Due To Healthy demand housing prices In top eight cities increased 10% YoY in Q1 2024 Says CREDAI Colliers Liases Foras

Housing Prices In India: The dream of owning a house has become even more expensive in the year 2024. Due to positive sentiment in residential real estate during the first quarter of the current year, from January to March, housing prices in the top 8 cities of the country have seen an average increase of 10 percent annually. In the last one year, housing prices have increased by 19 percent in Bengaluru and by 16 percent in Delhi NCR.

Double digit growth in these cities

CREDAI – Colliers – Liases Foras has released the Housing Price-Tracker Report Q1 2024 for the first quarter of 2024. According to this report, in the last one year, house prices have been rising in double digits in Bengaluru, Delhi, Ahmedabad and Pune. If we compare the prices between the fourth quarter of 2023 and the first quarter of 2024, there has been a jump of 2 to 7 percent in house prices in just one quarter.

Price increased by more than 15% in Delhi Bengaluru

According to the report, the average price of houses in Delhi NCR was Rs 8,432/sq ft in the first quarter of 2023, which has increased by 16 percent to Rs 9,757/sq ft in the first quarter of 2024. In Bengaluru, house prices have increased the most by 19 percent and have increased from Rs 8,748/sq ft to Rs 10,377/sq ft in the first quarter of 2023. In Pune, the price in the first quarter of last year was Rs 8,352/sq ft, which has increased by 13 percent to Rs 9,448/sq ft. In Ahmedabad too, prices have increased by 13 percent in a year and have increased from Rs 6,324/sq ft to Rs 7176/sq ft in the first quarter of 2023.

The average price in Hyderabad has increased by 9 per cent from Rs 10,410/sq ft to Rs 11,323/sq ft. In Mumbai Metropolitan Region, the price has increased by 6 percent from Rs 19,219/sq ft to Rs 20,361/sq ft. In Chennai, it has increased from Rs 7,395 to Rs 7,710/sq ft with a jump of 4 per cent and in Kolkata it has increased from Rs 7,211 to Rs 7,727/sq ft with a jump of 7 per cent.

Strong demand in premium-luxury segment

On this data, Credai National President Boman Irani said, due to the strong demand for premium and luxury segment homes from homebuyers across the country, house prices have increased. Badal Yagnik, CEO of Colliers India, said that residential real estate has benefited from the positive sentiment in the first quarter of 2024, due to which the average annual price has increased by 10 percent. He said, the reduction in interest rates in the coming days will improve affordability for people who depend on EMI to buy houses.

10 lakh unsold eventaries

According to the report, the current times are in favor of both homebuyers and developers. There has been a 3 percent jump in unsold inventory during this period. The unsold inventory of houses in Pune has declined by 10 percent while in Delhi and Ahmedabad the unsold inventory has declined by 8 percent. The unsold inventory in all 8 cities in the first quarter of 2024 is close to 10 lakh units.

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