Delhi-NCR Sees 69% Jump in Housing Prices in Q2 2024, Highest in India
Residential housing prices in Delhi-NCR jumped by 30% year-on-year in Q2 2024, the highest among top eight cities in India. Bengaluru saw a 28% year-on-year increase in housing prices.
DelhincrHousing PricesReal EstateIndiaCredaiColliersLiases ForasReal EstateAug 28, 2024
The average housing prices across the top eight cities increased by 12% year-on-year in the second quarter of 2024, backed by robust demand momentum. Seven out of eight cities saw an increase in housing prices annually, with Delhi NCR witnessing the highest rise, followed by Bengaluru.
In the Delhi-NCR region, the average housing prices jumped 69% in Dwarka Expressway during the quarter under review. Meanwhile, the average housing prices soared 45% year-on-year in Greater Noida during Q2 2024.
Bengaluru came second in the list as the housing prices jumped by 28% year-on-year in the southern city. In Bengaluru, the Periphery & Outer East micro markets witnessed the highest price rise at 42% year-on-year.
Boman Irani, President of CREDAI National, stated, “Indian Real Estate has been somewhat experiencing a bull run in the past few quarters, substantiated by the volume of transactions across top eight cities as well as the prevalent positive sentiments towards housing.
Residential property prices in India in Q2 2024 saw a significant increase, with the average housing prices across the top eight cities increasing by 12% year-on-year. The prices are based on carpet area.
Unsold inventory declined in seven out of the eight cities on a quarterly basis, with Kolkata seeing the highest sequential decline in unsold inventory levels at 5%.
Badal Yagnik, Chief Executive Officer, Colliers, India, says, “Notably, average housing prices have witnessed a consistent double-digit annual growth rate, adding buoyancy to the sustained growth story in residential real estate.
Vimal Nadar, Senior Director and Head of Research, at Colliers India, says, “Within the residential market, demand growth has been the strongest in luxury and ultra-luxury segments including second and vacation homes.
The government’s recent partial rollback pertaining to long-term capital gains arising out of the sale of land and buildings retrospectively is expected to boost investors and homeowners’ sentiment and thus, the real estate sector at large.
Frequently Asked Questions
Which city saw the highest increase in housing prices in Q2 2024?
Delhi-NCR saw the highest increase in housing prices in Q2 2024, with a 30% year-on-year increase.
What is the average housing price increase across the top eight cities in India in Q2 2024?
The average housing prices across the top eight cities increased by 12% year-on-year in the second quarter of 2024.
Which micro market in Bengaluru saw the highest price rise in Q2 2024?
The Periphery & Outer East micro markets in Bengaluru witnessed the highest price rise at 42% year-on-year.
What is the unsold inventory level in the Mumbai Metropolitan Region (MMR)?
MMR alone has about 40% share in unsold inventory levels, with over 10 lakh housing units available across the primary market of eight major cities.
What is the impact of the government’s recent partial rollback on the real estate sector?
The government’s recent partial rollback pertaining to long-term capital gains arising out of the sale of land and buildings retrospectively is expected to boost investors and homeowners’ sentiment and thus, the real estate sector at large.
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