New Delhi:
Residential property prices across the National Capital Region (NCR) have
witnessed a significant rise over the past decade, even as the pace of new
project launches has moderated, according to a recent ASSOCHAM report.
The trend
highlights a major shift in the NCR housing market, where limited fresh supply
has coincided with sustained demand for residential properties. Delhi NCR
remains one of India's major residential markets and has consistently accounted
for a significant share of housing sales among the country's leading cities.
The
contraction in new project launches has been particularly important for the NCR
market. Developers have increasingly focused on selling existing inventory and
launching projects selectively rather than adding large volumes of new supply.
An earlier
ASSOCHAM-JLL real estate assessment also noted that supply in Delhi NCR had
remained relatively limited, with developers concentrating on clearing unsold
inventory. At the same time, the market continued to record strong residential
sales.
This
combination of demand and controlled supply has contributed to upward pressure
on property prices. Infrastructure improvements, expanding employment hubs and
better connectivity across locations such as Gurugram, Noida, Greater Noida and
Ghaziabad have also strengthened the region's residential appeal.
Another
notable change in NCR's residential market is the growing preference for
premium and larger homes. Across India's major cities, the share of premium
housing in new launches has increased considerably in recent years, while the
proportion of affordable homes has declined. ASSOCHAM-JLL data showed that
homes priced above ₹1.5 crore accounted for about 21% of new launches in 2022,
compared with just 4–6% during 2016–2020.
The shift
reflects changing buyer preferences, with homebuyers increasingly seeking
larger homes, better amenities and integrated developments.
The
combination of higher prices and restrained new supply could remain an
important feature of the NCR housing market. Developers are likely to continue
evaluating projects based on demand, location, infrastructure and the
purchasing capacity of buyers.
For
homebuyers, the changing supply pattern makes factors such as project location,
developer track record, connectivity and long-term infrastructure development
increasingly important when evaluating residential properties.
The NCR's
experience also reflects a broader transformation in India's real estate
sector, where rising urbanisation, infrastructure investment and changing
lifestyle preferences are reshaping housing demand. ASSOCHAM has identified
real estate as an important contributor to India's economic growth and urban
transformation.
By The Realty Times News Bureau
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