delhi NCR but also in Mumbai, which is called the business capital of the country.
The reason for the increase in prices is being said to be the increase in demand, there are other reasons for this as well, but the most important thing is that despite the increase in prices, people are continuously buying houses. Let us tell you what are the reasons for the increase in prices and demand.
Anarock’s recent report on the strong increase in house prices in Delhi-NCR and Mumbai shows that the prices of residential properties in these areas have increased by up to 50%. In fact, the average price of residential properties in Delhi-NCR during January-June in the year 2019 was Rs 4,565 per square feet, which has increased by 49% to Rs 6,800 per square feet in 2024. At the same time, this average price in Mumbai Metropolitan Region (MMR) was Rs 10,610 per square feet in 2019, which has now increased by 48% to Rs 15,650 per square feet.
What is the reason? What did the experts say
Ankush Kaul, Chief Business Officer of Ambience Group, said that in the last 5 years, there has been a tremendous increase in house prices in Delhi-NCR. After the Corona epidemic, people have felt the need for a bigger house. So that people can stay safe during such an epidemic. Apart from this, prices have jumped up to 50 percent as compared to 2022. In view of this, real estate has once again become a better investment option. People are investing, due to which demand is increasing and prices are also increasing.
At the same time, Kushagra Ansal, Director of Ansal Housing, said that “The huge increase in residential prices in the NCR region in the last five years reflects the strong demand driven by infrastructure development and better connectivity. After Corona, offices have started once again in all cities including Delhi NCR and Mumbai. In such a situation, the demand for rented houses has also increased here. Due to increase in rental income, people are investing in property and considering it a safe source of income. This is also a reason for increase in property prices.
Sharma, Director of SKA Group, said, ‘The increase in house prices and the rapid sales in the last five years clearly shows that the demand for houses and the market conditions in these areas are strong. The average house prices in NCR have increased, which reflects the growing popularity and prospects of these areas. However, the construction cost is also a major reason behind the increase in prices.
Apart from this, since the Corona epidemic, people are giving more importance to their lifestyle. Due to this, they are buying bigger houses for luxury life and luxury living. Prices are also increasing due to increasing demand. In such a situation, even though the new supply in NCR has been limited after the Corona epidemic, there has been a significant increase in sales. In the last five years, 2.72 lakh houses have been sold in NCR and about 5.50 lakh houses in Mumbai, which makes it clear that not only end users but also investors are indicating the strength of the market.