Delhi-NCR, Bengaluru lead as home prices soar across India in Q4 2024

Average housing prices across the top eight markets in India witnessed a 10% YoY rise during the last quarter of 2024, led by healthy demand momentum and positive market sentiment. Interestingly, average housing prices have been on a rising spree for the 16th consecutive quarter, starting 2021. Price appreciation was evident in all the eight major cities, with Delhi-NCR witnessing the highest rise at 31% YoY growth, followed by Bengaluru at 23% YoY rise during Q4 2024, according to the CREDAI – Colliers – Liases Foras Housing Price-Tracker Report Q4 2024.

As per the report, while affordable housing segment will continue to form the bulk of housing sales, demand within luxury and ultra-luxury segments can amplify further in 2025. Traction in these segments is likely to drive average housing prices upwards across most major residential markets of the country in the next few quarters.

Overall unsold inventory continued to decline for the fourth consecutive quarter and dropped 5% annually during Q4 2024 backed by healthy demand. At the end of December 2024, unsold inventory at the India level stood below 10 lakh housing units for the first time in the last two years. MMR, with a share of ~40%, continued to account for a majority of the unsold inventory. Notably, Pune saw the highest annual drop in unsold inventory at 14%, closely followed by Hyderabad with 13% decline.

Boman Irani, President of CREDAI National, said, “The sustained growth in housing prices underscores the strong confidence among homebuyers, driven by a preference for spacious living and lifestyle upgrades. With evolving consumer aspirations, we are witnessing increased demand for larger homes, better amenities, and integrated living spaces. This positive sentiment has translated into steady sales momentum across segments.”

“Overall housing prices across the top eight Indian cities surged 10% on an annual basis in 2024. Prominent markets such as Delhi NCR and Bengaluru saw the steepest rise in average housing prices amidst rise in demand for luxury and ultra-luxury segments. Furthermore, the recent repo rate reduction along with government initiatives to fund stressed residential projects will provide boost to affordable housing segment,” said Badal Yagnik, Chief Executive Officer, Colliers, India.

Within the top cities, Delhi-NCR saw the highest rise in housing prices at 31% YoY

Delhi-NCR witnessed the highest rise amongst India’s top eight cities, with average housing prices soaring by 31% YoY. This price rise in the city is attributable to the strong sales momentum particularly in luxury & ultra-luxury segments. While Dwarka Expressway witnessed the highest annual price rise at 58%, Greater Noida too witnessed impressive growth of 52% YoY. Going forward, the upcoming Jewar International Airport will continue to spur residential prices in the catchment areas.

Moreover, annual price appreciation was notable in Bengaluru, Ahmedabad and Pune as well, led by healthy demand spurred by infrastructure upgrades in key areas of these cities. Prominent micro markets such as Periphery & Outer West in Bengaluru, and Baner & Nagar Road in Pune saw significant traction in ready to move-in units. Resultantly, average housing prices in these micro markets increased by up to 15% YoY during Q4 2024.

“The demand for luxury and ultra-luxury segments was particularly strong throughout 2024. The share of spacious dwelling units in overall housing sales have been on the rise, particularly in cities such as Bengaluru, Delhi NCR and Pune. Average housing prices of 3-4BHK apartments in these cities increased by up to 34% YoY during Q4 2024. Evolving lifestyles, desire for upscale amenities, a growing population of HNIs, and perception of luxury properties as status symbols & investment opportunities will continue to drive housing sales in premium categories in the next few quarters,” said Vimal Nadar, Senior Director and Head of Research, Colliers India.