Greater Noida, once known for its affordable and mid-segment properties, has transformed into a premium real estate hotspot in the last five years, witnessing property price growth of around 98 percent.
According to data from property consultancy firm Anarock, while Greater Noida saw a sharper increase, Noida also registered a substantial rise in residential prices, averaging 92 percent between 2020 and 2025.
Market observers said that the NCR market, which previously had the highest unsold stock in the country, is now seeing a resurgence and declining unsold stock.
Anarock data showed that among all NCR cities, average residential prices in Greater Noida increased from Rs 3,340 per square foot (sq. ft.) in the first quarter (Q1) of 2020 to Rs 6,600 per sq. ft. in the the end of first quarter of 2025. At 92 percent, Noida recorded the second-highest average price rise from Rs 4,795 per sq. ft. in Q1 2020 to Rs 9,200 per sq. ft. by Q1 2025. Similarly, Gurugram witnessed an 84 percent jump in prices – from Rs 6,150 sq. ft. to Rs 11,300 per sq. ft. in this period.
Santhosh Kumar, Vice Chairman, ANAROCK Group, said NCR had seen a massive resurgence in demand and supply across real estate segments, and key hotspots had witnessed remarkable housing price appreciation.
“Overall, the entire NCR saw an 81 percent jump in average residential prices over the last five years. Little wonder, then, that the region is seen as an investment destination par excellence among those who know where to look and what to look for,” he said.
Drop in unsold inventory
Despite price hikes, NCR saw unsold inventory drop 51 percent in the last five years – from approximately 1,73,117 units by the end of the first quarter of to around 84,500 units by the end if Q1 2025.
At 72 percent, Noida saw the highest decline in its unsold stock – from approximately 18,148 units by the end of Q1 2020 to nearly 5,012 units by the end of January-March quarter of 2025.
Inventory overhang in NCR has come down to 17 months at present from the peak of 88 months five years ago.
Emergence of new hotspots
Data showed that areas such as Sohna, Greater Noida West, New Gurugram, Dwarka Expressway, Noida-Greater Noida Expressway have emerged as the new realty hotspots over the last few years.
The average property price in the Dwarka Expressway micro market currently stands at around Rs 11,000 per sq. ft., representing a significant over two-fold appreciation (more than double) from approximately Rs 5,360 per sq. ft. in 2019.
New Gurgaon’s property market witnessed significant appreciation, with average prices reaching around Rs 10,350 per sq. ft. in 2024. This represents a substantial growth of over 76 percent since 2019, including a 34 percent jump from 2023 alone.
Property prices in Greater Noida West have more than doubled over the past five years and appreciated about 24 percent in the last 1 year, reaching an average price of Rs 8,450 per sq. ft. by the end of 2024.
Traction for luxury housing
In previous years, affordable housing had the highest share of new supply in NCR but in the last three years, luxury & ultra-luxury housing supply and demand have gained more traction.
According to the data, there has been a significant increase in new launches in the ultra-luxury segment (units priced over Rs 2.5 crore), which contributed nearly 59 percent in 2024 as compared to 24 percent in 2023 – and only 4 percent in 2020.
The supply share of affordable housing continued to decline, accounting for only 11 percent of NCR’s total launches in 2024 as compared to 41 percent in 2022, and 47 percent in 2019.
