Delhi NCR sees highest yearly jump of 30% in home prices in 2024
- IBEF
- December 27, 2024
Housing prices in India’s top seven residential markets – Delhi NCR, Mumbai Metropolitan Region (MMR), Bangalore, Pune, Hyderabad, Chennai, and Kolkata – saw significant growth in 2024, ranging from 13% to 30%, driven by rising input costs and strong homebuyer demand, according to data from property consultancy Anarock. Delhi NCR recorded the highest increase, with average residential prices jumping 30%, from US$ 68.03 (Rs. 5,800) per sq. ft. in 2023 to US$ 88.56 (Rs. 7,550) per sq. ft. in 2024. Other markets like MMR, Bangalore, and Hyderabad also saw impressive growth, with MMR witnessing a 21% increase, Bangalore rising by 28%, and Hyderabad by 27%.
Despite a 4% dip in housing sales across the top seven cities in 2024, the overall sales value surged by 16%, increasing from US$ 57.24 billion (Rs. 4,88,000 crore) in 2023 to US$ 66.62 billion (Rs. 5,68,000 crore) in 2024. MMR led the sales with around 1,55,335 units sold, marking a modest 1% rise, followed by Pune with 81,090 units sold. Luxury housing demand sharply increased, with new luxury supply rising 24% across the top seven cities. New launches, however, experienced a 7% decline, primarily due to delays in project approvals and the ongoing election cycle. Anarock Chairperson Mr. Anuj Puri stated that, while price hikes are expected to stabilize in 2025, the market will continue to experience steady growth supported by high demand and new supply from developers.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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