Average housing prices across the top eight Indian cities – Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, MMR, Pune – witnessed a 3% QoQ growth in Q2 2024.
Average housing prices in Delhi NCR saw a 16% rise quarter-on-quarter, logging the highest quarterly price appreciation during April-June 2024. Within Delhi NCR, Dwarka Expressway and Greater Noida witnessed impressive price appreciation at 35% and 24% QoQ in average housing prices, respectively, according to a joint Housing Price-Tracker Report for Q2 2024 by CREDAI – Colliers – Liases Foras.
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This is the highest quarterly price rise for these micro markets in last few quarters and is led by the recent pick up in luxury segment launches, the report said. Furthermore, preference for spacious housing units in luxury & ultra-luxury segments led up-to 12% QoQ growth in average price of 3-4BHK configurations in Delhi NCR.
Average housing prices across the top eight Indian cities – Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, MMR, Pune – witnessed a 3% QoQ growth in Q2 2024.
On year-on-year basis too, Delhi NCR property rates witnessed the highest price rise at 30%, closely followed by Bengaluru at 28%.
On an annual basis, average housing prices at the end of Q2 2024 have showed a 12% growth across the eight major cities. Interestingly, 7 out of 8 cities under review witnessed annual price appreciation, the report said.
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Indian real estate experiencing bull run
Boman Irani, President of CREDAI National, said, “Indian real estate has been somewhat experiencing a bull run in the past few quarters, substantiated by the volume of transactions across top 8 cities as well as the prevalent positive sentiments towards housing. There has been a direct impact on housing prices – signifying not just the underlying demand but the definitive shift towards real estate as a preferred asset class.”
“With the upcoming festive season – coupled with the Government’s focus on infrastructure and a relatively stable lending eco-system – we project this momentum to be further have an impact on both prices and unsold inventory levels, as the industry’s demand-supply dynamics change,” Irani said.
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Housing demand continues to remain healthy
Badal Yagnik, CEO, Colliers India, said “Housing demand has continued to remain healthy over the past few quarters. Concurrently, stable interest rates and recent positive budgetary announcements, have provided tailwinds for the housing market of the country. Notably, average housing prices have witnessed a consistent double-digit annual growth rate (12% in Q2 2024,) adding buoyancy to the sustained growth story in residential real estate. Additionally, the upcoming festive season will further invigorate the housing market with heightened sales and new launches. We thus envisage a strong finish for the housing market in 2024.”
