Delhi-NCR Housing Prices Surge 49% in Q4 2024: PropTiger

New Delhi, Jan 30 (PTI) Average housing prices in Delhi-NCR rose 49 per cent annually to Rs 8,105 per square feet during the latest December quarter on high demand especially for luxury homes, according to PropTiger.

In its report 'Real Insight: Residential Annual Round-up 2024', housing brokerage firm PropTiger said that appreciation in housing prices in Delhi-NCR was highest among eight major cities. Apart from Delhi-NCR, the cities covered are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (Mumbai, Navi Mumbai & Thane) and Pune.

The consultant attributed the increase in rates to high demand for luxury homes along with an escalation in the cost of building materials and labour.

"No doubt, this kind of price growth is indicative of underlying demand, growth prospects and positive buyer sentiment. However, cost pressure might further affordability concerns in a country where a large part of the population relies on government subsidies for house purchases," Dhruv Agarwala, Group CEO of Housing.com & Proptiger, said.

He said the government must launch policy measures that take care of this crucial aspect to promote affordable housing.

"Positive tweaks in taxation laws in the upcoming Budget and rate cuts by the RBI could go a long way in ensuring greater affordability for India's burgeoning middle class," Agarwala said.

Among cities, the average prices in Ahmedabad rose 10 per cent to Rs 4,402 per square feet in October-December 2024 from Rs 4,000 in the year-ago period.

Bengaluru saw a 12 per cent increase in prices to Rs 7,536 per square feet from Rs 6,744 per square feet, while Chennai witnessed a 16 per cent rise to Rs 7,173 from 6,200 per square feet.

Average housing prices in Hyderabad grew 3 per cent to Rs 7,053 compared to Rs 6,842 per square feet.

In Kolkata, the average rates went up 10 per cent to Rs 5,633 against Rs 5,100 per square feet.

Housing price in MMR appreciated 18 per cent to Rs 12,600 over 10,712 per square feet.

Lastly, the average housing prices in Pune rose 16 per cent to Rs 7,108 per square feet during October-December 2024 from Rs 6,140 per square feet in the year-ago period, the PropTiger data showed.