India’s housing market continues to demonstrate resilience and growth, with housing prices in the top eight cities rising by an average of 11% year-on-year (YoY) during the July-September quarter of FY24. The data, revealed in the 'Housing Price-Tracker Report Q3 FY24', compiled by CREDAI, Colliers, and Liases Foras, underscores a robust demand and favorable market sentiment that has been driving this upward trajectory.

This marks the 15th consecutive quarter of housing price growth since FY21, with average prices reaching US$ 129.91 (Rs. 11,000) per sq. ft. in Q3 FY24. The report reflects the positive momentum in the sector, supported by sustained buyer interest and a consistent increase in property values across major cities.

Top Performers in Housing Price Growth

Among the leading cities, Delhi-NCR witnessed the sharpest YoY increase of 32%, with average housing prices climbing from US$ 102.21 (Rs. 8,655) per sq. ft. in Q3 FY23 to US$ 135.08 (Rs. 11,438) per sq. ft. during the same period in FY24. Bengaluru followed closely, registering a 24% YoY growth, with prices rising from US$ 111.85 (Rs. 9,471) per sq. ft. to US$ 138.68 (Rs. 11,743) per sq. ft.

This upward trend in housing prices was consistent across all major markets, driven by robust demand from end-users and investors alike. The demand-supply dynamics, supported by positive buyer sentiment, contributed significantly to the growth, highlighting the resilience of India’s real estate sector amid fluctuating global economic conditions.

Sustained Momentum Since FY21

The data indicates a remarkable streak of price growth across 15 consecutive quarters, beginning from FY21. Such consistent performance underscores the strength of India’s housing market, particularly in urban centers where population growth and economic opportunities continue to fuel demand for residential properties.

The prices mentioned in the report are based on carpet area, ensuring an accurate representation of housing costs across regions. The sustained demand for urban housing, coupled with favorable interest rates and developer incentives, has further contributed to the sector's steady expansion.

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Positive Outlook for Indian Real Estate

India’s real estate market has emerged as a critical pillar of economic growth, with cities like Delhi-NCR and Bengaluru driving regional housing demand. As the sector continues to attract buyers and investors, the housing market remains a cornerstone of India's growth trajectory.

The consistent rise in residential property prices, despite economic challenges, reflects a stable investment environment and a strong commitment from developers to meet consumer expectations.

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