Indian Metros Experience Significant Surge in Property Prices in Q2 2024
Geetanjali Homestate's latest report reveals notable growth trends in average property prices across key markets in India, with Pune and Bangalore leading the way.
Property PricesIndian Real EstateGeetanjali HomestatePuneBangaloreReal Estate PuneJul 10, 2024
In Mumbai, the average property prices have shown significant growth, with prices ranging from Rs 21,900 to Rs 22,200 per square foot, up from Rs 20,200 to Rs 20,500 in the first quarter of 2024. Compared to the same period last year, which saw prices between Rs 20,900 and Rs 21,200, this marks a quarter-on-quarter growth of 8.2% and a year-on-year growth of 4.9%.
Delhi also experienced a positive trend, with average prices ranging from Rs 11,480 to Rs 11,780 per square foot, compared to Rs 10,950 to Rs 11,300 in the previous quarter. The year-on-year growth was 11.2%, up from Rs 10,300 to Rs 10,600 in the same period of 2023, and a quarter-on-quarter growth of 4.2%.
Bangalore saw the most remarkable increase, with average prices rising to Rs 9,500 to Rs 9,800 per square foot in the second quarter of 2024, from Rs 8,200 to Rs 8,500 in the first quarter. This represents a year-on-year growth of 21% from Rs 7,800 to Rs 8,100 in 2023, and a substantial quarter-on-quarter growth of 15.2%.
Noida/Greater Noida and Gurugram were top performers, with average property prices for the second quarter of 2024 ranging from Rs 6,700 to Rs 7,040 per square foot and Rs 10,600 to Rs 11,450 per square foot, respectively.
Hyderabad saw a moderate increase in property prices, with averages ranging from Rs 6,350 to Rs 6,550 per square foot in the second quarter of 2024, up from Rs 6,000 to Rs 6,300 in the first quarter.
In Chennai, the average property prices rose to Rs 7,840 to Rs 8,100 per square foot for the second quarter of 2024, up from Rs 7,490 to Rs 7,600 in the first quarter.
Kolkata experienced a notable increase, with average property prices rising to Rs 5,850 to Rs 6,180 per square foot in the second quarter of 2024, up from Rs 5,100 to Rs 5,400 in the first quarter.
Ahmedabad showed steady growth with average property prices ranging from Rs 5,300 to Rs 5,550 per square foot in the second quarter of 2024, up from Rs 5,000 to Rs 5,200 in the first quarter.
Pune saw substantial growth, with average property prices ranging from Rs 7,460 to Rs 7,700 per square foot in the second quarter of 2024, up from Rs 6,850 to Rs 6,900 in the first quarter.
Sunil Sisodiya, Founder of Geetanjali Homestate, commented, 'The Indian real estate market is undergoing a dynamic transformation, with significant growth in property prices across major cities. This upward trend is indicative of the robust demand and the increasing investment in infrastructure and quality housing. Our comprehensive report provides valuable insights for buyers, investors, and developers looking to navigate this evolving market.'
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Geetanjali Homestate is a leading real estate consultancy that provides comprehensive market research and analysis to help buyers, investors, and developers make informed decisions.
Geetanjali Homestate is a renowned name in the Indian real estate industry, known for its expertise in market research and analysis. With a team of experienced professionals, Geetanjali Homestate provides in-depth insights into the Indian real estate market, helping stakeholders navigate the complex landscape.
Frequently Asked Questions
What is the average property price in Mumbai in Q2 2024?
The average property price in Mumbai in Q2 2024 ranges from Rs 21,900 to Rs 22,200 per square foot.
Which city saw the most remarkable increase in property prices in Q2 2024?
Bangalore saw the most remarkable increase in property prices in Q2 2024, with average prices rising to Rs 9,500 to Rs 9,800 per square foot.
What is the year-on-year growth in property prices in Delhi in Q2 2024?
The year-on-year growth in property prices in Delhi in Q2 2024 is 11.2%.
What is the average property price in Pune in Q2 2024?
The average property price in Pune in Q2 2024 ranges from Rs 7,460 to Rs 7,700 per square foot.
What is the purpose of Geetanjali Homestate's property pricing report?
Geetanjali Homestate's property pricing report provides valuable insights for buyers, investors, and developers looking to navigate the Indian real estate market.
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