Housing Prices in India Witness a 29% Jump in Q3 2024: Anarock
Housing prices in Delhi-NCR and Bengaluru have appreciated 29% year-on-year in the July-September quarter, driven by strong demand, high input costs, and an increase in luxury home supply.
Real EstateHousing PricesIndiaAnarockLuxury HomesReal Estate NewsSep 29, 2024
Similarly, in Bengaluru, prices grew 29% to Rs 8,100 per square feet in the third quarter of this calendar year from Rs 6,275 per square feet in the corresponding period of the previous year. Hyderabad saw the maximum 32% rise in prices to Rs 7,150 from Rs 5,400 per square feet. The average housing prices in the Mumbai Metropolitan Region (MMR) rose 24% to Rs 16,300 from Rs 13,150 per square feet. Pune witnessed a 16% increase in prices to Rs 7,600 from Rs 6,550 per square feet, while Chennai saw a 16% appreciation to Rs 6,680 from Rs 5,770 per square feet. In Kolkata, the average housing prices rose 14% to Rs 5,700 per square feet in July-September from Rs 5,000 per square feet during the year-ago period.
According to Darshan Govindaraju, Director of Bengaluru-based realty firm Vaishnavi Group, the average increase in residential property prices is a continuation of a trend seen since the last few quarters and is primarily due to an increase in input costs, including land acquisition and construction costs, along with the growing weightage of premium and luxury properties in the overall sales bucket. Angad Bedi, CMD, BCD Group, attributed the price rise to factors like infrastructure development, robust economic activity, and a surge in demand for premium housing. Additionally, a limited housing supply and inflationary pressures are contributing to the price rise.
However, Bedi cautioned that continuous price rises could eventually affect affordability and disrupt demand patterns in the long term. Anarock Chairman Anuj Puri said that the housing market is stabilizing after creating a new peak in January-March 2024. Developers have several projects lined up during the festive quarter (October-December), during which the market is expected to see an uptick in demand.
Frequently Asked Questions
What is the percentage increase in housing prices in Delhi-NCR and Bengaluru?
29%
What is the main reason for the increase in housing prices?
Strong demand, high input costs, and an increase in luxury home supply
Which city saw the maximum increase in housing prices?
Hyderabad with a 32% rise
What is the expected trend in the housing market in the upcoming quarters?
The market is expected to see an uptick in demand during the festive quarter, but the growth may not be as steep as seen in the last 1-2 years
What is the current average housing price in the Mumbai Metropolitan Region (MMR)?
Rs 16,300 per square feet
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