India’s housing market has been steadily increasing, and the second quarter of 2024 showed some strong numbers. Among all the cities, Delhi NCR has had the biggest rise in home prices over the past year. This increase is the biggest among the top eight cities in India. It indicates a strong demand for homes in the area. Let’s take a closer look at this blog to understand more.
Delhi NCR: Leading the Market
Among the multiple cities, Delhi NCR has seen the largest growth with a remarkable 16 percent rise in home prices only during the last quarter. Within this, residential real estate in Dwarka Expressway and Greater Noida has witnessed price hikes even more than ever. This increase is mainly because more people are interested in buying luxury homes. There are buyers interested in bigger homes with more bedrooms, bidding up the prices on those units drastically. Delhi NCR witnesses the highest rise in housing prices among major cities as demand for these luxurious & spacious homes surges.
Bengaluru’s Price Surge
Bengaluru is another city where home prices are rising quickly. The city experienced a considerable increment in average home prices during the second quarter of 2024. Prices climbed even more sharply in several areas.
For instance, the Inner East part of Bengaluru saw a price hike, while the Periphery Outer East area also had a noticeable increase. This growth is largely due to the high demand for luxury homes, including second homes and vacation properties. As more people seek these kinds of homes, Bengaluru’s prices are going through the roof.
Other Cities Situation
While the Mumbai Metropolitan Region still has the most unsold homes, other cities are seeing a reduction in the number of unsold properties. For example, Pune had the biggest drop in unsold properties over the past year. The other cities which witnessed less unsold properties included Ahmedabad, Chennai, and Kolkata.
Even though there have been new home launches in MMR that caused a small rise in unsold homes, cities like Hyderabad and Bengaluru have been able to reduce the number of unsold properties. Kolkata faced the largest drop in unsold houses in these cities, and Pune followed with a noticeable reduction.
Good News for Investors
Recent changes in government rules, especially the partial rollback of the tax on profits from selling land and buildings, have made investors and homeowners more confident. This change is expected to further strengthen the real estate market, particularly in the luxury segment where demand continues to grow.
As of now, there are over 1 million homes in the primary markets of the top eight cities, with MMR having an expansive share of the unsold properties. With steady demand and supportive government policies, the Indian real estate market is likely to continue growing in the coming months.
Conclusion
The big increase in home prices, especially in Delhi NCR, shows that India’s housing market is strong and growing. This means prices will start to rise for the buyers. It also indicates that it would be a good time for property investment, especially in areas witnessing huge demand. With ongoing interest in luxury homes and supportive government policies, the future of the real estate market looks promising.
