Short summary (as of the most recent public reports I checked — Q1–Q2 2025 and news through Sept 12–15, 2025):

• High-level trend: Prices in Delhi/Delhi‑NCR have risen strongly over the last few years, with particularly steep increases in 2023–2024 and continuing appreciation into 2025. Much of the gain has been in premium and well‑connected micro‑markets; affordability pressures and demand patterns vary across segments. (hindustantimes.com)

Key numbers (time‑stamped)

• Delhi city average listed price (Q1 2025): about ₹25,200 per sq ft (Anarock figure for Delhi city). (hindustantimes.com)
• Delhi‑NCR average (Q1 2025): about ₹8,300 per sq ft on average across the wider NCR; NCR prices rose roughly ~81% over five years (2020 → Q1 2025) in Anarock’s analysis, though gains are uneven by sub‑market. (thestatesman.com)
• Recent momentum: several reports show strong YoY price growth (~20–30% in some 2024–early‑2025 measures for Delhi‑NCR overall) while quarterly demand in some Delhi markets softened (MagicBricks reported QoQ demand drops; prices still up YoY). (geosquare.in)
• Product split: under‑construction projects in Delhi are being quoted substantially higher than ready‑to‑move inventory in some datasets (example: MagicBricks/analysis reported UC > RTM in Delhi — ~₹25,900/sq ft UC vs ~₹18,700/sq ft RTM in one April 2025 snapshot). This reflects developer pricing for new launches and premium inventory. (fortuneindia.com)

What’s driving the trend

• Strong buyer interest for premium / quality projects, constrained new supply in preferred locations, rising construction and input costs, and large developer activity in some corridors. Policy/regulatory reforms (RERA, affordable‑housing schemes) and infrastructure projects have also re‑shaped micro‑market valuations. (thestatesman.com)
• Macro outlook: analyst polls and coverage in Sept 2025 expected continued price rises nationally (analyst consensus in a Reuters poll projected further home‑price increases in 2025–26), which would feed through to big metros including Delhi. But forecasts vary by source and sub‑market. (reuters.com)

Micro‑market notes (illustrative)

• Central / South Delhi (Defence Colony, Greater Kailash, Vasant Kunj, etc.): remain among the most expensive pockets and have seen strong price appreciation. (nobroker.in)
• Peripheral and new‑town locations in NCR (Greater Noida, parts of Gurugram/Noida corridors): have shown some of the highest percentage gains over 2020–2025 because base prices were lower and new infrastructure pushed demand. (thestatesman.com)

Risks and caveats

• Data source differences: price indices vary (listed asking rates vs transaction‑level realization vs indexed prices), so different consultancies report different absolute levels. Use transaction/registration data for definitive sale prices where possible. (therealtytoday.com)
• Cooling signals: some platforms report QoQ moderation in enquiries/demand in parts of Delhi even while prices rise YoY — meaning flows can be uneven and sensitive to interest‑rate, policy or supply shocks. (therealtytoday.com)

Practical takeaways (if you’re buying, selling or investing)

• Check micro‑market data (specific locality, project status RTM vs UC, recent transaction registrations) — city averages hide big differences. (nobroker.in)
• For short‑term resale plays be cautious: prices are rising but demand can cool quickly; liquidity varies by location and price band. (therealtytoday.com)
• If considering new launches, factor the persistent premium that under‑construction inventory is commanding in recent listings and build‑cost inflation. (fortuneindia.com)

Sources I used (representative)

• Anarock / reporting on Anarock Q1 2025 Delhi/NCR data (Hindustan Times / Statesman summaries). (hindustantimes.com)
• MagicBricks / PropIndex Q1 2025 analysis (demand and price movement snapshots). (therealtytoday.com)
• Fortune India / MagicBricks snapshot on UC vs RTM pricing (April 2025). (fortuneindia.com)
• Reuters poll and coverage on national home‑price outlook (Sept 12, 2025). (reuters.com)

If you want, I can:

• Pull up a locality‑level snapshot (average asking/transaction rate and recent QoQ/YoY change) for 3–5 Delhi neighborhoods you care about, or
• Compare rental yields vs capital appreciation for Delhi vs selected NCR satellites.

(What I provided above is a synthesis of public industry reports and news through mid‑September 2025.)