Indian Housing Market Sees 12% Annual Price Growth in Q2 2024, NCR Leads with 30% Appreciation
The Indian real estate sector is experiencing a bull run, with housing prices growing by 12% annually in the April-June quarter. Delhi-NCR witnessed the highest price rise at 30% YoY.
Indian Real EstateHousing MarketCredaiColliersLiases ForasDelhincrHousing PricesReal Estate PuneAug 26, 2024
CREDAI President Boman Irani stated that the real estate sector has been experiencing a bull run in the past few quarters, substantiated by the volume of transactions across top 8 cities as well as the prevalent positive sentiments towards housing. He added that there has been a direct impact on housing prices, signifying not just the underlying demand but the definitive shift towards real estate as a preferred asset class.
The report, titled 'Housing Price-Tracker Report Q2 2024', reveals that housing prices in Ahmedabad rose 13% to Rs 7,335 per square feet in April-June 2024 from Rs 6,507 per square feet in the year-ago period. Bengaluru witnessed a 28% appreciation to Rs 11,161 per square feet from Rs 8,688 per square feet.
Prices in Chennai remained flat at Rs 7,690 per square feet. Delhi-NCR saw a maximum 30% price rise to Rs 11,279 per square feet from Rs 8,652 per square feet. Housing prices in Hyderabad grew 7% to Rs 11,290 per square feet from Rs 10,530 per square feet. In Kolkata, the rates appreciated by 6% to Rs 7,745 per square feet from Rs 7,315 per square feet.
Housing prices in Mumbai Metropolitan Region (MMR) increased 6% to Rs 20,275 per square feet from Rs 19,111 per square feet. In Pune, the prices of residential properties rose 13% to Rs 9,656 per square feet in April-June 2024 from Rs 8,540 per square feet in the year-ago period.
Pankaj Kapoor, Managing Director at Liases Foras, noted that sales across India's cities have maintained growth despite the price rise. Colliers India CEO Badal Yagnik added that housing demand has continued to remain healthy over the past few quarters, and stable interest rates and recent positive budgetary announcements have provided tailwinds for the housing market of the country. He expects a strong finish for the housing market in 2024.
About CREDAI
CREDAI is the apex body for private real estate developers in India, representing over 13,000 developers across the country.
About Colliers
Colliers is a leading global real estate services and investment management company, providing a broad range of services to real estate occupiers, owners, and investors.
About Liases Foras
Liases Foras is a data analytics firm that provides real estate data and analytics solutions to developers, investors, and other stakeholders in the Indian real estate market.
Frequently Asked Questions
What was the average annual growth in housing prices across eight major cities in India during the April-June quarter?
12%
Which city witnessed the highest price appreciation during the quarter?
Delhi-NCR, with a 30% YoY price rise
What was the growth in housing prices in Ahmedabad during the quarter?
13%, to Rs 7,335 per square feet
What is the outlook for the housing market in 2024, according to Colliers India CEO Badal Yagnik?
A strong finish, driven by stable interest rates and positive budgetary announcements
Who are the key organizations involved in the 'Housing Price-Tracker Report Q2 2024'?
CREDAI, Colliers, and Liases Foras
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