Housing prices up 32% in Delhi-NCR: CREDAI

Delhi-NCR has topped the country in housing prices surge in the past one year, with an increase of around 32 per cent.

According to the latest year-on-year (YoY) comparison of third quarter by CREDAI–Colliers- Liases Foras, Gurugram Dwarka Expressway, Golf Course Road Extension and Sohna Road in Gurugram have witnessed over 50 per cent yearly price growth. The analysts credit this to recent infrastructure upgrade like Dwarka Expressway, Mumbai Expressway.

Noida, too, registered a surge owing to its proximity to upcoming international airport Jewar airport. The report highlights average housing prices across the top eight markets in India rose 11 per cent YoY at Rs 11,000 per sq ft during third quarter of 2024.

Interestingly, average housing prices have increased for the 15th consecutive quarter since 2021. While Delhi-NCR witnessed the highest rise, Bengaluru stood second at 24 per cent, followed by Ahmedabad (16 per cent) and Pune (10 per cent). The Mumbai Metropolitan Region recorded a surge of meagre 4 per cent while Kolkatta, Hyderabad stood at 3 per cent while Chennai at 2 per cent.

CREDAI national president Boman Irani said the consistent price increase demonstrates the market strength, with increased interest in larger properties, particularly in premium segments, leading to this pattern.

Delhi-NCR housing costs reflect successful luxury developments and increased demand for spacious 3-4 BHK units, with regional prices increasing 75 per cent since 2020.

Analysts say unsold property stock in the eight major cities decreased for the third consecutive quarter to 1 million units by September 2024, with Mumbai Metropolitan Region (MMR) representing 40 per cent.