Noida, Gurgaon, or Dwarka? Discover Which NCR Locality Takes the Lead with 98%

The National Capital Region (NCR) is experiencing a remarkable resurgence in its real estate market, with significant growth in residential property prices. A recent report by ANAROCK reveals that the region has seen an impressive 81% increase in average residential prices from Q1 2020 to Q1 2025. Greater Noida leads the charge with a staggering 98% price appreciation, making it a prime destination for both homebuyers and investors. This revitalization follows a period of stagnation and is attributed to various reforms and a renewed demand for housing.

Greater Noida: The Price Leader

Greater Noida has emerged as the standout performer in the NCR real estate market, boasting an extraordinary 98% increase in average residential property prices over the past five years. Prices have surged from ₹3,340 per square foot in Q1 2020 to ₹6,600 per square foot by Q1 2025. This transformation is largely due to the area’s affordability, extensive development, and improving infrastructure, which have attracted a mix of end-users and investors. Following closely is Noida, which recorded a 92% increase, with prices rising from ₹4,795 to ₹9,200 per square foot. Gurugram also saw significant growth, with an 84% increase in prices, climbing from ₹6,150 to ₹11,300 per square foot. Overall, the NCR region’s average residential prices have risen by 81%, highlighting its strong appeal as an investment hub.

Declining Unsold Inventory

Despite the rising property prices, the NCR has witnessed a notable decline in unsold housing inventory, which has dropped by 51% from approximately 173,117 units in Q1 2020 to around 84,500 units by Q1 2025. Noida led this trend with a remarkable 72% reduction in unsold stock, while Ghaziabad followed with a 58% decrease. Greater Noida, Delhi, and Bhiwadi each reported a 56% reduction, and Gurugram saw a 42% drop. This decline has significantly improved the inventory overhang in the NCR, reducing it to just 17 months from 88 months five years ago, indicating a healthier market dynamic.

Shifts in Housing Supply

The report also highlights a significant shift in the housing supply mix within the NCR. The ultra-luxury segment, defined as properties priced above ₹2.5 crore, accounted for 59% of all new launches in 2024, a substantial increase from just 4% in 2020. Conversely, affordable housing, which once dominated the market, now represents only 11% of new launches, down from 41% in 2022. The premium segment, priced between ₹80 lakh and ₹1.5 crore, has also gained traction, making up over 53% of new supply in 2023-2024. This shift reflects changing buyer preferences and the evolving landscape of the NCR real estate market.

Future Prospects and Infrastructure Developments

Looking ahead, the NCR’s real estate market is poised for continued growth, bolstered by significant infrastructure developments. The upcoming Noida International Airport in Jewar, set to open in May 2025, is expected to be a game-changer for the region, enhancing connectivity and boosting economic activity. Additionally, ongoing projects such as new metro lines, expressways, and special economic zones are further improving the region’s liveability and investment attractiveness. As demand from end-users and investors rises, peripheral areas like Sohna and Greater Noida West are anticipated to drive the next wave of residential and commercial development, solidifying NCR’s status as a leading real estate market in India.

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