Real Estate Market Rides High on Upward Price Surge.
As robust housing demand continued, all eight top cities witnessed annual price appreciation, with Bengaluru, Delhi NCR, Ahmedabad, and Pune logging double-digit growth. According to reports, there was a notable 2-7% quarterly increase across most areas, with average prices rising 10% nationwide during Q1 2024.
While the favourable market outlook sustained for homebuyers and developers, unsold inventory inched up marginally at 3% annually on an India level.
Pune recorded a sharp 10% yearly reduction, followed by Delhi NCR and Ahmedabad at 8%, reflecting a reduction trend. The Unsold stock stayed at around 10 lakh units across top markets.
Developers are monitoring demand and timing new launches prudently, given the slight quarterly dip in unsold units in Hyderabad and Bengaluru despite the yearly increase.
Bengaluru led the price rally with an astonishing 19% surge, while peripheral locales like Outer East saw 32% growth, underscoring the impact of strategic launches.
The new infrastructure also stimulated waves in Dwarka Expressway, driving Delhi NCR prices 16% higher. Pune mirrored strong sales with a 13% annual value leap on luxury segment action.
With stability in lending and affordability on rate cuts, the sector is anticipated to retain momentum, say experts, aided by emerging micro markets and infrastructure boosts.
