New Delhi [India], August 27 (ANI): The average housing prices across the top eight Indian cities witnessed a 3 per cent quarterly growth in Q2 2024, indicating a positive growth and homebuyer sentiment for the 14th consecutive quarter, a joint report by CREDAI, Colliers, and Liases Foras said. The report says on a yearly basis average housing prices in India rose 12 per cent at Rs 10,804 per sq ft during Q2 of 2024. Seven out of the eight cities under review saw an annual increase in housing prices.
Delhi NCR is on the top with 30 per cent annual increase in housing prices followed by Bengaluru at 28 per cent and Ahmedabad and Pune at 13 per cent each. Hyderabad saw an annual increase of 7 per cent while Kolkata and Mumbai Metropolitan Region (MMR) saw an increase of 6 per cent each. Housing prices in Chennai remain stable with no change.
Badal Yagnik, Chief Executive Officer, Colliers, India said that the upcoming festive season will further boost housing prices."Notably, average housing prices have witnessed a consistent double-digit annual growth rate (12 per cent in Q2 2024,) adding buoyancy to the sustained growth story in residential real estate. Additionally, the upcoming festive season will further invigorate the housing market with heightened sales and new launches.
We thus envisage a strong finish for the housing market in 2024," said Yagnik Boman Irani, President of CREDAI National says consumers are shifting towards real estate as a preferred asset."Indian Real E.