Bengaluru sees highest increase at 19%
According to a survey, from January to March of this year, the average yearly increase in housing prices in the top eight cities was 10%, with Bengaluru witnessing the most increase at 19%. The increase in prices in these eight cities ranges from 4% to 19%.
The average price of a home in Bengaluru rose by 19% a year, from Rs 8,748 per square foot to Rs 10,377 per square foot from January to March of 2024, according to the data. Property prices in India’s top 8 cities have increased by 10% on an annual basis, driven by robust sales and the introduction of new supply. Bengaluru is in the lead, with notable growth occurring in Delhi NCR, Hyderabad, and Pune. These gains are being driven by factors including the demand for luxury goods, imminent infrastructure projects, and strategic launches.
These increases are directly related to the development of diverse micro-markets, which have benefited greatly from large-scale infrastructure developments, and a healthy lending ecosystem. The demand-supply dynamics in residential real estate have changed as a result, and this momentum will not slow down in FY 24/25.
The data shows that the cost of housing in Delhi-NCR increased by 16% to Rs 9,757 per square foot. The annual rate increases in Ahmedabad and Pune were 13% each with Rs 7,176 and Rs 9,448 per square foot, respectively. Chennai saw a 4% increase in housing costs to Rs 7,710 per square foot, while Hyderabad saw a 9% increase to Rs 11,323 per square foot. Prices in the Mumbai Metropolitan Region (MMR) increased to Rs 20,361 per square foot, a 6% increase. Between January and March of 2024, Kolkata saw a 7% increase in housing costs, from Rs 7,211 per square foot to Rs 7,727 per square foot during the same period the previous year.
| CITY | QOQ CHANGE | YOY CHANGE | |
| Ahmedabad | 7% | 13% | |
| Bengaluru | 4% | 19% | |
| Chennai | 0% | 4%% | |
| Delhi NCR | 6% | 16% | |
| Hyderabad | 2% | 9% | |
| Kolkata | -2% | 7% | |
| MMR | 2% | 6% | |
| Pune | 3% | 13% | |
Positive perceptions continued to benefit residential real estate in India. This growing trend demonstrates the strength and resilience of the domestic industry, which is bolstered by factors including safe repo prices and facility improvements in many of the major Indian cities. This year’s anticipated decline in benchmark lending rates is encouraging for affordability, particularly for homebuyers who are having financial difficulties with their EMIs.