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5 Nov 2024

Anarock, the real estate consultant, has published a report that states a 29% surge in the housing price in Delhi-NCR and Bangalore during July-September 2024. Strong housing demand, high input costs, and a rise in the supply of luxury homes are the main drivers of this surge.

According to the data, the average cost of residential real estate in Delhi-NCR rose by 29% from Rs 5,570 per square foot during the previous year to Rs 7,200 per square foot during the July–September quarter.

Prices in Bengaluru increased by 29% to Rs 8,100 per square foot in the third quarter of this year from Rs 6,275 per square foot in the same period last year.

Prices per square foot increased by a maximum of 32% in Hyderabad, from Rs 5,400 to Rs 7,150. Prices per square foot in Pune increased by 16 percent to Rs 7,600 from Rs 6,550, while in Chennai they increased by 16 percent to Rs 6,680 from Rs 5,770.

The average cost of a home in Kolkata increased by 14% from Rs 5,000 per square foot in July to Rs 5,700 per square foot in September of last year.

Decline in Housing Unit Sales

The report also revealed that from July to September of last year, home sales decreased by 11% to 1,07,060 units from 1,20,290 units.

The number of new homes built in the top seven cities fell by 19% between July and September of 2024, with 93,750 units launched as opposed to 1,16,220 units during the same time in 2023.

Housing sales fell 2% in Delhi-NCR to 15,570 units from 15,865 units, and 8% in Bengaluru to 15,025 units from 16,395 units.

Sales in Hyderabad were 12,735 units, down 22% from 16,375 units in the third quarter of 2023; in Kolkata, sales were 3,980 units, down 25% from 5,320 units.

Chennai saw a 9% decline in house sales from 4,945 units sold in the same period last year to 4,510 units sold from July to September of 2024.

Darshan Govindaraju, Director of Bengaluru-based realty firm Vaishnavi Group, said, “The average increase in residential property prices is a continuation of a trend seen since the last few quarters and is primarily due to increase in input costs, including land acquisition and construction costs, along with the growing weightage of premium and luxury properties in the overall sales bucket”.

He further added, “This is shooting up the median housing prices in Bengaluru in line with the increase in prices across other cities.

Angad Bedi, CMD of BCD Group mentions that the price increase is because of the elements such as increased demand for upscale property, strong economic growth, and the improvement of infrastructure.

Anarock Chairman Anuj Puri said “Nevertheless, the fact that sales remained higher than launches indicates that the demand-supply equation remains robust.”

He brought up the fact that the third quarter saw a slowdown in home sales due to rising prices and the monsoon season.

“As always in this period, the ‘shradh’ period also suppressed demand to an extent as many Indians defer home buying in this period.”

Anarock report mentioned that there are several upcoming projects in different cities during the festive season. This is the time when the market witnesses a rise in the price.

“Residential prices too seem to have peaked out and are now gradually stabilising across cities. Developers are likely to roll out several offers and discounts during the upcoming festive quarter to attract buyers,” he said, According to the data, the MMR had the largest sales among the top 7 cities during the July-September quarter, with 36,190 units sold; this represents a 6% decrease from the 38,505 units sold during the same period last year.

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