Indian Housing Market Sees 12% YoY Price Growth in Q2 2024
Strong demand from homebuyers drives housing prices up 12% year-on-year in April-June quarter, while unsold inventory dips across major cities.
Indian Housing MarketReal EstateCredaiColliersLiases ForasReal Estate NewsAug 26, 2024
The report highlights that 7 out of 8 cities under review witnessed annual price appreciation, with Delhi NCR witnessing the highest price rise at 30% YoY, closely followed by Bengaluru. The average housing prices across the top eight Indian cities also witnessed a 3% QoQ (Quarter-on-Quarter) growth in the June quarter of 2024.
While unsold inventory remained stable on an annual basis at a pan-India level, it dropped marginally on a quarterly basis amid healthy sales in housing units. At 5%, Kolkata saw the highest sequential decline in unsold inventory levels, followed by Pune with a 3% dip.
As of Q2 (April-June quarter) 2024, there was an availability of over 10 lakh housing units across the primary market of eight major cities, with Mumbai Metropolitan Region (MMR) alone having about 40% share in unsold inventory levels. Despite yearly increase in number of unsold units in Hyderabad and Bengaluru, both cities saw a modest dip on a sequential basis.
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 8 cities as well as the prevalent positive sentiments towards housing. 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. With the upcoming festive season - coupled with the government’s focus on infrastructure and a relatively stable lending eco-system - we project this momentum to further have an impact on both prices and unsold inventory levels, as the industry's demand-supply dynamics change.”
The report covered residential markets in Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, MMR, and Pune.
CREDAI (Confederation of Real Estate Developers' Associations of India) is the apex body for private real estate developers in India, representing over 20,000 developers across 23 states and 204 city chapters.
Colliers is a leading global real estate services and investment management company, providing a full range of services to real estate occupiers, developers, and investors worldwide.
Liases Foras is a leading real estate research and analytics firm in India, providing data-driven insights and solutions to the real estate industry.
Information
The Indian real estate market has been witnessing a steady growth in demand, driven by factors such as government initiatives, infrastructure development, and stable lending rates.
The residential market has been a key driver of growth, with many cities witnessing a significant increase in sales and launches.
The CREDAI-Colliers-Liases Foras report provides a comprehensive analysis of the residential market across major Indian cities, highlighting trends, opportunities, and challenges.
CREDAI is the apex body for private real estate developers in India, representing over 20,000 developers across 23 states and 204 city chapters.
Colliers is a leading global real estate services and investment management company, providing a full range of services to real estate occupiers, developers, and investors worldwide.
Liases Foras is a leading real estate research and analytics firm in India, providing data-driven insights and solutions to the real estate industry.
Frequently Asked Questions
What was the year-on-year growth in housing prices across major Indian cities in Q2 2024?
The average housing prices across major Indian cities increased by 12% year-on-year in Q2 2024.
Which city witnessed the highest price rise in Q2 2024?
Delhi NCR witnessed the highest price rise at 30% YoY in Q2 2024.
What was the sequential decline in unsold inventory levels in Kolkata?
Kolkata saw a 5% sequential decline in unsold inventory levels in Q2 2024.
How many housing units were available across the primary market of eight major cities as of Q2 2024?
There were over 10 lakh housing units available across the primary market of eight major cities as of Q2 2024.
What is the outlook for the Indian housing market in the upcoming festive season?
The Indian housing market is expected to witness further growth in prices and sales, driven by the upcoming festive season, government initiatives, and stable lending rates.
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