Avg housing prices increase by 10% in Jan-Mar across top 8 cities; Bengaluru and Delhi-NCR witness 19% and 16% growth

In Q1 2024, unsold inventory across the top eight cities stood close to 10 lakh units, with MMR having almost a 40% share, the Colliers-Liases Foras report said

Average housing prices increased by 10% annually during Q1 2024 on the back of strong residential demand. While each of the top eight cities witnessed annual price appreciation, average housing prices in Bengaluru, Delhi NCR, Ahmedabad, and Pune registered double digit growth, a report has said.

Bengaluru witnessed the maximum price increase of 19% among top eight cities while Delhi-NCR saw housing prices increase of 16%, Colliers India and data analytic firm Liases Foras said in a joint report.

Unsold inventory in Pune witnesses the steepest drop at 10% YoY

Unsold inventory at an India level witnessed a marginal 3% YoY increase. Notably, Pune led with a significant 10% YoY drop in unsold inventory, closely followed by Delhi NCR and Ahmedabad, each recording an 8% annual reduction.

As of Q1 2024, unsold inventory across the top eight cities stood close to 10 lakh units, with MMR alone having almost a 40% share. Although Hyderabad and Bengaluru witnessed yearly increases in unsold inventory, both cities saw a slight quarterly dip. “The surge in housing prices is a direct consequence of the robust housing demand that we’re witnessing - especially in premium and luxury housing - by homebuyers across the country. These are directly linked to not just a stable lending eco-system but also the emergence of various micro-markets that have been the primary beneficiaries of significant infrastructure projects,” said Boman Irani, president, CREDAI National.