Average housing prices in Delhi-NCR surged by 49 per cent annually, reaching Rs 8,105 per square foot during the December quarter, driven by strong demand, particularly for luxury homes, as per a report by PropTiger.
In its report titled Real Insight: Residential Annual Round-up 2024, the housing brokerage firm highlighted that Delhi-NCR recorded the highest appreciation in housing prices among eight major cities. The other cities included in the report are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (Mumbai, Navi Mumbai & Thane), and Pune.
The rise in prices was attributed to a surge in demand for luxury homes, coupled with increased costs of construction materials and labour.
“This significant price growth undoubtedly reflects strong demand, promising growth prospects, and positive buyer sentiment. However, rising costs could further impact affordability in a country where a substantial section of the population depends on government subsidies to purchase homes,” said Dhruv Agarwala, Group CEO of Housing.com & PropTiger.
He emphasised the need for government intervention through policy measures to address affordability concerns and promote accessible housing.
“Adjustments in taxation laws in the upcoming Budget and a reduction in interest rates by the RBI could play a crucial role in making housing more affordable for India’s growing middle class,” Agarwala added.
Among various cities, Ahmedabad witnessed a 10 per cent increase in average prices, reaching Rs 4,402 per square foot in the October-December 2024 period, compared to Rs 4,000 a year earlier.
Bengaluru saw a 12 per cent rise, with prices climbing to Rs 7,536 per square foot from Rs 6,744. Chennai experienced a 16 per cent increase, reaching Rs 7,173 per square foot from Rs 6,200.
Hyderabad recorded a relatively modest 3 per cent growth, with prices going up to Rs 7,053 per square foot from Rs 6,842.
In Kolkata, the average rates rose by 10 per cent to Rs 5,633 per square foot from Rs 5,100.
The Mumbai Metropolitan Region (MMR) saw an 18 per cent appreciation, with prices increasing to Rs 12,600 per square foot from Rs 10,712.
Finally, in Pune, housing prices rose by 16 per cent, reaching Rs 7,108 per square foot in the October-December 2024 quarter, up from Rs 6,140 per square foot a year earlier, as per PropTiger data.
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