India's Housing Market Sees Upsurge: Average Property Prices Rise 10% in Q1 2024 Across Top Cities
India's housing market witnesses a significant surge in Q1 2024
Indian Real EstateProperty PricesPuneMumbaiDelhi NcrReal Estate PuneMay 26, 2024
The report highlights that Pune led the pack, with a significant increase in property prices, followed by other major cities like Mumbai, Delhi-NCR, Bengaluru, Chennai, Hyderabad, Kolkata, and Ahmedabad. This growth is a welcome respite for real estate developers, who have been grappling with stagnant prices and high unsold inventory levels in recent years.
Interestingly, the unsold inventory at an India level witnessed a marginal 3% year-on-year increase, indicating that the demand-supply gap is slowly narrowing. This is a positive sign for the industry, which has been struggling to clear its inventory levels.
The report also notes that the growth in property prices is not limited to just residential segments, but also extends to commercial and retail spaces. This is driven by the increasing demand for office and retail spaces, particularly in cities like Bengaluru and Hyderabad, which are emerging as major IT and startup hubs.
The Indian real estate industry has been going through a phase of transformation in recent years, driven by factors such as demonetization, GST, and RERA. While these reforms have brought in much-needed transparency and accountability, they have also led to a period of consolidation and adjustment.
ABC Corporation is a leading real estate research and consultancy firm, with a presence across India. The firm provides comprehensive research and advisory services to real estate developers, investors, and policymakers.
Frequently Asked Questions
Which city led the growth in property prices in Q1 2024? A: Pune led the growth in property prices in Q1 2024 Q: What is the year-on-year increase in unsold inventory at an India level? A: The unsold inventory at an India level witnessed a marginal 3% year-on-year increase Q: What are the factors driving the growth in property prices? A: The growth in property prices is driven by factors such as low interest rates improved infrastructure and a growing economy Q: Which cities are emerging as major IT and startup hubs? A: Bengaluru and Hyderabad are emerging as major IT and startup hubs Q: Who is ABC Corporation? A: ABC Corporation is a leading real estate research and consultancy firm with a presence across India
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