Business EconomyPosted at: Feb 25 2025 1:31PM


Eight Indian cities see 10 pc growth in housing prices in Q4: CREDAI

Kolkata, Feb 25 (UNI) Average housing prices across the top eight markets in India witnessed a 10 percent YoY rise during the last quarter of 2024, led by healthy demand momentum and positive market sentiment, according to CREDAI National president Boman Irani.
Interestingly, average housing prices have been on a rising spree for the 16th consecutive quarter, starting 2021. Price appreciation was evident in all the eight major cities, with Delhi NCR witnessing the highest rise at 31 pc YoY growth, followed by Bengaluru at 23 pc YoY rise during Q4 2024.
While affordable housing segment will continue to form the bulk of housing sales, demand within luxury and ultra-luxury segments can amplify further in 2025. Traction in these segments is likely
to drive average housing prices upwards across most major residential markets of the country in
the next few quarters, he said.
Overall unsold inventory continued to decline for the fourth consecutive quarter and dropped 5 pc annually during Q4 2024 backed by healthy demand. At the end of December 2024, unsold inventory at the India level stood below 10 lakh housing units for the first time in the last two years. MMR, with a share of ~40 pc, continued to account for a majority of the unsold inventory. Notably, Pune saw the highest annual drop in unsold inventory at 14 pc, closely followed by Hyderabad with 13 pc decline.
“The sustained growth in housing prices underscores the strong confidence among homebuyers, driven by a preference for spacious living and lifestyle upgrades. With evolving consumer aspirations, we are witnessing increased demand for larger homes, better amenities,and integrated living spaces. This positive sentiment has translated into steady sales momentum across segments. While evolving preferences and lifestyle upgrades remain key motivators, cost pressures in construction and land acquisition are also significantly contributing to pricing trends," Irani said on Tuesday.
"As we look ahead, a potential reduction in interest rates could further boost affordability and drive even greater demand. This positive trend is expected to continue and thrive through the year, making it an opportune time for homebuyers to invest in real estate," he said.
Delhi NCR witnessed the highest rise amongst India's top eight cities, with average housing prices soaring by 31 pc YoY. This price rise in the city is attributable to the strong sales momentum, particularly in luxury & ultra-luxury segments. While Dwarka Expressway witnessed the highest annual price rise at 58 pc, Greater Noida too witnessed impressive growth of 52 pc YoY. Going forward, the upcoming Jewar International Airport, will continue to spur residential prices in the
catchment areas.
Moreover, annual price appreciation was notable in Bengaluru, Ahmedabad and Pune as well, led by healthy demand spurred by infrastructure upgrades in key areas of these cities. Prominent micro
markets such as Periphery & Outer West in Bengaluru, and Baner & Nagar Road in Pune saw significant traction in ready-to-move-in units.
Resultantly, average housing prices in these micro markets increased by up to 15 pc YoY during Q4 2024.
Pune witnessed highest YoY drop in unsold units at 14 pc, MMR witnessed a drop in inventory levels after nearly 3 years, closely followed by Hyderabad at 13 pc. Chennai and Kolkata too recorded a
7-10 pc YoY decrease. Interestingly, unsold inventory levels in the MMR dropped after almost three years to around 390,000 units at the end of 2024.
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