residential house
In the third quarter of July-September of the current calendar year, house prices in Delhi-NCR and Bengaluru increased by 29 per cent year-on-year. This information has been obtained from data from the real estate consultancy Anarock. According to Anarock, the increase in production costs and the increase in the supply of luxury homes have caused a sharp increase in housing prices.
What does the report say?
According to Anarock data, the average price of residential properties in Delhi-NCR rose 29 per cent to Rs 7,200 per sq ft in the July-September quarter from Rs 5,570 per sq ft in the year-ago period. In Bengaluru, house prices rose 29 per cent to Rs 8,100 per sq ft in the third quarter of this calendar year, from Rs 6,275 per sq ft in the same period last year.
This city broke the record.
Similarly, Hyderabad saw the highest increase of 32 per cent in prices, which increased from Rs 5,400 per sq ft to Rs 7,150 per sq ft. Median house prices in the Mumbai Metropolitan Region (MMR) rose 24 per cent to Rs 16,300 per sq ft from Rs 13,150. In Pune, prices rose 16 per cent to Rs 7,600 from Rs 6,550 per sq ft, while in Chennai they rose 16 per cent to Rs 6,680 from Rs 5,770 per sq ft. Median house prices in Kolkata rose 14 per cent to Rs 5,700 per sq ft in July-September from Rs 5,000 per sq ft in the year-ago period.
read this too
Darshan Govindaraju, director of Bengaluru-based real estate firm Vaishnavi Group, said average residential property prices have been increasing over the last few quarters. The reason for this is the increase in the total cost of production. This includes the cost of acquiring the land and the cost of construction. Apart from this, due to the increase in demand for luxury homes i.e. expensive homes, there has also been an increase in housing prices.
Maximum growth seen in these 7 cities
Anarock said last week that average residential property prices in the seven major cities have collectively risen 23 percent year-on-year. It has increased from Rs 6,800 per sq ft in Q3 2023 to Rs 8,390 per sq ft in Q3 2024.
According to Anarock data, housing sales declined 11 per cent to 1,07,060 units in July-September from 1,20,290 units in the year-ago period. The supply of new homes in the top seven cities saw a 19 percent decline. In July-September, the supply of new homes stood at 93,750 units, compared to 1,16,220 units in the same period of 2023.
