Housing Prices Surge 10% in 8 Cities, Delhi-NCR Tops at 31%

New Delhi, Feb 25 (PTI) Housing prices appreciated at an average of 10 per cent during the December quarter across eight major cities on strong demand, higher input cost, according to a report by CREDAI, Colliers and Liases Foras.

Realtors' body CREDAI, real estate consultant Colliers India, and data analytic firm Liases Foras on Tuesday released their joint report, which showed that Delhi-NCR saw a maximum appreciation of 31 pc annually during the October-December period of 2024.

"Interestingly, average housing prices have been on a rising spree for the 16th consecutive quarter, starting 2021," the report said.

Price appreciation was evident in all the eight major cities.

CREDAI National President Boman Irani said, "The sustained growth in housing prices underscores the strong confidence among homebuyers, driven by a preference for spacious living and lifestyle upgrades."

"While evolving preferences and lifestyle upgrades remain key motivators, cost pressures in construction and land acquisition are also significantly contributing to pricing trends," Irani said.

Colliers India Chief Executive Officer Badal Yagnik believes 2025 may see similar increase in average prices across top eight cities.

"Going ahead, with elbowroom for further reduction in benchmark lending rates, most cities are likely to witness traction in housing sales across categories. Resultantly, average residential prices can potentially increase at similar levels in 2025 on an annual basis," Yagnik said.

Liases Foras Managing Director Pankaj Kapoor said sales witnessed a marginal decline, led by moderated new launches in the last quarter.

"We anticipate a growth in affordable and mid-segment supply and sales going forward, which will change the composition of supply, which has been skewed towards the luxury segment for the last four years," Kapoor said.

Among cities, the average housing prices rose 15 per cent annually in Ahmedabad to Rs 7,725 per sq ft on carpet area basis during the October-December period of 2024.

Bengaluru saw a 23 per cent increase in prices to Rs 12,238 per sq ft. Housing prices rose 6 per cent in Chennai to Rs 8,141 per sq ft, while Delhi-NCR witnessed a 31 per cent increase to Rs 11,993 per sq ft.

In Hyderabad, the rates grew 2 per cent to Rs 11,351 per sq ft.

Prices increased 1 per cent in Kolkata to Rs 7,971 per sq ft.

Mumbai Metropolitan Region (MMR) registered a 3 per cent growth in prices to Rs 20,725 per sq ft.

Lastly, Pune saw a 9 per cent annual price appreciation during the period under review to Rs 9,982 per sq ft, the data showed.