Noida, Gurgaon, or Dwarka? This NCR locality leads with 98% price jump in 5 years — Check how property prices fared

NEW DELHI: The National Capital Region (NCR) continues to dominate India’s real estate growth story, with its vast urban expanse spanning over 50,000 sq. km across four states. After a prolonged period of sluggishness post-2014, the region’s residential sector has witnessed a significant turnaround, driven by landmark reforms and a resurgence in end-user and investor demand.
According to ANAROCK’s latest report titled “NCR Real Estate – A Beacon of Growth and Opportunity”, the region recorded a notable 81% jump in average residential property prices between Q1 2020 and Q1 2025.

Greater Noida tops price charts with 98% growth

As per the report, Greater Noida recorded the highest average residential price appreciation in NCR over the last five years. Prices surged by 98%, from 3,340 per sq. ft. in Q1 2020 to 6,600 per sq. ft. in Q1 2025. The area has transformed into a major residential hub, attracting both end-users and investors due to its affordability, scale of development, and improving infrastructure.

“Greater Noida saw an astounding 98% appreciation among all NCR cities in the last five years – average prices here rose from Rs 3340/sq.ft. in Q1 2020 to Rs 6600/sq.ft. by Q1 2025-end. Noida recorded the second-best appreciation of 92% in the same period – from Rs 4795/sq.ft in Q1 2020 to Rs 9200/sq.ft by Q1 2025. Gurugram witnessed an 84% jump – from INR 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.” said Santhosh Kumar, Vice Chairman – ANAROCK Group.

Noida and Gurugram follow close behind

Noida saw the second-highest increase in residential prices, rising by 92% between 2020 and 2025 — from 4,795 per sq. ft. to 9,200 per sq. ft. Meanwhile, Gurugram witnessed a price jump of 84%, with average rates climbing from 6,150 per sq. ft. to 11,300 per sq. ft. over the same period.
The report highlights that overall, NCR saw an average 81% rise in residential property prices in five years, underlining the region’s strong investment appeal.
NCR’s Inventory situation
Despite rising prices, unsold housing inventory in NCR declined by 51%, dropping from approximately 1,73,117 units in Q1 2020 to around 84,500 units by Q1 2025.

City-wise:

According to the report, this reduction brought NCR’s inventory overhang down to just 17 months — a sharp improvement from 88 months five years ago.

Shift from affordable to premium and ultra-luxury housing

The supply mix has seen a marked shift. As per the report, the ultra-luxury segment (priced above 2.5 crore) made up 59% of all new launches in 2024, up from 24% in 2023 and just 4% in 2020.
In contrast, affordable housing (under 40 lakh) — which once dominated NCR supply — accounted for only 11% in 2024, down from 41% in 2022 and 47% in 2019. The premium segment (80 lakh to 1.5 crore) also gained traction, accounting for over 53% of new supply in 2023–24.

Sohna: Gurgaon’s emerging affordable and mid-segment destination

The report highlights Sohna as a fast-rising residential market in South Gurgaon, driven by connectivity to business hubs like DLF Cyber City, Udyog Vihar, and Golf Course Road. With planned infrastructure upgrades and competitive pricing, Sohna has become attractive for homebuyers seeking affordability along with access to urban conveniences.
Sohna’s proximity to industrial clusters, expanding road networks, and improving social infrastructure continues to fuel its residential appeal, especially for mid-segment and first-time homebuyers.

Dwarka Expressway: Doubling of prices in five Years

According to the report, Dwarka Expressway has emerged as one of the most promising corridors in NCR. Residential property prices have more than doubled since 2019, rising from 5,360 per sq. ft. to around 11,000 per sq. ft. as of early 2025.
Its connectivity to Dwarka, Golf Course Road, and the IGI Airport, combined with Grade A commercial spaces, high-end social infrastructure, and proximity to established Gurgaon neighborhoods, has made Dwarka Expressway a magnet for both investors and end-users.

Greater Noida West: Affordable hub with fast-paced growth

The report also notes the rapid evolution of Greater Noida West, also known as Noida Extension, which includes Sectors 1, 2, 3, 4, 10, 12, 16, 16B, 16C, and Tech Zone IV and Knowledge Park 5.
Residential prices in this micro-market appreciated by 24% in just the last year, reaching 8,450 per sq. ft. by end-2024. Originally conceptualized in the early 2000s, Greater Noida West has grown into a vibrant affordable residential hub, with strong retail, educational, and healthcare infrastructure.

Jewar Airport set to transform NCR connectivity

The upcoming Noida International Airport in Jewar, scheduled to open in May 2025, is expected to be India’s largest airport by land area, initially handling 12 million passengers annually.
As highlighted in the report, the airport is expected to be a game-changer for the region, boosting tourism, logistics, trade, and employment, while enhancing global connectivity. Its development is likely to have a ripple effect on real estate activity in Noida, Greater Noida, and nearby regions.

Infrastructure push fuels market optimism

Beyond individual hotspots, the report emphasizes the broader infrastructure pipeline reshaping NCR. Key projects include:

These developments are not only improving liveability but also enhancing NCR’s status as an investment magnet.

Peripheral corridors set to drive the next wave

The report affirms that NCR’s real estate market is poised for long-term growth, backed by strategic infrastructure investments, increasing buyer confidence, and expansion into peripheral markets.
“With growing demand from end-users and investors alike, and the emergence of vibrant growth corridors like Sohna, New Gurgaon, Dwarka Expressway, and Greater Noida West, the region is primed for long-term expansion. As core areas saturate, these peripheries will drive the next wave of residential and commercial development” the report concluded.