price of houses
Home prices in Delhi-NCR have increased the most among 7 major cities. According to Anarock report, home prices in Delhi-NCR increased by an average of 30 percent. The price of houses here has increased from Rs 5,800 per square foot in 2023 to about Rs 7,550 per square foot in 2024. The sharp rise in housing prices in Delhi-NCR during 2024 came despite excess supply and a slight decline in sales. In such a situation, if the price of a 2BHK flat in 2023 was Rs 50 lakh, then it has now increased to at least Rs 65 lakh.
Sales fell due to price increase
According to Anarock data, housing sales declined six percent to 61,900 units last year from 65,625 units in 2023. The fresh supply of housing properties in Delhi-NCR increased by 44 per cent to 53,000 units in 2024 from 36,735 units in 2023. Anarock data showed that overall, housing prices across the top seven cities have increased between 13-30 per cent, mainly due to increase in input costs and strong demand from home buyers.
21 percent increase in average price
The average residential price in the top seven cities saw an annual increase of 21 per cent, rising from Rs 7,080 per sq ft to Rs 8,590 per sq ft. ANAROCK covers seven cities – Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Hyderabad, Bengaluru and Pune.
Big decline of 26% in home sales
The skyrocketing prices of houses have led to a decline in demand. Let us tell you that the demand for property is decreasing quarter on quarter (QOQ). The sales of houses have been continuously falling for the last four quarters i.e. one year. Home sales in eight major cities of the country including Mumbai, Ahmedabad, Bengaluru have declined by 26 percent on an annual basis in the October-December quarter of 2024. This information has been received from the report of Proptiger.com.
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