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Avg housing price up 12 pc annually in Apr-Jun; NCR sees maximum 30pc appreciation

BNE News Desk , August 26, 2024
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New Delhi: The average cost of housing increased by 12 pc per year in the April-June quarter in eight big cities, with Delhi-NCR experiencing the highest 30 pc rise, as per a report from CREDAI, Colliers, and Liases Foras. CREDAI, Colliers, and Liases Foras have published 'Housing Price-Tracker Report Q2 2024'. Each year, the average housing prices have increased by 12 per cent in the eight major cities by the end of the June quarter.

Surprisingly, the annual price appreciation was observed in 7 out of 8 cities reviewed, with Delhi-NCR experiencing the highest price increase of 30 per cent year-on-year. Boman Irani, President of CREDAI, mentioned that the real estate industry has seen a strong growth in recent quarters, supported by high transaction numbers in the top 8 cities and a positive attitude towards housing. The prices of housing have been directly affected, indicating a shift towards real estate as a favored asset class, not just due to demand.

Data shows that housing prices in Ahmedabad increased by 13 pc to Rs 7,335 per square feet in April-June 2024 compared to Rs 6,507 per square feet in the previous year. In Bengaluru, there was a 28 per cent increase in price from Rs 8,688 per square feet to Rs 11,161 per square feet. Costs in Chennai stayed steady at Rs 7,690 per square foot.

In Delhi-NCR, prices increased by a maximum of 30 percent, reaching Rs 11,279 per square foot from Rs 8,652 per square foot. The cost of housing in Hyderabad increased by 7 pc to Rs 11,290 per square foot compared to Rs 10,530 per square foot. In Kolkata, prices increased by 6 pc to reach Rs 7,745 per square foot from Rs 7,315 per square foot.

The cost of housing in Mumbai Metropolitan Region (MMR) rose by 6 percent, reaching Rs 20,275 per square foot, up from Rs 19,111 per square foot. Residential property prices in Pune increased by 13 per cent to Rs 9,656 per square feet in April-June 2024 compared to Rs 8,540 per square feet in the previous year. "Despite the increase in prices, sales in cities across India have continued to grow," stated Pankaj Kapoor, who is the Managing Director at Liases Foras.

According to Badal Yagnik, CEO of Colliers India, housing demand has stayed strong in recent quarters. At the same time, steady interest rates and new favorable budget updates have helped boost the country's housing market. He anticipates a robust end to the housing market in 2024