Home prices in India's major cities have surged, with luxury property demand driving the increase. A report by ANAROCK shows property prices in top cities, including New Delhi and Mumbai, rose by 23%, with an average home cost of Rs 1.23 crore.
Mumbai: Buying a home in India’s key urban centers has become increasingly expensive, with rising demand for luxury properties contributing to a significant surge in real estate prices. According to a report from real estate consultancy ANAROCK, property prices across the top seven cities, including New Delhi and Mumbai, rose by 23 per cent in the first half of the fiscal year. The average cost of a home in these cities now stands at Rs 1.
23 crore between April and September 2024. Despite a 3 per cent drop in overall unit sales, the total sales value in these cities increased by 18 per cent compared to the same period last year, signaling a strong and sustained demand for high-end properties. “The persistent demand for luxury homes is evident,” said Anuj Puri, Chairman of ANAROCK, noting that more than 227,400 units were sold across these urban areas during the period.
Property sales volume of Indian cities in 2023, 2024 Among the top cities, the Mumbai Metropolitan Area saw the highest sales volume, followed by Pune and the National Capital Region (NCR). The NCR region, which includes Delhi and its neighboring areas, recorded the steepest price increase, with property prices jumping by 56 per cent to an average of Rs 14.5 millio.
