Noida

Housing Prices Surge by 20% in Major Indian Cities Over Past Two Years

Amidst a backdrop of positive economic indicators, housing demand has soared, propelling property prices upwards by approximately 20% across India’s top eight cities over the last two years, according to a joint report by Credai, Colliers, and Liases Foras.

The report encompasses Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), and Pune.

Bengaluru, Delhi NCR, and Kolkata have experienced the most significant spikes in average housing prices, registering an impressive 30% surge in 2023 compared to 2021 levels. This surge is driven by heightened demand, particularly in the mid and luxury housing segments.

In specific figures, Bengaluru saw a 21% year-on-year increase in 2023, followed by Delhi-NCR with a 9% rise and MMR with a 4% increase.

Despite a substantial influx of new supply, the unsold inventory notably decreased in 2021 and remained relatively stable until the end of 2023. Both 2022 and 2023 witnessed a surge in new property launches, particularly in the mid and luxury segments, across major cities.

Cities like Bengaluru, Hyderabad, Kolkata, MMR, and Pune experienced a 2-2.5 times increase in new supply over the past two years, reflecting robust market activity and enhanced developer-market confidence.

Boman Irani, President of CREDAI National, anticipates further momentum in housing demand and supply in 2024, not only in the top eight cities but also in Tier II and III regions.

According to Badal Yagnik, CEO of Colliers India, the real estate market saw a remarkable year in 2023, marked by significant growth in high-end and luxury segments, infrastructure-led development, and deeper price discovery across various markets.

Pankaj Kapoor, Managing Director of Liases Foras, asserts that the current real estate landscape is most productive when sales, supply, and prices experience balanced growth, emphasizing the importance of non-speculative price rises for a healthy market.

Follow and Connect with us: TwitterFacebookLinkedinInstagram

Team iPropUnited

Share
Published by
Team iPropUnited

Recent Posts

Fractional Ownership in Real Estate: Democratizing Property Investment

The real estate sector, traditionally a playground for high-net-worth individuals, is undergoing a transformation with…

5 days ago

The Yamuna Expressway Authority has received 1.12 lakh applications for 451 plots located near the Noida Airport.

Real estate experts highlighted that the strong response reflects the growing residential demand in the…

1 week ago

DLF names Badal Bagri as the company’s Chief Financial Officer.

According to the company, Bagri brings extensive expertise in corporate finance, controllership, treasury, strategic planning,…

2 weeks ago

The Impact of AI and Machine Learning on Personal Finance

Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing personal finance by transforming how individuals…

2 weeks ago

Gross Development Value (GDV): Understanding Its Importance in Real Estate

Gross Development Value (GDV) is a critical metric in real estate development, representing the total…

2 weeks ago

Everything You Need to Know About ‘New Agra’ Along the Yamuna Expressway

'New Agra' is set to emerge along the Yamuna Expressway, approximately 190 km from Noida…

3 weeks ago

This website uses cookies.