Housing Prices Surge 10% in Q1
ECONOMY & POLICY

Housing Prices Surge 10% in Q1

In the first quarter of 2024, housing prices in India's top eight real estate markets experienced a notable increase, averaging a 10% rise compared to the previous year. This trend reflects a robust demand for residential properties amidst evolving market dynamics.

According to the latest report, the cities that contributed significantly to this surge include Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, and Ahmedabad. Factors such as increased demand from end-users, a resurgence of investor interest, and improved market sentiment have driven this growth.

The report highlights that Mumbai and Delhi-NCR saw the highest price appreciation, largely due to their continued appeal to both domestic and international buyers. In Mumbai, the luxury segment performed particularly well, driven by limited supply and high demand for premium properties. Delhi-NCR, on the other hand, benefited from infrastructure developments and an influx of new projects.

Bengaluru and Hyderabad also recorded substantial price hikes, attributed to their thriving IT industries and robust employment opportunities, which attract a steady influx of professionals seeking housing. Pune and Chennai followed suit, with both markets experiencing healthy demand across various segments, from affordable housing to mid-range and luxury properties.

The growth in Kolkata and Ahmedabad, though slightly lower compared to other cities, still reflected positive market trends driven by local demand and improved economic conditions.

Industry experts believe that this upward trend in housing prices is likely to continue throughout the year, supported by favourable economic indicators, government incentives for homebuyers, and sustained interest from both end-users and investors. However, they also caution that affordability concerns and potential interest rate hikes could pose challenges in the future.

Overall, the 10% increase in housing prices in Q1 2024 underscores a strong recovery and optimism in India's real estate sector, setting a positive tone for the remainder of the year.

In the first quarter of 2024, housing prices in India's top eight real estate markets experienced a notable increase, averaging a 10% rise compared to the previous year. This trend reflects a robust demand for residential properties amidst evolving market dynamics. According to the latest report, the cities that contributed significantly to this surge include Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, and Ahmedabad. Factors such as increased demand from end-users, a resurgence of investor interest, and improved market sentiment have driven this growth. The report highlights that Mumbai and Delhi-NCR saw the highest price appreciation, largely due to their continued appeal to both domestic and international buyers. In Mumbai, the luxury segment performed particularly well, driven by limited supply and high demand for premium properties. Delhi-NCR, on the other hand, benefited from infrastructure developments and an influx of new projects. Bengaluru and Hyderabad also recorded substantial price hikes, attributed to their thriving IT industries and robust employment opportunities, which attract a steady influx of professionals seeking housing. Pune and Chennai followed suit, with both markets experiencing healthy demand across various segments, from affordable housing to mid-range and luxury properties. The growth in Kolkata and Ahmedabad, though slightly lower compared to other cities, still reflected positive market trends driven by local demand and improved economic conditions. Industry experts believe that this upward trend in housing prices is likely to continue throughout the year, supported by favourable economic indicators, government incentives for homebuyers, and sustained interest from both end-users and investors. However, they also caution that affordability concerns and potential interest rate hikes could pose challenges in the future. Overall, the 10% increase in housing prices in Q1 2024 underscores a strong recovery and optimism in India's real estate sector, setting a positive tone for the remainder of the year.

Next Story
Infrastructure Transport

NHAI to Build 6-Lane Agra-Gwalior Expressway on BOT (Toll) Mode

To enhance connectivity between the tourism hubs of Agra and Gwalior, National Highways Authority of India (NHAI) will develop 88 km long 6-lane access controlled Agra-Gwalior Greenfield Expressway (NH-719D). NHAI, today signed a concession agreement for the implementation of project with GR Infraprojects, in presence of NHAI Chairman, Santosh Kumar Yadav and senior officials of NHAI and the Concessionaire. The Agra-Gwalior Greenfield Expressway will start from Deori village in Agra and terminate at Susera village in Gwalior. The project shall be developed at a Total Capital Cost of Rs 46.13 b..

Next Story
Infrastructure Transport

Cabinet Nods 166.8-km NH-6 Greenfield Corridor on HAM Mode

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi has approved the proposal for Development, Maintenance and Management of 4-lane Greenfield Access Controlled 166.80 km of National Highway No. 06 from Mawlyngkhung (near Shillong) in Meghalaya to Panchgram (near Silchar) in Assam on Hybrid Annuity Mode as an access controlled greenfield High-Speed Corridor at a total capital cost of Rs 228.64 billion. The project length of 166.80 km lies in Meghalaya (144.80 km) and Assam (22.00 km). The proposed Greenfield high-speed corridor will improve the service level ..

Next Story
Infrastructure Urban

Commercial Ops Begin at Multi-Modal Logistics Park in Nagpur

Under the PM Gati Shakti initiative of Prime Minister with the aim to provide seamless and efficient connectivity for the movement of people, goods and services across various modes of transport, thereby enhancing last-mile connectivity and reducing travel time, and under the guidance of Union Minister of Road Transport and Highways, Nitin Gadkari, the Multi Modal Logistics Park, Nagpur (MMLP Nagpur) at Sindi, near Wardha commenced its commercial operations with a goal to establish a faster link. The MMLP Nagpur established by National Highway Logistics Management (NHLML), a 100 per cent own..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?