Average home prices in top eight cities rose 10% in the January-March quarter of 2024 compared to the corresponding period of the previous calendar year, according toa report released by industry body Credai, Colliers and Liases Foras, released on Thursday. While each of the top eight cities witnessed annual price appreciation, average housing prices in Bengaluru, Delhi- NCR, Ahmedabad and Pune registered double digit growth, the report said. On a quarterly basis too, housing prices across majority of the cities witnessed a 2-7% increase.
Bengaluru witnessed the most significant annual price surge among the top eight cities, with prices soaring by 19%, the report said. Within Bengaluru, the Periphery and Outer East micro market saw the steepest upward movement at 32% YoY increase. It was followed by the Periphery and Outer North with 18% annual growth in average housing prices, it said.
In Delhi-NCR, housing prices saw an annual increase of 16%, with Dwarka Expressway, notably witnessing a 23% increase in average capital values.
“Factors like luxury demand, upcoming infrastructure projects, and strategic launches drive these increases. With moderate inflation and interest rates, the real estate sector is expected to maintain demand due to affordability. The prices could increase by 10-15%, bridging the gap between affordability and inflation-adjusted prices”, said Pankaj Kapoor, managing director, Liases Foras.
