Indian Metros on the Rise: Mumbai and Delhi Witness Double-Digit Growth in Prime Property Prices
Mumbai and Delhi have seen a significant surge in global housing price rankings, with prime residential property prices rising by 11.5% and 10.5% respectively, according to a report by Knight Frank.
Prime Property PricesMumbaiDelhiGlobal Housing MarketKnight FrankReal EstateReal Estate MumbaiJun 18, 2024
Mumbai's performance is particularly impressive, jumping from sixth place to third globally in terms of year-on-year growth (YoY) in prime residential property prices during the first quarter of 2024 (January-March). This translates to an impressive 11.5% increase in prime residential property prices compared to the same period last year. This significant rise is attributed to a surge in demand across all housing segments, with a notable increase in sales of higher-value properties.
Delhi also experienced a substantial improvement, climbing from 17th to 5th position in the rankings. This rise reflects a 10.5% YoY growth in prime residential property prices. While Bengaluru saw a slight decline in ranking (16th to 17th), it still recorded a positive growth of 4.8% in residential prices.
The Knight Frank report, titled \
Frequently Asked Questions
What is the year-on-year growth rate of prime residential property prices in Mumbai?
11.5%
What is the ranking of Delhi in terms of year-on-year growth in prime residential property prices?
5th globally
What is the average annual house price growth globally, according to the Knight Frank report?
4.1%
Which city has witnessed the highest annual rise in prime residential property prices globally?
Manila, Philippines
What is the expected impact of stable economic conditions on the housing market in Mumbai and Delhi?
Support for ongoing sales growth
Related News Articles
Rise of Real Estate in Tier 2 and Tier 3 Cities: Lucknow and Jaipur Lead the Way
Tier 2 and Tier 3 cities are witnessing a significant surge in land acquisitions and real estate development, with Lucknow and Jaipur leading the charge. These cities are becoming hotspots for affordable housing and commercial projects.
Century Real Estate to Launch Over 10 New Housing Projects in FY26, Valued at Rs 9K Crore
Century Real Estate is set to launch more than 10 new housing projects in the fiscal year 2026, primarily in Bengaluru, with an estimated revenue potential of over Rs 9,000 crore. The company aims to capitalize on the growing demand for residential properties in key cities.
Unlocking Premium Real Estate in Delhi-NCR for $1 Million
The Dwarka Expressway has transformed the real estate landscape in Delhi-NCR, making it possible to own premium properties for around $1 million. Discover the opportunities and benefits of investing in this thriving region.
Confusion Arises as GST Notices Hit Property Developers Over Rs 3,500 Crore ITC Claims
Several real estate developers are facing unexpected challenges as they receive show cause notices from the Goods and Services Tax (GST) authorities, questioning their Input Tax Credit (ITC) claims worth Rs 3,500 crore.
US and India Reach Agreement to Cut Tariffs After Reciprocal Trade Measures
The United States and India have agreed to reduce tariffs on certain goods following reciprocal trade measures announced by the US, marking a significant step toward easing trade tensions between the two nations.
Luxury Property Market Soars: 27% Increase in Sales Across Top Indian Cities
Delhi-NCR, Mumbai, and Hyderabad lead the luxury housing sales surge, with Pune registering a 450% year-on-year increase.