Real estate market prices, on average, have grown by 12 per cent in the April-June quarter of calendar year 2024, adding momentum to the growth of the residential real estate industry in India, Badal Yagnik, CEO, Colliers India, said in a press release on Monday, August 26.
“It is worth noting that average home prices have seen a consistent double-digit annual growth rate (12% in Q2 2024), reinforcing the sustained growth story of the residential real estate sector,” said Badal Yagnik.
The executive said the country’s real estate market has remained healthy over the past few quarters, and stable interest rates and positive Union Budget announcement in July 2024 have provided tailwinds for the industry.
Delhi NCR has seen the highest year-on-year price increase based on carpet area; the city witnessed a 30 per cent increase in residential housing prices in the second quarter of calendar year 2024 compared to the same quarter of the previous year, the data in the release said.
The release said Bengaluru followed the example of Delhi NCR with a 28 per cent increase in residential property prices on a per carper basis in the second quarter of calendar year 2024, compared to the same period last year.
According to the press release, residential property prices in Ahmedabad increased by 13 per cent, in Pune by 13 per cent, in Hyderabad by 7 per cent and in Mumbai Metropolitan Region (MMR) by 6 per cent compared to the second quarter of the previous year.
As residential real estate prices have risen, sales across India have also increased despite high property prices.
“Sales across Indian cities have maintained their growth despite rising prices. The current quarter also showed a remarkable 33% rise in new launches in the affordable segment. The growth in sales and new launches in NCR augurs well for the market to remain on a growth trajectory,” Pankaj Kapoor, CEO, Liases Foras (a non-brokerage real estate research firm) said in the press release.
The upcoming festive season will further boost the strength of the real estate market with higher sales and new launches. Yagnik said Colliers India expects a good close to the real estate market by the end of 2024.
According to company data, Colliers is a professional services and investment management company with operations in 68 countries and nearly 19,000 employees who offer expert real estate and investment advice to its clients.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.