Average housing price up 12% annually in Apr-Jun; NCR sees maximum 30% appreciation: Report

Average housing prices grew by 12% annually during the April-June quarter across eight major cities with Delhi-NCR witnessing a maximum 30% appreciation, according to a report by CREDAI, Colliers and Liases Foras. Realtors body CREDAI, property consultant Colliers and data analytic firm Liasas Foras have released 'Housing Price-Tracker Report Q2 2024'.

On an annual basis, the average housing prices at the end of June quarter have shown a 12% growth across the eight major cities. Interestingly, 7 out of 8 cities under review witnessed annual price appreciation, with Delhi-NCR witnessing the highest price rise at 30 % YoY (year-on-year).

CREDAI President Boman Irani said that the "real estate sector has been experiencing a bull run in the past few quarters, substantiated by the volume of transactions across top 8 cities as well as the prevalent positive sentiments towards housing. There has been a direct impact on housing prices - signifying not just the underlying demand but the definitive shift towards real estate as a preferred asset class."

According to data, housing prices in Ahmedabad rose 13% to Rs 7,335 per square feet in April-June 2024 from Rs 6,507 per square feet in the year-ago period. Bengaluru witnessed a 28% appreciation to Rs 11,161 per square feet from Rs 8,688 per square feet.

Prices in Chennai remained flat at Rs 7,690 per square feet. Delhi-NCR saw a maximum 30 % price rise to Rs 11,279 per square feet from Rs 8,652 per square feet. Housing prices in Hyderabad grew 7 % to Rs 11,290 per square feet from Rs 10,530 per square feet. In Kolkata, the rates appreciated by 6 % to Rs 7,745 per square feet from Rs 7,315 per square feet.

Housing prices in Mumbai Metropolitan Region (MMR) increased 6% to Rs 20,275 per square feet from Rs 19,111 per square feet. In Pune, the prices of residential properties rose 13% to Rs 9,656 per square feet in April-June 2024 from Rs 8,540 per square feet in the year-ago period.

"Sales across India's cities have maintained growth despite the price rise," Pankaj Kapoor, Managing Director at Liases Foras, said.

Colliers India CEO Badal Yagnik said, "Housing demand has continued to remain healthy over the past few quarters. Concurrently, stable interest rates and recent positive budgetary announcements have provided tailwinds for the housing market of the country." He expects a strong finish for the housing market in 2024.