Indian Metros Witness Significant Growth in Property Prices in Q2 2024
Major cities like Mumbai, Delhi, and Bangalore see substantial quarter-on-quarter growth in property values, according to a report by Geetanjali Homestate.
Property PricesIndian Real EstateQ2 2024Geetanjali HomestateMumbaiDelhiBangaloreReal Estate MumbaiJul 16, 2024
In Mumbai, the average property prices have shown a significant increase, ranging from ₹21,900 to ₹22,200 per square foot in the second quarter of 2024, up from ₹20,200 to ₹20,500 in the first quarter. This represents a quarter-on-quarter growth of 8.2% and a year-on-year growth of 4.9%.
Delhi has also seen a positive trend, with average prices ranging from ₹11,480 to ₹11,780 per square foot in the second quarter of 2024, compared to ₹10,950 to ₹11,300 in the previous quarter. The year-on-year growth was 11.2%, up from ₹10,300 to ₹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 ₹9,500 to ₹9,800 per square foot in the second quarter of 2024, from ₹8,200 to ₹8,500 in the first quarter. This represents a year-on-year growth of 21% from ₹7,800 to ₹8,100 in 2023 and a substantial quarter-on-quarter growth of 15.2%.
Noida/Greater Noida and Gurgaon emerged as top performers, with average property prices ranging from ₹6,700 to ₹7,040 per square foot and ₹10,600 to ₹11,450 per square foot, respectively, in the second quarter of 2024. Hyderabad, Chennai, Kolkata, Ahmedabad, and Pune also witnessed moderate to substantial growth in property prices during the same period.
The report highlights the robust demand and increasing investment in infrastructure and quality housing as key factors contributing to this upward trend. Sunil Sisodiya, Founder of Geetanjali Homestate, emphasized the significance of this report in providing valuable insights for buyers, investors, and developers looking to navigate this evolving market.
Information
Geetanjali Homestate is a leading real estate consultancy firm that provides comprehensive reports and insights on the Indian real estate market. With a team of expert analysts and researchers, the firm aims to empower stakeholders with data-driven information to make informed decisions.
Geetanjali Homestate is a renowned real estate consultancy firm that offers a range of services, including market research, project feasibility analysis, and investment advisory. With a strong presence in the Indian real estate market, the firm is committed to providing cutting-edge solutions to its clients.
Frequently Asked Questions
What is the average property price in Mumbai in Q2 2024?
The average property price in Mumbai ranges from ₹21,900 to ₹22,200 per square foot in Q2 2024.
Which cities have seen the most significant growth in property prices in Q2 2024?
Bangalore, Noida/Greater Noida, and Gurgaon have seen the most significant growth in property prices in Q2 2024.
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 is 11.2% in Q2 2024.
What is the quarter-on-quarter growth in property prices in Chennai in Q2 2024?
The quarter-on-quarter growth in property prices in Chennai is 6.5% in Q2 2024.
What is the purpose of Geetanjali Homestate's report on property prices?
The report provides valuable insights for buyers, investors, and developers looking to navigate the evolving Indian real estate market.
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