Delhi-NCR, Bengaluru witness 29% uptick in housing prices in July-Sept quarter

Delhi-NCR and Bengaluru witnessed uptick of 29% in the housing prices year-on-year in the July-September quarter.

The appreciation has been riding on strong demand, high input costs, and an increase in the supply of luxury homes.

According to real estate consultant Anarock, the average prices of residential properties in Delhi-NCR increased 29% to Rs 7,200 per square feet in the July-September quarter from Rs 5,570 per square feet in the year-ago period.

The data further showed that housing sales fell 11% in July-September to 1,07,060 units from 1,20,290 units in the year-ago period.

The top seven cities witnessed a drop of 19% in new housing supply, with 93,750 units launched in July-September 2024 against 1,16,220 units in the corresponding period in 2023.

Prices in the IT hub Bengaluru, grew 29% to Rs 8,100 per square feet in the third quarter of this calendar year from Rs 6,275 per square feet in the corresponding period of the previous year.

Hyderabad saw the maximum 32% rise in prices to Rs 7,150 from Rs 5,400 per square feet. In the finance capital, Mumbai Metropolitan Region (MMR), the prices rose 24% to Rs 16,300 from Rs 13,150 per square feet.

Pune witnessed a 16% increase in prices to Rs 7,600 from Rs 6,550 per square feet, while Chennai saw a 16% appreciation to Rs 6,680 from Rs 5,770 per square feet.

The average housing prices rose 14% to Rs 5,700 per square feet in July-September in Kolkata from Rs 5,000 per square feet during the year-ago period.

In terms of housing sales, it declined in Delhi-NCR 2% to 15,570 units from 15,865 units while in Bengaluru, housing sales decreased 8% to 15,025 units from 16,395 units.

Hyderabad recorded sales of 12,735 units, a 22% fall from 16,375 units in the third quarter of the 2023 calendar year, and in Kolkata, it declined 25% to 3,980 units from 5,320 units.

In Chennai, housing sales fell 9% to 4,510 units during July-September 2024 from 4,945 units in the year-ago period.

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