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Find out the average growth in house prices by city

According to a survey, the top eight cities—Bangladesh, Delhi NCR, Hyderabad, Pune, Hyderabad, Chennai, Mumbai Metropolitan Region (MMR), and Kolkata—saw average house prices rise by 10% between January and March.

 

In a joint analysis, data analytics company Liases Foras, real estate consultancy Colliers India, and realtors’ association CREDAI said that Bengaluru had a greatest rise in house prices of 19%. According to the survey, the rates increased in the aforementioned cities from 4 to 19 percentage points.

From January to March 2024, the average price of a home in Bengaluru climbed by 19% yearly, from Rs 8,748 per square foot to Rs 10,377 per square foot. The greatest increase in home prices was seen in Bengaluru. Pune, Hyderabad, and Delhi NCR came next.

According to Pankaj Kapoor, Managing Director of Liases Foras, “property prices have seen a notable 10% year-on-year increase in the top 8 cities of India, alongside strong sales and new supply introductions.” According to Kapoor, the growing costs are being caused by individuals choosing luxury goods, impending infrastructure projects, and calculated launches.

The real estate industry is anticipated to sustain demand because of affordability even in the face of steady inflation and interest rates.

According to Kapoor, “the prices could go up by 10–15%, bridging the gap between affordability and inflation-adjusted prices.”

Cities saw a surge in housing costs.
The price per square foot in Delhi-NCR increased by 16% to Rs 9,757.
Rates in Ahmedabad increased to Rs 7,176 per square foot, an annual increase of 13%.
Pune saw an increase in rates to Rs 9,448 per square foot.
Hyderabad had a 9% increase in housing costs, reaching Rs 11,323 per square foot.
Chennai had a 4% increase in price per square foot to Rs 7,710.
Prices in the Mumbai Metropolitan Region (MMR) increased by 6% to Rs 20,361 per square foot.
Kolkata’s housing costs rose by 7% to Rs 7,727 per square foot.
According to Boman Irani, president of CREDAI National, homebuyers throughout the nation are driving up demand for premium and luxury homes, which is why prices have surged.

The rise of numerous micro-markets that have benefited greatly from large infrastructure projects has also been directly linked to these, according to Irani. “This has changed the demand-supply dynamics in residential real estate and we do not foresee this momentum to slow down in FY 24/25 as well,” Irani said.

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