Property prices continue to rise across top eight cities: Report

Property prices in India's eight prime residential markets have risen significantly over the past year due to a spike in construction costs, according to data from online property brokerage firm PropTiger.com. Most cities analysed witnessed double-digit growth in Q3 2024 compared to last year's period. The report highlights that in the absence of rate cuts, developers and buyers continue to face high loan interest rates, affecting housing affordability. Delhi-NCR recorded the highest annual price surge, with a 57% increase, driven by higher construction costs, strong demand for luxury homes, and renewed investor confidence.

Western cities like Ahmedabad and Mumbai and the southern tech hub Bengaluru saw price rises in the range of 15-21%. Chennai and Kolkata experienced a 22% increase, reflecting strong economic activity and housing demand. Pune saw an 18% rise, maintaining its appeal as a more affordable alternative to Mumbai. Hyderabad, known for its IT sector, registered more modest growth at 7%, suggesting market stability. QoQ, most cities showed modest increases or slight plateaus, indicating a potential market cooling. Despite this, the long-term outlook for Indian real estate remains strong, with opportunities across residential, commercial, and emerging asset classes.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.