Residential property prices in India’s leading cities have experienced a notable increase, with the Delhi-National Capital Region (Delhi-NCR) and Bengaluru at the forefront. According to the latest report by CREDAI, Colliers, and Liases Foras, Delhi-NCR has seen the highest year-on-year price rise of 30% during the April-June quarter of 2024.
Bengaluru follows closely, with a 28% increase in the same period. This data underscores the robust demand in the Indian real estate sector, which has been driving these impressive gains.
The report details that in Delhi-NCR, certain areas have experienced even steeper rises. Dwarka Expressway saw a staggering 69% increase in average housing prices, while Greater Noida witnessed a 45% surge. This escalation is attributed to the launch of premium projects in luxury and ultra-luxury segments. Bengaluru’s price increase was largely driven by its Periphery & Outer East micro-markets, where prices jumped by 42% year-on-year. Factors such as ongoing Metro extensions and planned suburban rail projects are expected to further boost residential activity, particularly in the Inner East and Periphery regions.
In other major cities, the trend is similarly upward. Ahmedabad, for instance, saw a 13% rise in housing prices, with significant growth in mid-segment properties due to new infrastructure developments. CREDAI President Boman Irani attributes this upward trajectory to a sustained bull run in the real estate market, supported by high transaction volumes and positive sentiment towards housing. As the festive season approaches and with ongoing government infrastructure projects, it is anticipated that these trends will continue, impacting both property prices and inventory levels across India’s top cities.
