Housing prices skyrocket across India: Delhi NCR sees 31% increase, Dwarka Expressway hits 58%

The housing market continues to soar in the country, with housing prices appreciating at an average of 10 per cent during the last quarter of 2024.

Average housing prices across India's top eight cities—Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, MMR, and Pune—witnessed this average increase, with Delhi NCR leading the way with more than a 30 per cent annual housing price rise.

It was, however, the Dwarka Expressway stretch in Gurugram that witnessed the highest annual price rise at 58 per cent, followed by Greater Noida with a growth of 52 per cent.

According to a report released by CREDAI and property consulting firms Colliers and Liases Foras, average housing prices have been on a rising spree for the 16th consecutive quarter, starting in 2021. The price appreciation in Delhi NCR witnessed the highest rise at 31 per cent year-on-year growth, with an average increase to Rs 11,993 per sq ft on a carpet area basis. Bengaluru follows this at 23 per cent with an increase of Rs 12,238 per sq ft.

The average housing prices rose 15 percent annually in Ahmedabad to Rs 7,725 per sq ft. Housing prices rose 6 per cent in Chennai to Rs 8,141 per sq ft, while in Hyderabad, the rates grew 2 per cent to Rs 11,351 per sq ft. The Mumbai Metropolitan Region (MMR) registered a 3 per cent growth in prices to Rs 20,725 per sq ft. Pune saw a 9 per cent annual price appreciation during the period under review to Rs 9,982 per sq ft, while Kolkata recorded the lowest surge with just 1 per cent and an increase of Rs 7,971 per sq ft. CREDAI National President Boman Irani said, "The sustained growth in housing prices underscores the strong confidence among homebuyers, driven by a preference for spacious living and lifestyle upgrades."

Colliers India Chief Executive Officer Badal Yagnik believes 2025 may see similar increases in average prices across the top eight cities, while, according to predictions, the affordable housing segment will continue to form the bulk of housing sales. Demand within the luxury and ultra-luxury segments can amplify further in 2025.

The realtors are celebrating the steady rise along the Dwarka Expressway, calling it the most sought-after investment option for investors from across the country.

“Investing in Dwarka Expressway is no longer a speculative venture, but rather it is a calculated move backed by consistent growth and infrastructure development. The rise in the last quarter highlights the Expressway's evolution as a champion of the NCR real estate market,” says Harinder Dhillon, Senior Vice President Sales, BPTP.

“The rising inclination towards premium, well-designed homes, coupled with increasing construction costs, has propelled prices upward. This steady momentum highlights market confidence and the evolving aspiration for modern, high-quality living,” adds Ashok Kapur, Chairman, Krishna Group and Krisumi Corporation.