Housing Prices Rise 9% in Top Cities: PropEquity

New Delhi, Apr 10 (PTI) The weighted average prices in newly launched housing projects rose 9 per cent last fiscal on high input costs, according to PropEquity.

Listed real estate data analytic firm PropEquity said in a statement that the weighted average launch price of homes in top 9 cities rose by 9 per cent in 2024-25 to Rs 13,197 per square feet as compared to Rs 12,569 per sq ft in the preceding year.

The average housing prices in new projects rose maximum in Kolkata by 29 per cent, followed by Thane 17 per cent, Bengaluru 15 per cent, Pune 10 per cent, Delhi-NCR 5 per cent, Hyderabad 5 per cent and Chennai 4 per cent.

Housing Prices fell 3 per cent each in Mumbai and Navi Mumbai.

Samir Jasuja, Founder and CEO, PropEquity said, "While the demand and supply have been subdued in the past one year, the rise in input cost, including land, labour and construction material, over the past couple of years have led to firming up of housing prices."

As per the data, the weighted average housing prices in new projects increased in Bengaluru to Rs 9,852 in 2024-25 fiscal year from Rs 8,577 per square feet in the preceding year.

In Kolkata, the average rate rose to Rs 8,009 from Rs 6,201 per square feet.

Rates increased in Chennai to Rs 7,989 from Rs 7,645 per square feet.

Hyderabad witnessed an increase to Rs 8,306 from Rs 7,890 per square feet, while Pune saw a rise to Rs 10,832 from Rs 9,877 per square feet.

In Thane, the average rates rose to Rs 12,880 from Rs 11,030 per square feet.

Average housing prices in Delhi NCR increased to Rs 14,020 from Rs 13,396 per sq ft.

However, rates dipped in Navi Mumbai to Rs 12,855 from Rs 13,286 per sq ft. Mumbai too saw a fall to Rs 34,026 per sq ft last fiscal from Rs 35,215 per sq ft in 2023-24.

Bengaluru-based BCD Group CMD Angad Bedi said, "The sharp rise in new launch prices across top Indian cities reflects strong end-user demand, steady investor confidence, and rising construction costs."

Bhavesh Kothari, Founder & CEO, Property First, said, this trend indicates strong investor sentiments and a focus on premium offerings in prime locations.

"Though rising property launch prices reflect confidence in long-term value creation, it has also raised affordability issues for first-time buyers. To achieve sustainable development, we must equilibrate premium developments and affordable housing to ensure inclusive growth," he added.