New Delhi: Housing prices in Delhi-NCR primary market rose a maximum of 12 per cent annually during the July-September period due to a hike in input costs and builders' increased focus on luxury projects, according to Anarock.
Real estate consultant Anarock data showed that the average residential prices in Delhi-NCR have increased to Rs 9,980 per sq ft during the July-September quarter from Rs 8,900 per sq ft in the year-ago period.
The average residential property price across the top seven cities collectively witnessed an annual growth of 7 per cent to Rs 9,714 per sq ft from Rs 9,105 per sq ft.
Read more: Home sales increase by 3% annually during July-September
Among the top 7 cities, Delhi-NCR saw the highest annual jump of 12 per cent in its average price.
The top seven cities are -- Bengaluru, Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, Chennai, Hyderabad and Kolkata.
Anarock Vice Chairman Santhosh Kumar noted that housing prices have risen sharply post-COVID pandemic across all major cities because of an increase in the cost of inputs including land and construction raw materials.
In Delhi-NCR, he said the land rates in Noida, Greater Noida and Gurugram have surged, as reflected in the auctions conducted by the development authorities.
Read more: Housing sales rise 3% to over 1 lakh units across top seven cities in Q3: Anarock
Kumar said that real estate developers are focusing on launching premium, luxury and ultra luxury homes only.
On the demand and price trend, Manik Malik, CEO & President of BPTP Ltd, said the housing demand remains steady.
"In NCR, evolving infrastructure, connectivity and employment-led demand continue to support residential activity, particularly in the premium and luxury segments," he added.
Robin Mangla, President of M3M India, said, "In NCR, while sales saw a marginal moderation, the 12 per cent annual appreciation in residential prices reflects the market's continued strength and the premium commanded by well-connected micro-markets."
Ashish Sarin, CEO & Director, Alpha Corp Development Ltd, said the residential real estate market's performance in the September quarter reflects the resilience of housing demand amid evolving global and economic conditions.
"Strong end-user demand continues to support sales, with housing increasingly being viewed as a long-term need rather than purely an investment avenue," he said.
