Working Home prices in Delhi-NCR and Bengaluru rose 29 per cent year-on-year in the third July-September quarter of the calendar year. This information has been received from the data of real estate consultant Anarock. According to Anarock, rising production costs and increased supply of luxury homes have led to the sharp rise in housing prices. According to Anarock data, the average price of residential properties in Delhi-NCR rose 29 per cent to Rs 7,200 per sq ft in the July-September quarter from Rs 5,570 per sq ft in the year-ago period.
How much have prices increased?
Home prices in Bengaluru rose 29 per cent to Rs 8,100 per sq ft in the third quarter of this calendar year, from Rs 6,275 per sq ft in the same period last year. Similarly, Hyderabad saw the highest price increase of 32 per cent, from Rs 5,400 per sq ft to Rs 7,150 per sq ft. Average housing prices in the Mumbai Metropolitan Region (MMR) rose 24 per cent to Rs 16,300 per sq ft from Rs 13,150. Prices in Pune rose 16 per cent to Rs 7,600 from Rs 6,550 per sq ft, while in Chennai they rose 16 per cent to Rs 6,680 from Rs 5,770 per sq ft. Average house prices in Kolkata rose 14 per cent to Rs 5,700 per sq ft in July-September from Rs 5,000 per sq ft in the same period a year ago.
Prices have been increasing for the last few quarters
“Average residential property prices have been rising for the last few quarters,” said Darshan Govindaraju, director of Bengaluru-based realty firm Vaishnavi Group. The reason for this is the increase in total production costs. This includes land acquisition cost and construction cost. Apart from this, due to increase in demand for luxury i.e. expensive homes, there has also been a rise in housing prices. Anarock had said last week, “Average residential property prices in the top seven cities have collectively increased by 23 percent annually. It has increased from Rs 6,800 per square foot in the third quarter of 2023 to Rs 8,390 per square foot in the third quarter of 2024.'' According to Anarock data, home sales declined by 11 percent to 1,07,060 units in July-September. Which was 1,20,290 units in the same period a year ago. The top seven cities saw a 19 percent decline in the supply of new homes. July-September, new home launches stood at 93,750 units, up from 1,16,220 units in the same period in 2023. “Still, sales being higher than offers indicates that the demand-supply equation remains strong,” said Anarock Chairman Anuj Puri.
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