Average housing prices across the top eight cities were up 10% in Q1

28 May 2024 CW Team

According to a survey by CREDAI National, Colliers, and Liases Foras, the average price of a home increased by 10% yearly during Q1 2024 in the top eight cities: Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Kolkata, Hyderabad, Mumbai, and Pune. Additionally, on a quarterly basis, most of the cities' home prices increased by a notable 2?7%. In India, unsold inventories increased by just 3% over the previous year. Pune stood out for having the largest yearly decrease in unsold inventory, with a notable 10% year-over-year decline. Delhi-NCR and Ahmedabad, with 8% annual reductions apiece, trailed closely behind. Nearly 10 lakh units of unsold inventory were held in the top eight cities as of Q1 2024, with the Mumbai Metropolitan Region (MMR) accounting for nearly 40% of this total. Boman Irani, the president of CREDAI National, stated that the surge in housing prices is a direct consequence of the robust housing demand that they are witnessing, especially in premium and luxury housing, by homebuyers across the country. He mentioned that these are directly linked to not just a stable lending ecosystem but also the emergence of various micro-markets that have been the primary beneficiaries of significant infrastructural projects, which has altered the demand-supply dynamics in residential real estate. He expressed that they do not foresee this momentum slowing down in FY24?25 as well. Boman Irani further noted that Bengaluru witnessed the most significant annual price surge among India's top eight cities, with prices soaring by 19%. Additionally, in Delhi, NCR, housing prices saw a substantial annual increase of 16%. Pankaj Kapoor, the managing director of Liases Foras, stated that, with moderate inflation and interest rates, the real estate sector is expected to maintain demand due to affordability. He mentioned that the prices could increase by 10-15%, bridging the gap between affordability and inflation-adjusted prices.

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