Mumbai: Positive homebuyer sentiment and steady demand have kept the momentum strong in the residential market across major Indian cities. Average housing prices across the top eight Indian cities witnessed a 3% quarter-on-quarter (QoQ) growth in Q2 2024. Interestingly, quarterly price movements at India level have been almost similar at about 3% for the last four quarters.
This has been revealed in the Housing Price-Tracker Report for the second quarter published by CREDAI, Colliers and Liases Foras. The stability in price growth is reflective of steady underlying demand over the last few quarters. On an annual basis too, average housing prices at the end of Q2 2024 have shown a 12% growth across the eight major cities.
Seven out of eight cities under review witnessed annual price appreciation, with Delhi NCR witnessing the highest price rise at 30% year-on-year (YoY) closely followed by Bengaluru. While unsold inventory remained stable on an annual basis at a pan India level, it dropped marginally on a quarterly basis amid healthy sales in housing units. At 5%, Kolkata saw the highest sequential decline in unsold inventory levels followed by Pune with 3% dip.
As of Q2 2024, there was an availability of over 10 lakh housing units across the primary market of eight major cities, with Mumbai Metropolitan Region (MMR) alone having about 40% share in unsold inventory levels. Despite a yearly increase in the number of unsold units in Hyderabad and Bengaluru, both cities saw a mod.