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Amidst healthy demand, average housing prices across top 8 cities increased 10% YoY in Q1’24: CREDAI–Colliers-Liases Foras| Housing Price-Tracker Report Q1 2024  

May 16, 2024: Amidst sustained positive sentiment in residential real estate, average housing prices surged by 10% annually during Q1 2024. While each of the top eight cities witnessed annual price appreciation, average housing prices in Bengaluru, Delhi NCR, Ahmedabad, and Pune registered double digit growth. On a quarterly basis too, housing prices across majority of the cities witnessed a noticeable 2-7% increase. 

Although the market continued to be largely favorable for both homebuyers and developers, unsold inventory at an India level witnessed a marginal 3% YoY increase. Notably, Pune led with a significant 10% YoY drop in unsold inventory, closely followed by Delhi NCR and Ahmedabad, each recording an 8% annual reduction. As of Q1 2024, unsold inventory across the top eight cities stood close to 10 lakh units, with MMR alone having almost a 40% share. Interestingly, robust demand momentum led to a slight drop in unsold units on quarterly basis. Although, Hyderabad and Bengaluru witnessed yearly increases in unsold inventory, both cities saw a slight quarterly dip. Developers are likely to keep a close watch on available stock and anticipated demand while timing their new launches in the near-term.


Boman Irani, President of CREDAI National stated, “The surge in housing prices is a direct consequence of the robust housing demand that we’re witnessing – especially in premium and luxury housing – by homebuyers across the country. These are directly linked to not just a stable lending eco-system but also the emergence of various micro-markets that have been the primary beneficiaries of significant infrastructural projects – which has altered the demand-supply dynamics in residential real estate and we do not foresee this momentum to slow down in FY24/25 as well.” 

“Residential real estate in India continued to benefit from positive sentiments in the first quarter of 2024, with average housing prices increasing by an impressive 10% on an annual basis. This upward trend reflects the resilience and dynamism of the residential sector, buoyed by factors such as stable repo rates and infrastructure upgrades across most of the major Indian cities. With prospects of reduction in benchmark lending rates in the ongoing fiscal year, affordability can improve in the near term, especially for the EMI dependent home buyers”, added, Badal Yagnik, Chief Executive Officer, Colliers, India   

Pan India residential price trends (Q1 2024) (in INR/sq ft) – 

CityAverage Price Q1 2023Average Price Q4 2023Average Price Q1 2024QoQ Price change (Q1 2024 vs Q4 2023)YoY Price change (Q1 2024 vs Q1 2023)
Delhi NCR*8,4329,1709,7576%16%

Source: Liases Foras, Colliers

All the prices are based on carpet area 


*NCR- National Capital Region

**MMR- Mumbai Metropolitan Region

“In the top 8 cities of India, property prices have seen a notable 10% year-on-year increase, alongside strong sales, and new supply introductions.Bengaluru leads with a 19% spike in housing prices, followed by significant escalations in Delhi NCR, Hyderabad, and Pune. Factors like luxury demand, upcoming infrastructure projects, and strategic launches drive these increases. With moderate inflation and interest rates, the real estate sector is expected to maintain demand due to affordability. The prices could increase by 10-15%, bridging the gap between affordability and inflation-adjusted prices”, said Pankaj Kapoor, Managing Director, Liases Foras. 

At 19% YoY increase, Bengaluru saw the highest price rise across top eight cities 

Bengaluru witnessed the most significant annual price surge among India’s top eight cities, with prices soaring by 19%. Within Bengaluru, the Periphery and Outer East micro market saw the steepest upward movement at 32% YoY increase. It was followed by the Periphery and Outer North with 18% annual growth in average housing prices. Key IT hubs like Whitefield and KR Puram witnessed notable demand for spacious units, particularly 3BHK and 4BHK configurations. 

In Delhi NCR, housing prices saw a substantial annual increase of 16%, with Dwarka Expressway, notably witnessing a 23% increase in average capital values. With significant number of new launches, the trend is likely to continue in residential catchment areas along Dwarka Expressway throughout 2024.


Unsold inventory in Pune witnessed the steepest drop at 10% YoY

Of the eight major cities, Pune witnessed the steepest drop in unsold inventory levels. The 10% YoY decline in unsold units, highlights strong housing demand across the city. The reduction in unsold units coincides with a major 13% annual rise in average housing prices. This price growth was driven by substantial launches in the high-end and luxury segments. Key localities like Camp and Baner witnessed significant YoY price increases, ranging between 20-23%. Going ahead, with continued progress on key infrastructure projects such as Metro Line 3 & Pune Ring Road, and completion of marquee Grade A commercial developments, areas like Baner, Chinchwad, Shivaji Nagar, and Nagar Road are likely to witness high residential activity in the near to mid-term.

Demand for housing units across categories, especially luxury and ultra-luxury segments has remained upbeat for the last few quarters. While Mumbai and Delhi have been featured regularly in the global list of cities with highest millionaires, Bengaluru promises to be a fast-emerging city in terms of wealth accumulation and growth in millionaire population. As a growing economic hub, Bengaluru has seen significant launches in luxury residential projects, especially in the Periphery & Outer North micro market. Residential developers are likely to further capitalize on the growing demand in the luxury/ultra-luxury segment and launch more upscale projects catering to the discerning tastes of affluent homebuyers,said Vimal Nadar, Senior Director and Head of Research, Colliers India.