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Housing prices in India's major cities rose by an average of 10% in Q1 2024, with Bengaluru leading at 19%. A report by CREDAI National, Colliers, and Liases Foras highlights this growth across eight key cities: Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Kolkata, Hyderabad, Mumbai, and Pune. Strong housing demand, especially in areas with significant infrastructure development, is driving this trend. While unsold inventory in these cities totals around 1 million units, Mumbai holds nearly 40%. Pune, Delhi-NCR, and Ahmedabad saw a decrease in unsold inventory by 10%, 8%, and 8% respectively, indicating a healthier market balance.
Housing prices across India's major cities are on the rise, with Bengaluru leading the pack in the first quarter of 2024. A report by CREDAI National, Colliers, and Liases Foras reveals an average annual increase of 10% in housing prices across eight key cities: Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Kolkata, Hyderabad, Mumbai, and Pune. This trend signifies a robust housing market, particularly in premium and luxury segments. Advertisement
Experts attribute the price surge to a strong demand for housing, especially in areas witnessing significant infrastructure development. This has created a situation where demand is outpacing supply, leading to a rise in prices. While unsold inventory across these eight cities sits at around 10 lakh units (1 million units), Mumbai Metropolitan Region (MMR) holds nearly 40% of this unsold stock, translating to roughly 4 lakh units (400,000 units). Pune, Delhi-NCR, and Ahmedabad, however, are experiencing a positive trend with a decrease in unsold inventory - 10%, 8%, and 8% respectively - indicating a healthier market balance in these cities.
Bangalore emerged as the frontrunner in terms of price increase, witnessing a significant 19% annual jump. Delhi NCR followed closely with a substantial 16% annual increase. Experts predict that this momentum is likely to continue in the current fiscal year (FY 2024-25) due to factors like moderate inflation and interest rates, promoting affordability. Prices are expected to rise further by 10-15%, potentially narrowing the gap between affordability and inflation-adjusted prices.
The rising housing prices across major cities paint a picture of a growing Indian real estate market. While affordability remains a concern, the decrease in unsold inventory in some cities (Pune: 10%, Delhi-NCR: 8%, Ahmedabad: 8%) and the expected rise in prices suggest a market with potential for both buyers and investors. However, it's important to note that the data focuses on the top eight cities, and the situation might differ in smaller towns and cities.
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