(MENAFN- IANS) Mumbai, July 7 (IANS) Delhi-NCR and Mumbai Metropolitan Region (MMR), the country's two top realty hotspots, have seen average residential prices soar by about 49 per cent in the last five years, a report showed on Sunday.
While Delhi-NCR recorded a 49 per cent jump in average residential prices in the first half of 2019 to the first half this year, MMR saw average residential prices appreciate 48 per cent in the same period, according to the latest Anarock data.
The massive sales saw NCR witness over 52 per cent decline in unsold stock and MMR saw a 13 per cent decline in the last five years.
NCR saw approximately 2.72 lakh units sold while MMR saw sales of 5.50 lakh units, according to the report.
According to Anuj Puri, Chairman, Anarock Group, NCR saw average residential prices go up from Rs 4,565 per square ft to Rs 6,800 per sq ft.
“In MMR, average residential prices appreciated 48 per cent -- from Rs 10,610 per sq ft in H1 2019 to Rs 15,650 per sq ft in H1 2024,” he said.
The steep rise of housing prices in Delhi-NCR and MMR is attributable to steep hikes in construction costs as well as healthy sales.
The pandemic was also a boon for these two residential markets, causing demand to soar to new heights.
Initially, developers induced sales with offers and freebies, but with demand heading north, they gradually increased average prices, the report mentioned.
Strong sales helped unsold inventory to decline in the period, especially in NCR.
“Interestingly, the inventory overhang has reduced to 16 months in NCR in H1 2024 as against 44 months back in H1 2019,” said Puri.
About 1.72 lakh units were launched in NCR between H1 2019 and H1 2024.
Meanwhile, MMR's currently available stock is at nearly 1.95 lakh units.
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