Real estate prices in certain areas of the NCR have soared significantly, seeing increases of 20% to 27% in the first quarter of the current financial year, when compared to the same quarter of 2010. A report highlights this remarkable surge: “Property prices for Delhi have seen boom if we compare per square feet prices of Q1-11 over Q1-10. Certain key areas like Sarita Vihar and Rohini have seen 27% and 20% growth respectively in prices compared to prices over Q1-10.”
The prevailing upward trend in pricing appears likely to persist, with an average steep increase projected at around 15%. To illustrate, the PSF prices in Sarita Vihar, one of South Delhi's prominent neighborhoods, witnessed a rise of 27.60%, now standing at INR 8,110, compared to INR 6,356 during the 2010-11 timeframe. Meanwhile, in North Delhi, Rohini's prices increased by 25%, and Patparganj reported a PSF increase of 21.68%. Notably, the southwest Delhi locality of Dwarka also saw impressive gains, with sector-11 and sector-2 post price escalations of 28%.
Moreover, in suburban areas of NCR, such as Noida and Gurgaon, real estate prices saw upward movement, correlated with the commencement of metro rail services, enhancing accessibility. For example, sector 110 and sector 93 in Noida experienced PSF price hikes of 16% and 11%, respectively, when matched against their corresponding figures from the last financial year. In Gurgaon, property prices climbed notably, particularly along Sohna Road and in DLF City phase IV, demonstrating remarkable increases of 46% and 42%, respectively, in the same Q1 comparison.