Housing Inflation

India's eight major cities saw an average 11 per cent increase in housing prices annually during the September quarter on strong demand, with Delhi-NCR witnessing the highest appreciation at 32 per cent, according to a report. Realtors' apex body CREDAI, real estate consultant Colliers and data analytic firm Liases Foras on Monday released their joint 'Housing Price-Tracker Report Q3 2024'. "Average housing prices across the top eight markets in India rose 11 per cent Y-o-Y (year-on-year) at Rs 11,000 per sq ft during Q3 (July-September) 2024, led by sturdy demand and positive market sentiments," the report said. The average housing prices have increased for the 15th consecutive quarter since 2021. All the eight major cities saw an annual increase in housing prices, the consultant said. Delhi-NCR witnessed the highest rise at 32 per cent Y-o-Y, followed by Bengaluru at 24 per cent Y-o-Y rise during the July-September period. According to the data, the average housing prices in .

After rising 4.3 per cent last year, home prices in India - broadly referring to housing in major cities - were expected to rise 7.0 per cent this year, 6.5 per cent in 2025 and 7.5 per cent in 2026

The average cost of construction for housing projects in big cities has increased by 39 per cent in the last four years to Rs 2,780 per sq ft, with building materials and labour becoming expensive, according to Colliers India. Real estate consultant Colliers India data shows that the average construction cost for premium housing projects stood at Rs 2,000 per square feet in October 2020. The construction cost rose to Rs 2,200 per square feet in October 2021, Rs 2,300 per sq ft in October 2022, Rs 2,500 per sq ft in October 2023 and Rs 2,780 per square feet in October 2024. Colliers India said these are average costs for a Grade A residential building of 15 floors. The data pertains to tier-I cities. Over the last one year, the consultant said the average cost of construction of housing projects rose 11 per cent due to a significant surge in labour costs coupled with a moderate price increase in construction materials like sand, brick, glass, wood etc. Notably, the cumulative effec

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Housing prices in Ahmedabad have appreciated by an average 45 per cent in the last five years because of rise in demand of residential properties especially after the COVID pandemic, according to PropTiger. The average housing prices stood at Rs 4,150 per square feet in January-March this year, as compared to Rs 2,867 per square feet in the January-March period of 2019, as per the data compiled by real estate consultant PropTiger. The average growth in housing price during January-March 2024 was 10 per cent from the year-ago period. PropTiger.com is part of real estate technology firm REA India, which also owns real estate listing platforms Housing.com and Makaan.com. Vikas Wadhawan, Group Chief Financial Officer of REA India and Business Head of PropTiger.com, noted that Ahmedabad has become one of the major real estate markets in India. "As the nerve centre of economic activity, Ahmedabad attracts numerous buyers and investors from neighbouring states such as Madhya Pradesh and

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Authorities hope that over time, improving access to affordable housing could provide utility to some of the excess construction undertaken in the boom years

'While many of the challenges we face are similar to those encountered by our counterparts, some are uniquely difficult for us,' the BOJ chief added

New supply of affordable homes -- priced up to Rs 60 lakh each, declined 38 per cent across eight major cities to 33,420 units during January-March this year, with builders focusing on developing luxury flats, according to PropEquity. Real estate data analytic firm PropEquity attributed the fall in new supply to sharp rise in land and construction costs, which has made development of affordable housing projects less profitable or unviable. According to PropEquity data, the fresh supply of homes, up to Rs 60 lakh each, stood at 33,420 units during January-March 2024 across top eight cities, as against 53,818 units in the year-ago period. These eight cities are -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Chennai, Kolkata, Pune and Ahmedabad. PropEquity data showed that the new supply in this price category fell 20 per cent during the 2023 calendar year and the declining trend continued in the first quarter of this year as well. "The number of affordable hou

Realty firm Signature Global Ltd has set a target to sell housing properties worth Rs 10,000 crore in 2024-25, up 38 per cent from the last fiscal, as it expects demand for residential assets to remain strong. In its investors presentation, the company has given a guidance of Rs 10,000 crore for sales bookings in the current fiscal. The company's sales bookings more than doubled to Rs 7,268 crore in 2023-24 from Rs 3,430 crore in the preceding year. The company, which is mainly developing projects at Gurugram in Haryana, sold 4,619 units last fiscal as against 4,512 units in 2022-23. In terms of area, Signature Global sold 6.18 million square feet in 2023-24, up from 4.35 million square feet in the preceding years. Sales realisation for 2023-24 averaged Rs 11,762 per square feet compared to Rs 7,886 per square feet in the previous fiscal. Pradeep Kumar Aggarwal, Chairman of Signature Global, said, "The financial year 2023-24 marked a significant period for our company, characteri

Housing sales in Gurugram fell 12 per cent year-on-year in January-March, while the demand for residential properties increased in Noida by 19 per cent, according to Anarock. Real estate consultant Anarock's data showed that housing sales in Gurugram's primary market (first sale) declined 12 per cent to 8,550 units in the January-March period this year from 9,750 units in the year-ago period. In contrast, Noida saw a 19 per cent increase in housing sales to 1,600 units during January-March this year from 1,350 units in the corresponding period of the previous year. Commenting on the trend, Anarock Vice Chairman Santhosh Kumar said, "The demand continues to be strong in Gurugram. Still, sales dipped in the IT city due to a fall in new supply. Many builders did not get approvals to launch projects". There would be more launches of housing projects in Gurugram after the Lok Sabha election, he added. As per the data, housing sales in Greater Noida declined by 19 per cent to 2,350 unit

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