Blitz Bureau
NEW DELHI: Led by sturdy demand and positive market sentiments, average housing prices in top eight cities in India continued to increase steadily, witnessing a 11 per cent growth (year-on-year) at Rs 11,000 per square feet during the July-September period this year. According to a report released by apex developers’ apex body Credai, Colliers India, and realty data analytics company Liases Foras on December 2, all the eight major cities saw the increase, with Delhi-NCR witnessing the highest rise at 32 per cent followed by Bengaluru at 24 pc during the third quarter this year. Within Delhi-NCR, Dwarka Expressway and Golf Course Extension/Sohna Road witnessed a significant price appreciation of over 50 per cent YoY.
Notably, the average housing prices have increased for the 15th consecutive quarter since 2021. With anticipation of healthy residential activity in the last quarter, 2024 is likely to end on a strong note, the report said.
“We are seeing more and more aspirational homebuyers come to the fore – resulting in bigger homes that are also being reflected in the rise in prices as homes continue to get more expansive, truly reflecting the current market dynamics and consumer preferences,” said Boman Irani, President of Credai National. Overall unsold inventory continued to witness a quarterly drop for the third consecutive quarter, led by healthy uptake in housing units.
At the end of September, unsold inventory stood at over 10 lakh housing units across the eight major cities, with Mumbai Metropolitan Region (MMR) accounting for a majority at about 40 per cent share.
