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Over the past five years, the Delhi-NCR region has observed a notable surge in residential property values, according to data from 99acres.com. This appreciation can be attributed to multiple factors, including shifts in governmental policies, evolving economic scenarios, and essential regulatory reforms such as the Real Estate (Regulation and Development) Act of 2016.
Gurgaon stands out with a remarkable 20.3% YoY growth rate in property prices across over 50 localities. The city, rich in residential apartments, builder floors, and plots, has seen its prime areas like DLF Phase 5 and Sector 48 command prices of ?16,400/sqft and ?11,350/sqft, marking an increase of 16% and 23.70% YoY respectively. The staggering appreciation of 43.10% between 2022 and 2023 in Sector 102, and an overall increase of 68% over half a decade, highlights Gurgaon's allure. The city's robust connectivity, bustling commercial centres, and superior social infrastructure have been pivotal in this growth story.
Similarly, Noida has charted its own success with a 20.2% YoY appreciation spanning over 20 localities. While the city is known for its housing societies, independent homes are also gaining traction. Sectors 75 and 137, the most inquired about on the 99acres platform, boast prices of ?8,500/sq.ft and ?5,700/sq.ft respectively. Moreover, in just one year, Sector 75's property prices soared by 26%, and Sector 137 by 21%. The consistent development of transport infrastructure, such as the metro and major roads, combined with the emergence of multiple employment hubs, has significantly bolstered Noida's real estate prospects.
Not to be outdone, Greater Noida recorded a solid 17.6% YoY growth across over ten localities. Presenting a harmonious mix of under-development and ready properties, Greater Noida appeals to both potential residents and investors. Sector 10, Greater Noida West, has experienced an impressive 86% rise in the past three years, totaling a whopping 126% appreciation over five years. Moreover, the Jaypee Greens locality observed a 19.80% YoY increment, totaling 48% in three years. With the impending Jewar Airport and efficient transport solutions like the metro, Greater Noida continues to pique interest.
In conclusion, the Delhi-NCR region, comprising Gurgaon, Noida, and Greater Noida, has solidified its position as a hotspot for real estate investments. The commendable growth rates, backed by infrastructure developments and favourable policies, indicate a prosperous future for both residents and investors.
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