Housing market in 2024: Delhi NCR sees 31% price surge
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. “Investing here is no longer a speculative venture, 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 champion of the NCR real estate market,” said Harinder Dhillon, senior vice-president (sales), BPTP — a real estate developer.
“The rising inclination towards premium, well-designed homes, coupled with increasing construction costs, has propelled the prices. This steady momentum highlights market confidence and the evolving aspiration for modern, high-quality living,” said Ashok Kapur, chairman, Krishna Group and Krisumi Corporation.
Top 8 cities
The average prices across India's top eight cities — Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR) and Pune — witnessed a substantial increase. As per the report, the prices have been on a rising spree for the 16th consecutive quarter, starting 2021.
