Average Housing Prices Up 11% In July-September 2024 In 8 Cities: Report

Representative Image

India's eight major cities experienced an average annual increase of 11% in housing prices during the September quarter, driven by robust demand, with Delhi-NCR recording the highest growth at 32%, according to a report. The joint 'Housing Price-Tracker Report Q3 2024' was released on Monday by CREDAI, the apex body for realtors, in collaboration with real estate consultancy Colliers and data analytics firm Liases Foras.

"Average housing prices across the top eight markets in India rose 11 per cent Y-o-Y (year-on-year) at Rs 11,000 per sq ft during Q3 (July-September) 2024, led by sturdy demand and positive market sentiments," the report said. The average housing prices have increased for the 15th consecutive quarter since 2021.

All the eight major cities saw an annual increase in housing prices, the consultant said. Delhi-NCR witnessed the highest rise at 32 per cent Y-o-Y, followed by Bengaluru at 24 per cent Y-o-Y rise during the July-September period. According to the data, the average housing prices in Delhi-NCR rose 32 per cent to Rs 11,438 per square feet during July-September this year from Rs 8,655 per square feet in the year-ago period. In Bengaluru, the rates appreciated to Rs 11,743 from Rs 9,471 per square feet.

According to a recent ANAROCK report, the Mumbai Metropolitan Region has maintained its shine. In H1 FY 2024, the average ticket size of sold units was Rs 1.47 Cr, signifying people's preference for luxury units as well. 

Mohit Malhotra, Founder & CEO of NeoLiv, said that several areas of MMR including Alibaug have emerged as peaceful retreats for buyers that offer a unique blend of exclusivity, luxury, and convenience. "Alibaug’s charm and proximity to Mumbai make it an ideal destination for discerning homebuyers looking for a perfect blend of leisure and convenience. With projects offering luxury villas with innovative layouts, community spaces, and eco-conscious designs, the region is catering to an elite clientele. Buyers here are no longer just purchasing properties—they are investing in experiential living spaces that emphasize wellness, comfort, and sustainability.”