Among all NCR cities, the average residential real estate price in Greater Noida has seen a 98% jump to Rs 6,600 per sq/ft in the last five years, according to an ANAROCK report. In Q1 2020, the average price of residential properties in Greater Noida stood at Rs 3,340 per sq/ft.
Noida was not far behind as the average rates for residential properties in the city rose 92% to Rs 9,200 per sq/ft in Q1 2025 from Rs 4,795 per sq/ft in the first quarter of 2020.
In terms of rates, Delhi remained the costliest among the NCR cities with an average price of residential properties at Rs 25,200 per sq/ft in Q1 this year. In Q1 2020, the average price was 18,200 – reflecting an appreciation of 38%.
Gurugram is the second most expensive residential real estate market with an average price at Rs 11,300 per sq/ft in 2025 against Rs 6,150 per sq/ft in the Jan-Mar quarter of 2020 – an 84% rise in rates.
Faridabad is the cheapest residential real estate market with an average price at Rs 4,800 per sq/ft. The rates, however, have jumped 50% from Q1 2020, the ANAROCK report revealed.
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Santhosh Kumar, Vice Chairman – ANAROCK Group, says, “Greater Noida saw an astounding 98% appreciation among all NCR cities in the last five years – average prices here rose from INR 3,340/sq.ft. in Q1 2020 to Rs 6,600/sq.ft. by Q1 2025-end. Noida recorded the second-best appreciation of 92% in the same period – from INR 4,795/sq.ft in Q1 2020 to Rs 9,200/sq.ft by Q1 2025. Gurugram witnessed an 84% jump – from Rs 6,150/sq.ft. to Rs 11,300 per sq. ft. in this period. Overall, the entire NCR saw an 81% jump in average residential prices over 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.”
Delhi NCR residential real estate: Unsold inventory
Notably, the NCR market, which had previously seen the highest unsold stock in the country, is now seeing a remarkable decline. Despite the significant price rises across NCR in the last five years, unsold inventory in the region has dropped by 51% in the last five years – from approx. 1,73,117 units by Q1 2020-end to approx 84,500 units by Q1 2025-end.
City-wise, Noida recorded the highest 72% decline in its overall unsold stock – from approximately 18,148 units by Q1 2020-end to approximately 5,012 units by Q1 2025-end.
Ghaziabad saw its unsold stock decline by 58% in this period, from approximately 27,142 units by Q1 2020-end to approximately 11,393 units by Q1 2025-end. Greater Noida saw a 56% decline in unsold inventory, from approx. 42,906 units by Q1 2020-end to approx. 19,066 units by Q1 2025-end.
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“The report further highlights that strong sales velocity over the years, along with significant new launches, reduced the inventory overhang to just 17 months by the end of Q1 2025,” says Santhosh Kumar. “This is a remarkable drop from the peak of 88 months about five years ago.”
The NCR residential market saw a new supply addition of 53,000 units in 2024, almost 44% higher than the launches in 2023. Another notable change is in budget categories – in previous years, affordable housing (units priced < INR 40 lakh) dominated the supply pipeline. However, the past three years post-COVID-19 saw the maximum supply share cornered by luxury and ultra-luxury housing.
