Summary:

PropTiger.com reports that property prices in India's eight major residential markets have risen dramatically over the last year due to an increase in building expenses. Most cities analyzed saw double-digit increases in Q3 2024 compared to the previous year. Without any rate reductions, high loan interest rates continue to burden developers and buyers. Delhi-NCR led with a 57% annual increase, boosted by demand for luxury housing and restored investor confidence.

Western cities like Ahmedabad and Mumbai, as well as the IT powerhouse Bengaluru, experienced property price rises ranging from 15% to 21%. Chennai and Kolkata saw a significant 22% increase, driven by robust economic activity and housing demand. Pune's attractiveness remained strong, with an 18% increase, while Hyderabad's rise was more modest at 7%. Most cities showed minor increases or plateaus, signaling a possible market softening, but the long-term forecast for Indian real estate remains optimistic.

Source: IBEF

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