Indian Real Estate Boom: Delhi and Mumbai Housing Prices Soar by 49%
Real estate demand is booming in India's major cities, with Delhi and Mumbai witnessing a 49% increase in housing prices and a significant decrease in unsold inventory.
Indian Real EstateDelhi Housing PricesMumbai Housing PricesAnarockNational Capital RegionMumbai Metropolitan RegionReal Estate MumbaiJul 07, 2024
The firm's research data reveals that record-breaking sales have resulted in a decrease in unsold inventory, and an average residential price hike of 49% during this period. Anuj Puri, Chairman of ANAROCK Group, attributed this steep rise to increased construction costs and robust sales.
The COVID-19 pandemic has also played a significant role in boosting the residential market, causing demand to skyrocket. This surge in sales led to a decline in unsold inventory, particularly in NCR, which saw its unsold stock decrease by over 52% from around 1.82 lakh units at H1 2019-end to around 86,900 units by H1 2024-end.
The conscious reduction of fresh supply was also a significant factor in clearing stock. ANAROCK data shows that around 1.72 lakh units were launched in NCR between H1 2019 and H1 2024. In contrast, MMR saw over 5.26 lakh units launched during the same period, leading to a 13% decline in its unsold stock due to substantial new launches meeting resurgent demand.
Both NCR and MMR have witnessed significant price appreciation, with average residential prices increasing by 49% and 48% respectively between H1 2019 and H1 2024. This significant price appreciation is attributed to steep hikes in construction costs coupled with healthy sales.
Information
ANAROCK is a leading real estate consultant that provides expert advice and research-driven insights to the real estate industry.
ANAROCK is a premier real estate consultancy firm that offers comprehensive services to developers, investors, andhomebuyers. With a strong presence in India, ANAROCK provides expert advice and research-driven insights to the real estate industry.
Frequently Asked Questions
What is the average residential price hike in Delhi and Mumbai over the past five years?
The average residential price hike in Delhi and Mumbai is 49% over the past five years.
What is the main reason for the decrease in unsold inventory in Delhi and Mumbai?
The main reason for the decrease in unsold inventory in Delhi and Mumbai is the surge in sales due to the COVID-19 pandemic.
How many units were launched in NCR between H1 2019 and H1 2024?
Around 1.72 lakh units were launched in NCR between H1 2019 and H1 2024.
What is the current inventory overhang in NCR and MMR?
The current inventory overhang in NCR is 16 months, and in MMR, it is 14 months.
Who is the Chairman of ANAROCK Group?
Anuj Puri is the Chairman of ANAROCK Group.
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