Home Prices Surge by 23% in Major Cities Including NCR and Mumbai, Reports ANAROCK

2024-11-21 02:13:16

 Home Prices Soar by 23% in India’s Top Seven Cities, Led by NCR and Mumbai: ANAROCK Report  

The average property price in India’s top seven cities, including New Delhi and Mumbai, surged by 23% year-over-year to ₹1.23 crore ($145,707) during April-September, according to a report released by Mumbai-based real estate consultancy ANAROCK on Wednesday.  

The report highlighted that rising demand for luxury homes has significantly driven property prices in key urban centers. Over 227,400 units were sold in these cities during the first half of the fiscal year.  

“While overall unit sales dropped by 3%, the total sales value jumped 18% compared to the previous year, showcasing the sustained appetite for high-end homes,” said Anuj Puri, ANAROCK Chairman.  

Developers are rushing to meet this demand. DLF Ltd., India’s largest real estate developer by market value, reported new sales bookings tripling to ₹64 billion in the first quarter and projected bookings of ₹170 billion for the fiscal year ending March 2025.  

Equity investments in India’s real estate sector are also poised to reach a record $10 billion this year, driven by robust office asset inflows and residential land acquisitions, according to a CBRE South Asia and Confederation of Indian Industries report. Preferred markets include NCR, Mumbai, and Bengaluru.  

The National Capital Region (NCR) led with the highest price increase, up 56% to ₹14.5 million. Bengaluru followed with a 44% rise, and Hyderabad recorded a 37% increase. The Mumbai Metropolitan Area recorded the largest sales volume, followed by Pune and NCR.  

Additionally, wealthy Indians abroad are fueling the luxury segment, with their share of home sales expected to reach nearly 20% by 2025, according to a report by Bengaluru-based property platform NoBroker.com.