Delhi-NCR Leads with 30% Increase in Housing Prices in 2024
Anarock reports that Delhi-NCR recorded the highest yearly jump of 30% in average residential prices, from Rs 5,800 per sq ft in 2023 to nearly Rs 7,550 per sq ft in 2024, driven by robust demand and rising construction costs.
DelhincrHousing PricesReal EstateAnarockIndian CitiesReal Estate NewsJan 20, 2025
According to real estate consultancy firm Anarock, rates have surged by an average of 30% during 2024.
This significant increase is attributed to a sharp hike in input costs and strong demand for quality housing, especially in premium and luxury segments.
Anarock noted that Delhi-NCR recorded the highest yearly jump of 30% in average residential prices, from Rs 5,800 per sq ft in 2023 to nearly Rs 7,550 per sq ft in 2024.
Despite higher supply and a marginal fall in sales, the region's robust demand for housing, particularly in premium and luxury segments, has driven this surge.
The demand for quality homes in Delhi-NCR continues to rise, thanks to rapid urbanization, infrastructure development, and the influx of high-net-worth individuals (HNWI) seeking top-tier residential properties.
The region's strategic location and economic significance further boost its appeal to investors and homebuyers.
The top seven cities analyzed by Anarock include Delhi NCR, Mumbai Metropolitan Region (MMR), Bangalore, Pune, Hyderabad, Chennai, and Kolkata.
According to ANAROCK Research, the average residential price in these cities jumped by 21% in the fourth quarter of 2024 compared to the fourth quarter of 2023, from Rs 7,080 per sq ft to Rs 8,590 per sq ft.
This reflects the ongoing recovery and expansion of the real estate sector.
The Mumbai Metropolitan Region (MMR) also saw significant price growth in 2024, with a 21% increase in residential prices.
The average price per square foot rose from Rs 13,700 in Q4 2023 to Rs 16,600 in Q4 2024.
Bengaluru, another key city, experienced a 28% price hike, with prices jumping from Rs 6,550 per sq ft in Q4 2023 to Rs 8,380 per sq ft in Q4 2024.
The city's thriving tech industry and the influx of tech professionals and entrepreneurs have been key drivers behind the surge in demand for upscale, modern homes.
Hyderabad saw prices surge by 27%, from Rs 5,750 per sq ft in 2023 to Rs 7,300 per sq ft in 2024.
The city's rapid growth as an IT and business services hub has buoyed both residential and commercial real estate sectors, increasing demand for properties.
Cities like Pune and Chennai experienced more moderate price increases, with Pune seeing a 14% rise, from Rs 6,750 per sq ft to Rs 7,720, and Chennai registering a 14% increase as well, from Rs 5,950 to Rs 6,790.
These cities continue to attract a mix of buyers looking for both affordable and premium properties, especially as they benefit from economic growth and urban expansion.
Kolkata saw a more modest price increase of 13%, from Rs 5,150 in Q4 2023 to Rs 5,820 in Q4 2024.
The report highlights several other key points, including the sale of approximately 4,59,650 units worth about Rs 5.68 lakh crore in 2024 in the top seven cities, compared to 4,76,530 units worth about Rs 4.88 lakh crore in 2023.
The Mumbai Metropolitan Region (MMR) recorded the highest sales, with approximately 1,55,335 units sold in 2024, followed by Pune with around 81,090 units.
MMR and Bengaluru were the only cities to see a yearly rise in sales.
Approximately 4,12,520 new units were launched in 2024, a 7% year-over-year decline.
MMR and Bengaluru together accounted for about 50% of total new supply in 2024.
Chennai, Bengaluru, and NCR were the only cities to see new launch supply growth.
Thirty percent of the total new supply was in the luxury and ultra-luxury segments (priced above Rs 1.5 crore), 28% in the Rs 40-80 lakh bracket, 26% in the Rs 80 lakh to Rs 1.5 crore bracket, and the affordable housing segment had the lowest share at 16%.
NCR saw a significant increase of 44% in new supply, with approximately 53,000 units launched in 2024 compared to 36,735 units in 2023.
Available inventory decreased by 8% in 2024 over 2023 despite the generous new supply during the year.
Frequently Asked Questions
What is the percentage increase in housing prices in Delhi-NCR in 2024?
Housing prices in Delhi-NCR increased by 30% in 2024, from Rs 5,800 per sq ft in 2023 to nearly Rs 7,550 per sq ft in 2024.
Which factors contributed to the price surge in Delhi-NCR?
The price surge in Delhi-NCR is attributed to robust demand for housing, particularly in premium and luxury segments, rapid urbanization, infrastructure development, and the influx of high-net-worth individuals.
How did other major Indian cities perform in terms of housing prices in 2024?
Other major cities like Mumbai, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata also saw price increases, with Mumbai (21%), Bengaluru (28%), Hyderabad (27%), Pune (14%), Chennai (14%), and Kolkata (13%).
What is the overall trend in residential prices in the top seven cities?
The overall trend in residential prices in the top seven cities is a 21% increase annually, from Rs 7,080 per sq ft in Q4 2023 to Rs 8,590 per sq ft in Q4 2024, reflecting the ongoing recovery and expansion of the real estate sector.
What is the new supply trend in the top seven cities in 2024?
Approximately 4,12,520 new units were launched in 2024, a 7% year-over-year decline. MMR and Bengaluru together accounted for about 50% of the total new supply in 2024.
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