New Delhi, December 2 - Residential property prices across eight major cities in India witnessed an average annual increase of 11% during the July-September quarter, driven by robust demand and positive market sentiment, according to a joint report released on Monday. Delhi-NCR recorded the highest surge, with prices soaring by 32%.
The "Housing Price-Tracker Report Q3 2024," jointly published by CREDAI, real estate consultancy Colliers, and data analytics firm Liases Foras, highlighted that residential prices in these cities averaged ₹11,000 per square foot during the third quarter of 2024.
The report stated, "Residential prices in India's top eight markets rose by an average of 11% year-on-year in Q3 2024, primarily due to strong demand and a positive market outlook." This marks the 15th consecutive quarter of price increases since 2021.
All eight major cities recorded annual growth in residential property prices. Delhi-NCR led with a 32% year-on-year rise, followed by Bengaluru at 24%.
According to the data, the average residential property price in Delhi-NCR during the July-September period climbed to ₹11,438 per square foot, compared to ₹8,655 per square foot during the same period last year. In Bengaluru, prices increased from ₹9,471 to ₹11,743 per square foot over the same timeframe.
The consistent growth in housing prices underscores the ongoing demand for residential real estate in India’s key urban markets.
