During the December quarter, housing prices appreciated at an average of 10 per cent across eight major cities on strong demand and higher input cost, a recent report said.
According to a joint report by Credai, Colliers and Liases Foras, Delhi-NCR saw a maximum appreciation of 31 per cent annually during the October-December period of 2024. Delhi-NCR witnessed an increase to Rs 11,993 per sq ft.
“Interestingly, average housing prices have been on a rising spree for the 16th consecutive quarter, starting 2021,” the report said.
The average housing prices rose 15 per cent annually in Ahmedabad to Rs 7,725 per sq ft on carpet area basis during the October-December period of 2024.
Bengaluru saw a 23 per cent increase in prices to Rs 12,238 per sq ft. while the housing prices rose 6 per cent in Chennai to Rs 8,141 per sq ft.
In Hyderabad, the rates grew 2 per cent to Rs 11,351 per sq ft while the prices increased 1 per cent in Kolkata to Rs 7,971 per sq ft.
Mumbai Metropolitan Region (MMR) registered a 3 per cent growth in prices to Rs 20,725 per sq ft.
Pune saw a 9 per cent annual price appreciation during the period under review to Rs 9,982 per sq ft, the data showed.
Boman Irani, National President of Realtors’ body Credai said, “The sustained growth in housing prices underscores the strong confidence among homebuyers, driven by a preference for spacious living and lifestyle upgrades.”
“While evolving preferences and lifestyle upgrades remain key motivators, cost pressures in construction and land acquisition are also significantly contributing to pricing trends,” Irani added.