Delhi NCR housing market saw 31% price surge in 2024
Sumedha Sharma
Tribune News Service
Gurugram, March 3
The housing market continues to soar in the country as prices appreciated at about 10% during the last quarter of 2024. The average prices across India’s top eight cities — Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR) and Pune — witnessed an increase. Delhi NCR led the way with over 30% annual price rise. It was, however, the Dwarka Expressway stretch in Gurugram that saw the highest annual price rise at 58%, followed by Greater Noida with a growth of 52%.
As per a report released by the Confederation of Real Estate Developers’ Associations of India (CREDAI) and property consulting firms Colliers and Liases Foras, the average housing prices have been on a rising spree for the 16th consecutive quarter, starting 2021. The appreciation in Delhi NCR witnessed the highest 31% year-on-year growth, with an average increase to Rs 11,993 per sq ft on carpet-area basis. This is followed by Bengaluru at 23%, with an increase of Rs 12,238 per sq ft. The average prices rose 15% annually in Ahmedabad to Rs 7,725 per sq ft.
In Chennai, the prices rose 6% to Rs 8,141 per sq ft, while in Hyderabad, the rates grew 2% to Rs 11,351 per sq ft. MMR registered a 3% growth in prices to Rs 20,725 per sq ft, and Pune saw a 9% annual appreciation (Rs 9,982 per sq ft). Kolkata recorded the lowest surge, with just 1% increase at 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 CEO Badal Yagnik said 2025 might see a similar increase in the prices across the top eight cities.
While the affordable housing segment will continue to form the bulk of sales, demand within luxury and ultra-luxury segments can amplify further this year.
Realtors are celebrating the steady rise along the Dwarka Expressway, calling it the most sought-after investment option across the country.
