Delhi & Mumbai Witness 49% surge in housing prices (Representative Image)
The National Capital Region of Delhi and Mumbai Metropolitan Region (MMR) have witnessed a surge in housing prices in 5 years.
Both the regions have increase of 49% increase in housing prices between first half (H1) of 2019 and H1 2024. Reveals ANAROCK Research data.
As a result, there was a plunge in stock inventories during this period, with Mumbai region witnessing 13 percent decrease in unsold stocks from the last 5 years.
Similarly, NCR also witnessed its decrease in unsold stocks of over 52 percent in the last 5 years.
As per ANAROCK report, these periods have witnessed an increase in construction costs and healthy sales. Thus, there is a jump in the prices.
However, prices in both the places are enjoying status-quo from late 2016-2019.
As for the inventories, NCRs decreased from 1.82 lakh units (H1 2019-end) to 86,900 units by H1 2024-end.
The Mumbai region available stocks now stand at approximately 1.95 lakh units. Owing to huge launches in meeting renewed demand, there is a 13% decline in unsold stocks.
In addition, the MMR has witnessed 5.26 lakh units established between H1 2019 and H1 2024. Which was three times the supply in NCR this period.
Coming to the average residential price, it stood at 48 percent in this period, which appreciated from Rs 10,610 per sq. ft in H1 2019 to Rs 15,650 per sq. ft. in H1 2024.
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