At 98%, Greater Noida Sees Highest Avg Price Rise in NCR Over 5 Years – ANAROCK Report

• Among all NCR cities, avg. residential prices in Greater Noida increased from INR 3,340 per sq. ft. in Q1 2020 to INR 6,600 per sq. ft. in Q1 2025-end
• At 92%, Noida records second-highest avg. price rise; Gurugram sees 84% jump in the period
• Despite price hikes, NCR saw unsold inventory drop 51% in last five years – from approx. 1,73,117 units by Q1 2020-end to approx. 84,500 units by Q1 2025-end
• At 72%, Noida saw the highest decline in its unsold stock – from approx. 18,148 units by Q1 2020-end to approx. 5,012 units by Q1 2025-end
• Inventory overhang in NCR down to 17 months presently from the peak of 88 months five years ago
• In previous years, affordable housing had the highest share of new supply in NCR – in the last 3 years, luxury & ultra-luxury housing supply & demand have gained more traction
• Report also identifies & examines key growth corridors such as Sohna, New Gurgaon, Dwarka Expressway & Greater Noida West for housing, office & retail growth

 

New Delhi: The National Capital Region – the most remarkable turnaround story in the annals of Indian real estate – is a resounding testament to the impact of structural reforms like RERA, SWAMIH Fund, and PMAY (U). Over the last decade, NCR has seen a massive resurgence in demand and supply across real estate segments, and key hotspots have witnessed remarkable housing price appreciation. In its report NCR Real Estate – A Beacon of Growth and Opportunity, ANAROCK identifies these growth precincts.

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

 

Avg. Residential Prices in NCR Cities
Cities	Q12025	Q1 2020	% Change
Gurgaon	11,300	6,150	84%
Noida	9,200	4,795	92%
Greater Noida	6,600	3,340	98%
Ghaziabad	5,600	3,260	72%
Faridabad	4,800	3,200	50%
Delhi	25,200	18,200	38%
NCR (altogether)	8,300	4,580	81%

Source: ANAROCK Research

 Notably, the NCR market, which had previously seen the highest unsold stock in the country, is now seeing a remarkable decline. Despite the significant price rises across NCR in the last five years, unsold inventory in the region has dropped by 51% in the last five years – from approx. 1,73,117 units by Q1 2020-end to approx. 84,500 units by Q1 2025-end.

City-wise, Noida recorded the highest 72% decline in its overall unsold stock – from approx. 18,148 units by Q1 2020-end to approx. 5,012 units by Q1 2025-end. Ghaziabad saw its unsold stock decline by 58% in this period, from approx. 27,142 units by Q1 2020-end to approx. 11,393 units by Q1 2025-end. Greater Noida saw a 56% decline in unsold inventory, from approx. 42,906 units by Q1 2020-end to approx. 19,066 units by Q1 2025-end.

 

Unsold Inventory in NCR Cities (Units)
Cities	Q12025	Q1 2020	% Change
Gurgaon	34,921	60,130	-42%
Noida	5,012	18,148	-72%
Greater Noida	19,066	42,906	-56%
Ghaziabad	11,393	27,142	-58%
Faridabad	6,233	6,927	-10%
Delhi	5,623	12,723	-56%
Bhiwadi	2,252	5,141	-56%
Total	84,500	1,73,117	-51%

Source: ANAROCK Research

 

“The report further highlights that strong sales velocity over the years, along with significant new launches, reduced the inventory overhang to just 17 months by the end of Q1 2025,” says Santhosh Kumar. “This is a remarkable drop from the peak of 88 months about five years ago.”

The NCR residential market saw a new supply addition of 53,000 units in 2024, almost 44% higher than the launches in 2023. Another notable change is in budget categories – in previous years, affordable housing (units priced < INR 40 lakh) dominated the supply pipeline. However, the past three years post COVID-19 saw the maximum supply share cornered by luxury and ultra-luxury housing.

In fact, the report highlights a significant increase in new launches in the ultra-luxury segment (units priced over INR 2.5 Cr.), which contributed nearly 59% in 2024 as compared to 24% in 2023 – and only 4% in 2020. The supply share of affordable housing continued to decline, accounting for only 11% of NCR’s total launches in 2024 as compared to 41% in 2022, and 47% in 2019.

The report also identifies key growth corridors in NCR such as Sohna, New Gurgaon, Dwarka Expressway and Greater Noida West.