Unsold inventory across NCR down 51%; luxury housing now dominates new supply trends
Greater Noida has emerged as the top performer in residential price growth across the National Capital Region (NCR), clocking an astounding 98% surge in average property prices over the last five years, according to ANAROCK’s latest report titled “NCR Real Estate – A Beacon of Growth and Opportunity.”
This meteoric rise took average rates in the city from INR 3,340 per sq. ft. in Q1 2020 to INR 6,600 per sq. ft. by Q1 2025-end. Close behind, Noida recorded a 92% price appreciation, while Gurugram saw an 84% jump, underscoring a broad-based resurgence in NCR’s real estate market.
NCR Residential Price Growth (Q1 2020 – Q1 2025)
| City | Q1 2020 Price (INR/sq. ft.) | Q1 2025 Price (INR/sq. ft.) | % Growth |
|---|---|---|---|
| Greater Noida | 3,340 | 6,600 | 98% |
| Noida | 4,795 | 9,200 | 92% |
| Gurugram | 6,150 | 11,300 | 84% |
| Ghaziabad | 3,260 | 5,600 | 72% |
| Faridabad | 3,200 | 4,800 | 50% |
| Delhi | 18,200 | 25,200 | 38% |
| NCR Avg. | 4,580 | 8,300 | 81% |
Source: ANAROCK Research
Inventory Correction: Unsold Stock Down by Half
Despite rising prices, NCR has seen a 51% drop in unsold housing inventory over the last five years—from 1.73 lakh units in Q1 2020 to approx. 84,500 units by Q1 2025.
Noida leads the inventory clean-up with a 72% decline, followed by Ghaziabad (-58%) and Greater Noida (-56%). Gurugram also saw a 42% drop in unsold units, pointing to robust demand and improved absorption rates.
NCR Unsold Inventory Comparison (Units)
| City | Q1 2020 Units | Q1 2025 Units | % Change |
|---|---|---|---|
| Noida | 18,148 | 5,012 | -72% |
| Ghaziabad | 27,142 | 11,393 | -58% |
| Greater Noida | 42,906 | 19,066 | -56% |
| Gurugram | 60,130 | 34,921 | -42% |
| Delhi | 12,723 | 5,623 | -56% |
| Faridabad | 6,927 | 6,233 | -10% |
| Bhiwadi | 5,141 | 2,252 | -56% |
| NCR Total | 1,73,117 | 84,500 | -51% |
Source: ANAROCK Research
Inventory Overhang Down to 17 Months
Backed by strong sales momentum and faster project completion cycles, the inventory overhang—which indicates how long it would take to sell existing stock—has fallen from a peak of 88 months to just 17 months by Q1 2025.
Luxury Housing Now Dominates New Launches
While affordable housing (below INR 40 lakh) was once the mainstay of NCR’s housing pipeline, recent years have seen a dramatic shift toward luxury and ultra-luxury segments.
- Ultra-luxury homes (above INR 2.5 Cr.) accounted for 59% of new launches in 2024, up from just 4% in 2020.
- Affordable housing’s share dropped to 11% in 2024, from 41% in 2022 and 47% in 2019.
Key Growth Corridors Identified
The ANAROCK report highlights several high-potential micro-markets for residential, commercial, and retail growth, including:
- Sohna
- New Gurgaon
- Dwarka Expressway
- Greater Noida West
These corridors are drawing investor interest due to improved infrastructure, metro connectivity, and proximity to employment hubs.
Conclusion: A Market in Transformation
Santhosh Kumar, Vice Chairman – ANAROCK Group, said:
“Greater Noida’s 98% appreciation in just five years and the overall reduction in unsold stock reflect NCR’s transformation. The region now stands tall as an attractive destination for investors and end-users alike.”
With regulatory support, infrastructure upgrades, and demand diversification, NCR’s real estate market is clearly moving toward a new era of sustained growth and premiumization.
Also Read: Affordable Housing NCR NCR Housing Solutions Budget Homes NCR Affordable Living NCR
