The residential property market in India has demonstrated robust growth, with average housing prices across eight major cities rising by 12% annually during the April to June quarter of 2024. According to the latest Housing Price-Tracker Report by CREDAI, Colliers, and Liasas Foras, Delhi-NCR has emerged as the standout performer, recording a remarkable 30% increase in housing prices.
The report reveals that in Delhi-NCR, the average price per square foot surged from ₹8,652 to ₹11,279. This dramatic escalation is attributed to heightened buyer interest and a thriving luxury segment. Notably, micro markets such as Dwarka Expressway and Greater Noida have experienced significant quarterly price increases of 35% and 24%, respectively. This marks the highest quarterly appreciation in recent quarters, spurred by a surge in luxury housing launches. The demand for spacious luxury and ultra-luxury housing units has been a significant driver behind this growth. The report highlights a 12% quarter-on-quarter rise in average prices for 3-4 BHK configurations within Delhi-NCR, reflecting a shift towards larger, more luxurious living spaces.
The upward trajectory in housing prices underscores the sustained positive sentiment among homebuyers and a steady demand across the residential sector. The data suggests that the luxury market segment continues to perform exceptionally well, with growing interest from buyers seeking high-end residential options. Overall, the national housing market remains buoyant, supported by favourable economic conditions and increased consumer confidence. As cities like Delhi-NCR lead the way in price appreciation, the trend indicates a strong and expanding real estate sector, driven by both luxury and broader market dynamics.
