Housing prices across eight major Indian cities rose an average of 10% in the October-December quarter of 2024, driven by strong demand and higher input costs, according to a joint report by the Confederation of Real Estate Developers’ Associations of India (CREDAI), Colliers India, and data analytics firm Liases Foras, as published by Hindustan Times.
The report found that Delhi-NCR recorded the highest year-over-year appreciation at 31%, followed by Bengaluru with a 23% rise in Q4 2024. Ahmedabad saw a 15% increase, while Chennai posted a 6% growth. Housing prices in Hyderabad increased 2%, Kolkata recorded a 1% rise, Mumbai Metropolitan Region (MMR) saw a 3% gain, and Pune witnessed a 9% annual appreciation. In terms of price per square foot on a carpet area basis, Delhi-NCR reached ₹11,993, Bengaluru rose to ₹12,238, Ahmedabad climbed to ₹7,725, Pune increased to ₹9,982, Chennai stood at ₹8,141, MMR grew to ₹20,725, Hyderabad rose to ₹11,351, and Kolkata reached ₹7,971.
The report also noted a 5% annual decline in unsold inventory during Q4 2024, marking the fourth consecutive quarter of reduction. At the end of December 2024, unsold housing stock across India fell below 1 million units for the first time in two years. MMR accounted for approximately 40% of the unsold inventory, while Pune saw the highest annual decline at 14%, followed closely by Hyderabad with a 13% drop.
“The sustained growth in housing prices underscores strong homebuyer confidence, driven by a preference for spacious living and lifestyle upgrades,” said CREDAI National President Boman Irani. “With evolving consumer aspirations, demand for larger homes, better amenities, and integrated living spaces has increased, leading to steady sales momentum across segments.”
Badal Yagnik, chief executive officer of Colliers India, noted that demand for luxury and ultra-luxury homes fueled price surges in Delhi-NCR and Bengaluru. “Additionally, the recent repo rate cut and government initiatives to fund stalled residential projects will boost the affordable housing segment,” he said.
Liases Foras Managing Director Pankaj Kapoor highlighted a shift in market trends. “Sales witnessed a marginal decline due to moderate new launches in Q4. However, we anticipate growth in affordable and mid-segment housing, which will change the supply composition that has been skewed towards luxury housing over the last four years,” he said.
The report emphasized that overall housing prices across major Indian cities surged due to a combination of strong demand momentum, positive market sentiment, and rising input costs. The trend suggests continued stability and growth in the residential real estate sector in the coming months.