Housing market: Chennai cheapest among top 9 Indian cities followed by Kolkata – Check the full list

Chennai is the cheapest housing market with average launch price at Rs 7,989 per sq/ft followed by Kolkata at 8,009 per sq/ft among the top nine cities in the country, according to real estate data analytics firm PropEquity.

In contrast, Mumbai remained the most expensive among these housing markets with average launch price of Rs 34,026 per sq/ft in FY2024-25. Delhi-NCR was ranked the second most pricey real estate market in terms of new launch price at Rs 14,020 per sq/ft.

Other than these four cities, Bengaluru, Hyderabad, Navi Mumbai, Thane and Pune are in the list of nine cities ranked by PropEquity according to new launch prices in the last financial year.

After Mumbai and Delhi housing markets, Thane and Navi Mumbai are the costliest, with new launch price of Rs 12,880 per sq/ft and Rs 12,855 per sq/ft in FY 2024-25. Other property markets like Pune, Bengaluru and Hyderabad were ranked 5th, 6th and 7th respectively in terms of average launch price of properties in these cities.

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The average launch price in the Pune housing market stood at Rs 10,832 per sq/ft. Bengaluru’s housing market average launch price was Rs 9,852 per sq/ft, and Hyderabad’s Rs 8,306 per sq/ft.

The weighted average launch price of homes in these top 9 cities rose by 9% in FY2024-25 to Rs 13,197 per sq/ft as compared to Rs 12,569 per sq/ft in FY 2023-24, the PropEquity report said.

In the last one year, housing prices rose the most in Kolkata by 29%, followed by Thane (17%), Bengaluru (15%), Pune (10%), Delhi-NCR (5%), Hyderabad (5%) and Chennai (4%). Housing Prices fell by 3% each in Mumbai and Navi Mumbai.

Samir Jasuja, Founder and CEO, PropEquity said: “Housing prices have appreciated between 10-30% in Bengaluru, Kolkata, Pune and Thane. 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. The price appreciation has been growing at a slower rate, though. Average housing prices grew by 12% in top 9 cities FY24.”

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However, in the last two financial years (FY23-25), housing prices have risen by 18% with Bengaluru recording the highest growth at 44%, Kolkata (29%), Chennai (25%), Thane (23%), Delhi-NCR (20%), Pune (18%), Navi Mumbai (13%), Mumbai (11%) and Hyderabad (5%).

According to PropEquity report, housing sales have dipped 23% to 1,05,791 units while supply dipped by 34% to 80,774 in January-March of 2025.