Average Housing Prices in India's Top 8 Cities Rise by 11%, Delhi-NCR Tops the List
Click to start listening
New Delhi, Dec 2 (NationPress) Fueled by robust demand and favorable market conditions, the average housing prices in the leading eight cities of India have shown a consistent rise, achieving a remarkable 11% growth (year-on-year) at Rs 11,000 per square foot during the July-September quarter of this year, according to a report released on Monday.
Every one of the eight major cities experienced an annual increase in housing prices, with Delhi-NCR leading the way with a substantial 32% rise, closely followed by Bengaluru at 24% during the third quarter of this year, as per the findings shared by CREDAI, Colliers, and Liases Foras, a real estate analytics firm.
Within the Delhi-NCR region, areas such as Dwarka Expressway and Golf Course Extension/Sohna Road experienced remarkable price growth of over 50% year-on-year.
It is noteworthy that the average housing prices have been on an upward trend for the 15th consecutive quarter since 2021. With expectations of a vibrant residential market in the final quarter, the end of 2024 is projected to be robust, as indicated in the report.
"The market is witnessing an influx of aspirational homebuyers, leading to a demand for larger homes, which is reflected in the rising prices that align with current market dynamics and consumer preferences," stated Boman Irani, President of CREDAI National.
Moreover, the overall unsold inventory has seen a quarterly decline for the third consecutive quarter, attributed to a healthy absorption of housing units.
By the end of September, the unsold inventory was recorded at over 10 lakh housing units across the eight major cities, with the Mumbai Metropolitan Region (MMR) making up a significant share of approximately 40%.
"While the housing market is gradually stabilizing, the outlook for the residential sector remains optimistic, bolstered by solid underlying market fundamentals," remarked Badal Yagnik, Chief Executive Officer of Colliers, India.
Developers are reassessing their strategies, particularly in price-sensitive segments, by providing compact-sized units.
Given the high levels of unsold inventory amounting to 10 lakh units across the eight key cities, developers are adopting a cautious approach toward new launches.
"The continued growth in sales and prices indicates that both affordability and demand remain strong. The luxury segment continues to dominate, although there has been a gradual decline in new launches," noted Pankaj Kapoor, Managing Director of Liases Foras.
