Soaring Housing Prices: Delhi-NCR and Bengaluru Lead with 29% Surge

Housing prices in Delhi-NCR and Bengaluru increased by 29% year-on-year in Q3 2024, driven by strong demand, high input costs, and a rise in luxury home supply. Despite a drop in sales and new housing supply across major cities, the market remains robust, supported by ongoing infrastructure development.

Housing prices in Delhi-NCR and Bengaluru appreciated by 29% year-on-year in the July-September quarter, driven by strong demand, rising input costs, and an increase in luxury home supply, according to Anarock.

Anarock's data revealed that average residential property prices in Delhi-NCR rose to Rs 7,200 per square foot from Rs 5,570, and in Bengaluru, prices surged to Rs 8,100 per square foot from Rs 6,275, compared to the same period last year. Hyderabad experienced the highest price increase at 32%, reaching Rs 7,150 per square foot.

Despite these rising prices, housing sales dropped, with a notable 11% decrease to 107,060 units from 120,290 units year-on-year for the July-September quarter. The decline was attributed to factors such as high prices and the typical monsoon season slowdown. However, Anarock's Chairman Anuj Puri emphasized that demand remains robust and highlighted upcoming festive quarter launches aimed at revitalizing the market.

(With inputs from agencies.)