Real Estate Latest Rates ALERT! Jumps And Slumps - Know Details Of Delhi, NCR, Mumbai, Ahmedabad, Kolkata, Hyderabad, Pune Property Prices

According to a report by CREDAI, Colliers, and Liases Foras, housing prices in Delhi-NCR recorded the highest annual rise among the top eight cities in India, increasing by 16 percent during the January-March period. As per the PTI report, the surge in prices can be attributed to improved demand and higher construction costs. The report added that that housing prices in the top eight cities rose by 8 percent year-on-year.

Among these cities, Delhi-NCR witnessed the highest increase in residential prices at 16 percent year-on-year. Meanwhile, Kolkata and Bengaluru followed closely with a 15 percent and 14 percent year-on-year increase, respectively. The report also highlighted that housing prices in Delhi-NCR have been steadily rising for the past 11 quarters.

Notably, the Dwarka Expressway in Delhi-NCR experienced a significant price rise of 59 percent year-on-year, primarily driven by the opening of the Central Peripheral Road and the loop connecting the expressway with NH-8. Housing prices in Golf Course Road, Gurugram, also saw a substantial surge of 42 percent year-on-year, surpassing rates in Delhi and becoming the highest in the NCR region.

According to the PTI report, in other cities, housing prices in Ahmedabad rose by 11 percent year-on-year to an average rate of Rs 6,324 per square feet, while Bengaluru witnessed a 14 percent increase to Rs 8,748 per square feet. Chennai experienced a modest increase of 4 percent to Rs 7,395 per square feet, and Hyderabad's residential property prices appreciated by 13 percent to Rs 10,410 per square feet. Kolkata saw a 15 percent increase to Rs 7,211 per square feet, and Pune witnessed an 11 percent increase to Rs 8,352 per square feet.

However, Mumbai Metropolitan Region (MMR) experienced a decline of 2 percent in housing prices, reaching Rs 19,219 per square feet.

According to the PTI report, industry experts anticipate a moderate rise in prices going forward. Pankaj Kapoor, Managing Director of Liases Foras, expects the momentum to continue with moderate price increases due to rising raw material costs and consistent demand. Boman Irani, President of CREDAI, expressed confidence in the strong momentum, driven by consumer appetite for new, larger homes with better amenities, especially in the post-pandemic era.