Delhi-NCR Records 30% Increase in Housing Prices in 2024
Delhi-NCR has seen a significant 30% increase in average residential prices, rising from Rs 5,800 per sq ft in 2023 to nearly Rs 7,550 per sq ft in 2024. This surge is attributed to robust demand, urbanization, and rising construction costs.
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This increase marks a significant jump 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 during the year, the region has seen a robust demand for housing, especially in the premium and luxury segments.
The sharp rise in housing prices in Delhi-NCR is driven by a mix of factors.
The region’s rapid urbanization, infrastructure development, and the influx of high-net-worth individuals (HNWI) seeking top-tier residential properties have all contributed to the surge.
Additionally, the rising cost of materials and construction has further pushed prices up.
Among the top seven cities in India—Delhi-NCR, Mumbai Metropolitan Region (MMR), Bangalore, Pune, Hyderabad, Chennai, and Kolkata—Delhi-NCR has recorded the highest yearly increase in residential prices.
According to ANAROCK Research, the average residential price in the top seven cities rose 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 experienced significant price growth, with a 21% increase.
The average price per square foot went up from Rs 13,700 in Q4 2023 to Rs 16,600 in Q4 2024.
Bangalore, another key city, saw 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 modern, upscale homes.
Hyderabad’s real estate market also saw a 27% increase, with prices rising 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 boosted both residential and commercial real estate sectors.
Cities like Pune and Chennai experienced more moderate price increases.
Pune saw a 14% rise, from Rs 6,750 per sq ft to Rs 7,720, and Chennai also registered a 14% increase, from Rs 5,950 to Rs 6,790.
These cities are attracting 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.
Other key highlights of the report include the sale of approximately 459,650 units worth about Rs 5.68 lakh crore in 2024 in the top seven cities, compared to 476,530 units worth about Rs 4.88 lakh crore in 2023.
The MMR recorded the highest sales of around 1,55,335 units in 2024, followed by Pune with around 81,090 units.
MMR and Bangalore were the only cities to see a yearly rise in sales in 2024.
Approximately 4,12,520 new units were launched in 2024, a 7% year-over-year decline from 4,45,770 units in 2023.
MMR and Bangalore saw the maximum new launches, together accounting for about 50% of the total new supply in 2024.
Chennai, Bangalore, and NCR were the only cities to see new launch supply growth.
About 30% of the total new supply was in the luxury and ultra-luxury segments, with affordable housing having the lowest share at 16%.
Despite the generous new supply, the available inventory decreased by 8% in 2024 over 2023.
Residential prices collectively rose 21% annually in the top seven cities, with Delhi-NCR leading the charge with a 30% annual rise, making it a key region to watch in the real estate market.
Frequently Asked Questions
What was the percentage increase in housing prices in Delhi-NCR in 2024?
Housing prices in Delhi-NCR increased by 30% in 2024, rising from Rs 5,800 per sq ft in 2023 to nearly Rs 7,550 per sq ft.
What factors contributed to the increase in housing prices in Delhi-NCR?
The increase in housing prices in Delhi-NCR was driven by robust demand, urbanization, infrastructure development, the influx of high-net-worth individuals (HNWI), and rising construction costs.
How did the residential prices in the top seven Indian cities perform in 2024?
The average residential price in the top seven Indian cities (Delhi-NCR, MMR, Bangalore, Pune, Hyderabad, Chennai, and Kolkata) rose 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.
Which cities saw the highest and lowest price increases in 2024?
Delhi-NCR saw the highest price increase of 30%, while Kolkata saw the lowest price increase of 13% in 2024.
How many new units were launched in the top seven cities in 2024?
Approximately 4,12,520 new units were launched in the top seven cities in 2024, a 7% year-over-year decline from 4,45,770 units in 2023.
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