The National Capital Region (NCR) recorded the steepest rise in housing prices among India’s top seven cities in the third quarter of 2025, with average rates increasing by 24% year-on-year, according to data from real estate consultancy Anarock. A 1,000-sq ft house now costs around Rs 90 lakh on average in the NCR, compared to Rs 72 lakh last year. Average prices in NCR stood at Rs 8,900 per square foot in the July-September period this year, compared to Rs 7,200 a year earlier. On a quarterly basis too, the market showed strong momentum, rising 3% over the second quarter, when prices averaged Rs 8,650 per sq foot. This was the biggest quarterly increase witnessed among India’s top metropolitan cities. The Indian Express has previously reported that the supply of new houses in the NCR has skewed massively towards luxury and ultra-luxury segments, leaving the affordable and premium segments starved of inventory. The share of newly-launched houses priced below Rs 40 lakh dropped sharply from 62% in 2020 to 11% last year, according to Anarock data. Meanwhile, units in the luxury and ultra luxury sections – worth Rs 1.5 crore and above – saw a massive jump, with 70% houses added to the market in 2024 being in this category, up from only 13% in 2019. In fact, as many as 59% of houses in this category that were added to the market last year were worth more than Rs 2.5 crore. Earlier reports have pointed out that Greater Noida and Noida have led the steep increase in housing prices, mainly due to the upcoming Noida International Airport in Jewar. Within the NCR, Delhi has the highest average property prices – at Rs 25,200 per sq foot earlier this year, which would translate into more than Rs 2.5 crore for a relatively small 1,000-sq ft apartment. Taken as a whole, the Mumbai Metropolitan Region (MMR) remains the most expensive housing market at Rs 17,230 per sq ft. However, prices of property increased relatively slowly, at about 6% annually. Prices in Bengaluru, India's technology hub, was the second-fastest growing after the NCR, with prices up 10% year-on-year to Rs 8,870 per sq ft on average. Other major southern and eastern markets saw more moderate increases, says the report. Prices in Hyderabad rose 8% to Rs 7,750 per sq ft, while Chennai saw a 5% increase to Rs 7,010. Pune and Kolkata registered smaller annual increases of 4% and 6% respectively. Sequential quarterly growth, or quarter-over-quarter growth across these cities was mostly in the range of 1%, says the report. Across all seven cities, the average price stood at Rs 9,105 per sq ft in the third quarter this year, reflecting a 9% year-on-year rise from Rs. 8,390 in Q3 of 2024 and a 1% increase over the previous quarter.
