All eight major cities saw year-on-year growth in house prices, with Delhi-NCR seeing the highest increase of 32 percent, followed by Bangalore at 24 percent during the third quarter of this year, CREDAI said. According to a report released by Colliers and Liases Foras, a real estate data analytics company.
Within Delhi-NCR, the Dwarka Expressway and Golf Course Extension/Sohna Road saw significant price increases of over 50 per cent annually.
Notably, median home prices have increased for the 15th consecutive quarter since 2021. With healthy residential activity expected in the last quarter, 2024 is likely to end on a strong note, the report said.
“We’re seeing more and more aspiring home buyers coming into the scene – resulting in larger homes also seeing price increases as homes become more spacious, which is right,” Bowman Irani said. In a sense, they reflect current market dynamics and consumer preferences,” said Bowman Irani. , President of CREDAI National.
Overall unsold inventory declined for the third consecutive quarter, led by a healthy increase in housing units.
At the end of September, unsold inventory stood at over 1 million housing units across eight major cities, with the Mumbai Metropolitan Region (MMR) accounting for nearly 40 per cent.
“While the housing market is gradually stabilizing, the outlook for the residential segment remains positive supported by strong underlying market fundamentals,” said Badal Yagnik, Chief Executive Officer, Colliers, India.
Developers are reshaping their strategies, especially in price-sensitive segments, by offering compact size units.
With the current unsold inventory level of one million units across eight major cities, developers are being cautious with new launches.
“Sales and prices have continued to rise, suggesting that affordability and demand remain. The luxury segment is still dominant, though we are seeing a gradual decline in new launches,” said Pankaj Kapoor, managing director, Licenses Force.