India’s Top Cities See Significant Housing Price Surge: Q4 2024 Report
Housing prices in India’s top eight cities—Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, MMR, and Pune—rose by 10% year-on-year in Q4 2024, according to a comprehensive report by CREDAI, Colliers, and Liases Foras. The report highlights th
Real EstateHousing PricesLuxury HomesInvestmentIndiaReal Estate NewsFeb 25, 2025
While the affordable housing segment remains the dominant force in overall sales, the demand for luxury and ultra-luxury homes is gaining significant momentum.
This trend is expected to push average housing prices higher across major residential markets in the coming quarters.
In Q4 2024, India’s top eight cities—Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, MMR, and Pune—recorded a 10% year-on-year increase in housing prices.
Each city has unique factors driving this growth, from strong IT sector growth and infrastructure development to rising investor confidence.
Delhi NCR, one of India’s most dynamic real estate markets, saw the highest year-on-year price growth among the top cities, with a 31% surge in housing prices.
The luxury and ultra-luxury segments were the primary drivers of this increase, particularly in areas like Dwarka Expressway, which saw a 58% year-on-year price appreciation, and Greater Noida, which witnessed a 52% increase.
The upcoming Jewar International Airport is expected to further fuel price hikes in the region, making it a highly attractive market for investors and homebuyers.
Bengaluru, the second-fastest-growing market in India, witnessed a 23% rise in housing prices in Q4 2024.
The city’s robust IT sector, infrastructure upgrades, and high demand for ready-to-move-in homes have all contributed to this significant growth.
Key areas such as Periphery & Outer West Bengaluru saw up to 15% year-on-year appreciation, making it an attractive market for both buyers and investors.
Ahmedabad’s housing market continued to see steady price appreciation, with a 15% year-on-year rise in Q4 2024.
Rising investor confidence and ongoing infrastructure development have been the key drivers of this growth.
The city’s consistent price appreciation makes it an attractive market for both buyers and investors, offering a stable return on investment.
Pune’s housing market has heated up amidst rising prices and a significant drop in unsold inventory.
In Q4 2024, housing prices climbed 9% year-on-year, while unsold inventory dropped by 14%, the highest decline among major cities.
Popular micro-markets like Baner and Nagar Road saw strong demand, driven by ongoing infrastructure projects that have boosted homebuyer interest.
Chennai, known for its stable real estate market, recorded a 6% year-on-year price increase in Q4 2024, alongside a 7-10% decline in unsold inventory.
The city’s IT corridor and suburban areas remain highly attractive to homebuyers seeking affordable and mid-segment properties.
The combination of stable price growth and a drop in unsold inventory reflects a balanced market with strong demand.
The Mumbai Metropolitan Region (MMR) remains India’s most dynamic real estate market, with a 3% year-on-year price rise in Q4 2024.
Despite accounting for 40% of India’s unsold inventory, MMR saw inventory levels drop for the first time in three years, reflecting renewed buyer confidence.
The demand for premium housing has been a significant driver of this growth, making MMR a highly sought-after market for both investors and homebuyers.
Hyderabad’s real estate market remained stable, with a 2% year-on-year price increase and a 13% drop in unsold inventory.
Strong demand in mid-segment housing and infrastructure-driven growth continue to position Hyderabad as a key investment hub.
The city’s balanced growth and attractive properties make it a viable option for investors and homebuyers alike.
Kolkata’s housing market saw a 1% annual price increase and a 7-10% year-on-year reduction in unsold inventory.
Key locations like New Town and Rajarhat have experienced healthy demand, supported by rising commercial development and infrastructure expansion.
Despite the modest price growth, Kolkata remains a growing residential market with significant potential for investment and development.
In conclusion, the Indian real estate market is witnessing a robust upward trend, driven by a combination of economic factors and infrastructural developments.
While the affordable housing segment continues to dominate overall sales, the growing demand for luxury and ultra-luxury homes is likely to drive further price increases in the coming quarters.
Each of the top cities has its unique set of factors driving growth, making the Indian real estate market a highly dynamic and attractive investment opportunity.
Frequently Asked Questions
What is the overall trend in India’s housing prices for the past 16 quarters?
Housing prices in India have been on a continuous upward trend for 16 consecutive quarters since 2021, according to a report by CREDAI, Colliers, and Liases Foras.
Which city saw the highest year-on-year price growth in Q4 2024?
Delhi NCR saw the highest year-on-year price growth among India’s top cities, with a 31% surge in housing prices in Q4 2024.
What factors are driving the growth in housing prices in Bengaluru?
Bengaluru’s housing market growth is driven by strong IT sector growth, infrastructure upgrades, and high demand for ready-to-move-in homes, particularly in key areas like Periphery & Outer West Bengaluru.
How has the unsold inventory changed in Pune in Q4 2024?
Pune’s unsold inventory dropped by 14% in Q4 2024, the highest decline among major cities, driven by strong demand and infrastructure projects.
What is the expected impact of the Jewar International Airport on Delhi NCR’s housing prices?
The upcoming Jewar International Airport is expected to further fuel price hikes in the Delhi NCR region, making it a highly attractive market for investors and homebuyers.
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