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ANAROCK Research analyzed price trends in the top three micro-markets of the top seven cities, focusing on areas with the highest new supply over the past five years

Residential real estate boom: Here's how much prices have gone up in your city

ANAROCK Research analyzed price trends in the top three micro-markets of the top seven cities, focusing on areas with the highest new supply over the past five years

Looking to diversify your investments? Buying a house could could be a potential option for you with some cool returns!
Yes, residential prices in India are soaring across cities, driven by strong demand, amidst a wave of new supply in recent years.
According to a report by CREDAI, Colliers, and Liases Foras, average housing prices surged 12% year-on-year during the April-June quarter across eight major cities. Delhi-NCR led the way with a remarkable 30% appreciation.
Not only this, ANAROCK Research analyzed price trends in the top three micro-markets of the top seven cities, focusing on areas with the highest new supply over the past five years.
Among these localities, Bagaluru in Bengaluru saw a significant jump in residential prices, with a 90% increase between 2019 to the first half of 2024.
This was driven by around 17,065 new units during this period. Hyderabad&rsquo;s Kokapet followed closely, with prices rising by 89%.
The area added approximately 12,920 new units, with more than half of them in the ultra-luxury category priced over 2.5 crore rupees.
Whitefield in Bengaluru ranked third, with an 80% increase in prices. The area saw around 18,600 new units, with 66% in the mid and premium categories and 34% in the luxury segment.
NCR&rsquo;s Dwarka Expressway came in fourth, with a 79% increase in prices between 2019 and the first half of 2024.
Mumbai Metropolitan Region&rsquo;s Panvel also made to the list, with a 50% price rise during the period.
So, why are housing prices soaring? The surge began post-pandemic, with price growth accelerating notably in the last two years.
Apart from this, stable interest rates and recent positive budgetary announcements have given a boost to the country&rsquo;s housing market.
Data reveals that the top seven cities collectively saw over 44% price appreciation in the past five years.
Hyderabad leads with a 64% increase, followed by Bengaluru at 57%. Kolkata experienced the lowest growth at 25%, while both NCR and MMR saw a 48% rise.
With these eye-popping numbers, it&rsquo;s clear that the property market is on fire, and the trend shows no signs of slowing down anytime soon.
Also Read: <a href="https://www.editorji.com/business-news/youtube-premium-just-got-pricier-in-india-here-s-what-you-ll-pay-now-1724846940647">YouTube Premium Just Got Pricier in India! Here&rsquo;s What You&rsquo;ll Pay Now</a>

While the housing prices across metro cities in India has grown approximately 20% from 2021 to 2023 the All-India Home Price Index of the RBI jumped to 3.81% in the December quarter of 2023-24

Housing prices rise about 20% in two years; Bengaluru witnesses highest price rise of 31%

<h2>While the housing prices across metro cities in India has grown approximately 20% from 2021 to 2023 the All-India Home Price Index of the RBI jumped to 3.81% in the December quarter of 2023-24</h2>

A new report by CREDAI &ndash; Colliers - Liases Foras has revealed that the housing prices across metro cities in India has grown approximately 20% from 2021 to 2023.
<h3>Home sales from 2021 to 2023</h3>
Cities Bengaluru, Delhi NCR, and Kolkata have witnessed the highest rise in average housing prices at about 30% in 2023 compared to 2021 levels. In particular the mid and luxury segments have seen an uptick in demand. The CREDAI &ndash; Colliers - Liases Foras report further mentioned that developers were able to successfully pass on the rising cost of construction in most cases due to significant new launches.
&ldquo;The year-on-year increase in housing prices is a combination of a number of factors &ndash; characterized by strong, robust demand from homebuyers &ndash; especially for mid and premium segments, along with the existence of a conducive buying eco-system coupled with healthy macro-economic factors, and the rise in prices of construction materials. The ongoing momentum also encouraged numerous developers that has led to the increase in housing supply across major cities in India. We expect both &ndash; housing demand and supply &ndash; to thrust forward in 2024 not only in top 8 cities but in Tier II, III regions as well&rdquo;, stated Mr. Boman Irani, President of CREDAI National.
Also Read: <a href="https://www.editorji.com/business-news/mumbai-leads-with-40-surge-in-housing-sales-top-7-cities-sell-4-7-lakh-units-report-1708344801545">Mumbai leads with 40% surge in housing sales; top-7 cities sell 4.7 lakh units: Report</a>
India's Silicon Valley Bengaluru noted a significant 31% increase in housing prices during 2021- 2023. A noticeable uptick in demand for residential properties near IT localities like Whitefield, KR Puram, and Sarjapur has lead to a consistent house price rise over the past 2 years.
Additionally the report further mentioned that the city saw an average 2X rise in new launches in 2023, compared to 2021, with significant surge in luxury and ultra-luxury property launches in peripheral areas within the North and East sub-markets, as they emerge as prominent IT hubs.&nbsp;
The most expensive residential market in India Mumbai Metropolitan Region saw a modest yet steady 2% increase in the average housing prices during 2023 compared to 2021 levels.&nbsp;
<h3>Housing Prices in Q3 FY24</h3>
Meanwhile, amidst the unwavering homebuyers confidence which is aided by a favourable interest rate cycle and positive economic outlook the prices, the All-India Home Price Index (HPI) of the RBI jumped to 3.81% in the December quarter of 2023-24 from the year-ago period.
During the corresponding quarter last year, the annual growth in the index was 2.81% and in the July-September quarter of 2023-24, the annual price rise of houses had moderated to 3.5%.
The HPI data is released based on transaction-level data received from the registration authorities in 10 major cities on February 26, 2024. The cities include Ahmedabad, Delhi NCR, Mumbai Metropolitan Region, Bengaluru, Chennai, Kolkatta, Kochi, Jaipur, Kanpur and Lucknow.&nbsp;
As per RBI, Delhi, Mumbai, Chennai, Bengaluru, Ahmedabad and Kochi &mdash; recorded a rise in house prices during the latest quarter. Chennai has witnessed the maximum price rise recording 8.41% Y-O-Y increase in Q32024.
Kolkata came second with a 7.65% year-on-year rise during the December quarter. The home price index of Bengaluru surged to 6.34% in the quarter under review. The home price index improved to 5.10% in Ahmedabad.
Meanwhile, Delhi's and Mumbai's HPI growth decelerated in the third quarter of 2024. In Delhi it moderated to 1.13% in the December quarter from 4.63% in the previous quarter while Mumbai's housing price index dropped to 2.02% in Q32024 from 2.35% in Q22024.
At 0.64%, Kochi saw the lowest annual growth in the home price index among the 10 cities.
 
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Mumbai that maintains its stronghold as India's largest residential market, contributes 40% to the total residential sales value nationwide

Mumbai housing sales set to surpass Rs 1 lakh crore this year: Naredco-JLL

Mumbai that maintains its stronghold as India's largest residential market, contributes 40% to the total residential sales value nationwide

Housing sales in Mumbai are likely to cross Rs 1 lakh crore this calendar year and may breach the Rs 2 lakh crore-mark in 2030 on rising demand, according to a report.
Realtors body Naredco's Maharashtra chapter and property consultant JLL India on Friday released a report "Unlocking Opportunities with Infrastructure Development" here.
Also Read: <a href="https://www.editorji.com/business-news/mumbai-property-registrations-set-to-surge-26-in-august-highest-in-10-years-report-1693495390461">Mumbai property registrations set to surge 26% in August, highest in 10 years: Report</a>
The report noted that Mumbai maintains its position as one of India's largest residential markets, contributing 40 per cent to the total residential sales value in the country.
In number of units, the Mumbai market accounts for 25 per cent of total sales volume across seven cities.
"The market has witnessed a strong recovery in sales with 2022 surpassing 2018 both in terms of sales value and sales volume," the report said.
In 2023, sales of residential units in Mumbai are expected to increase further.
"Residential sales value is likely to breach the Rs 1 lakh crore mark." Sales would breach the Rs 2 lakh crore mark in 2030, the consultant estimated.
Mumbai witnessed sales of Rs 90,552 crore during the 2022 calendar year and Rs 50,075 crore in the first half of this calendar year.
Pre-Covid, the housing sales in Mumbai stood at Rs 60,928 crore in 2019 and Rs 66,820 crore in 2018.
Mumbai city has demonstrated a robust recovery in 2022, witnessing an increase in both sales value and volume.
"Maharashtra is amid a remarkable transformation driven by the visionary approach of its government towards infrastructure development. The opportunities that lie before us are boundless, and it is our shared responsibility to harness them, for the betterment of the state and the advancement of the real estate sector," Sandeep Runwal, President of NAREDCO Maharashtra and MD of Runwal Developers, said.
Karan Singh Sodi, Senior Managing Director, Mumbai, MMR, India, JLL, said individuals have a preference for staying close to office markets.
"Owing to this, residential clusters in proximity to office markets have flourished and attracted steep prices whereas those with limited connectivity have trailed," Sodi said.
During the past three years, Mumbai's housing market, particularly in the luxury segment, has demonstrated a consistent upward trajectory, Ashwin Chadha, CEO of India Sotheby's International Realty, said.
"The surge in demand has propelled both supply and prices, leading to an anticipated expansion in market size," Chadha said.

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