Chennai, Hyderabad, Kolkata, and MMR (Mumbai Metropolitan Region) witnessed no quarterly change in average housing prices, according to the Housing Price Tracker Report Q2 2024 by CREDAI, Colliers, and Liases Foras. However, overall, the top eight Indian cities reported a steady quarter-on-quarter (QoQ) increase of 3 per cent and a year-on-year (YoY) increase of 12 per cent in prices.
The top eight cities are Ahmedabad, Bengaluru, Chennai, Delhi NCR (National Capital Region), Hyderabad, Kolkata, MMR, and Pune.
Delhi NCR reported the highest quarterly increase in average prices (16 per cent), led by the recent pick-up in luxury segment launches in micro-markets like Dwarka Expressway and Greater Noida. Prices in Bengaluru increased by 8 per cent, while those in Ahmedabad and Pune increased by 2 per cent.
The quarterly price movements in India have remained almost similar, at about 3 per cent, for the last four quarters, on the back of “positive homebuyer sentiment and steady demand, which have kept the momentum strong in the residential market.”
Seven out of eight cities witness QoQ decline in unsold inventory
Except for MMR, unsold inventory levels declined by about 5 per cent QoQ across the remaining seven cities. In MMR, despite the healthy sales of residential units during Q2 2024, a significant surge in new launches led to a marginal rise in unsold units.
Pankaj Kapoor, managing director, Liases Foras, said, “Sales across India’s cities have maintained growth despite the price rise. The current quarter also showed a remarkable 33 per cent increase in new launches in the affordable segment. NCR’s growth in sales and new launches augurs that the market will stay on a growth trajectory.”
Moreover, industry experts are expecting the sector to grow with sustained momentum with heightened sales and new launches amid the upcoming festive season in the country.
First Published: Aug 26 2024 | 9:00 PM IST
