July 16, 2024: The average property prices across Mumbai, Delhi, Bangalore, Noida/Greater Noida, Gurgaon, Hyderabad, Chennai, Kolkata, Ahmedabad and Pune have witnessed growth trends in the second quarter of 2024, according to a report by real estate consultancy Geetanjali Homestate.
The report mentioned that in Mumbai, the average property prices have shown significant growth. For the period of April to June 2024, the average price per square foot (sqft) ranged from Rs 21,900 to Rs 22,200, up from Rs 20,200 to Rs 20,500 in the first quarter of 2024. Compared to the same period last year, which saw prices between Rs 20,900 and Rs 21,200, this marks a quarter-on-quarter growth of 8.2% and a year-on-year growth of 4.9%.
Delhi also witnessed a positive trend, with average prices from April to June 2024 between Rs 11,480 and Rs 11,780 per sqft, compared to Rs 10,950 to Rs 11,300 in the previous quarter. The year-on-year growth was 11.2%, up from Rs 10,300 to Rs 10,600 in the same period of 2023, and a quarter-on-quarter growth of 4.2%.
Bangalore saw the most remarkable increase, with average prices rising to Rs 9,500 to Rs 9,800 per sqft in the second quarter of 2024, from Rs 8,200 to Rs 8,500 in the first quarter. This represents a year-on-year growth of 21% from Rs 7,800 to Rs 8,100 in 2023 and a substantial quarter-on-quarter growth of 15.2%.
Noida/Greater Noida and Gurgaon: Top performers
In Noida/Greater Noida, the average property prices for the second quarter of 2024 were between Rs 6,700 and Rs 7,040 per sqft, up from Rs 5,550 to Rs 5,825 in the first quarter. This indicates a year-on-year growth of 31.6% from Rs 5,040 to Rs 5,350 in the same period last year, and a quarter-on-quarter growth of 20.8%.
Gurgaon saw a significant growth with average property prices ranging from Rs 10,600 to Rs 11,450 per sqft in the second quarter of 2024, up from Rs 9,880 to Rs 10,400 in the first quarter. Compared to the same period in 2023, where prices ranged from Rs 8,430 to Rs 8,650, this marks a year-on-year growth of 32.4% and a quarter-on-quarter growth of 10.09%.
Hyderabad saw a moderate increase in property prices, with averages ranging from Rs 6,350 to Rs 6,550 per sqft in the second quarter of 2024, up from Rs 6,000 to Rs 6,300 in the first quarter. This represents a year-on-year growth of 11.1%, up from Rs 5,560 to Rs 5,900 in the same period of 2023, and a quarter-on-quarter growth of 3.9%.
In Chennai, the average property prices rose from Rs 7,840 to Rs 8,100 per sqft for the second quarter of 2024, up from Rs 7,490 to Rs 7,600 in the first quarter. This represents a year-on-year growth of 9% from Rs 7,100 to Rs 7,400 in 2023, and a quarter-on-quarter growth of 6.5%.
Kolkata experienced a notable increase, with average property prices rising from Rs 5,850 to Rs 6,180 per sqft in the second quarter of 2024, up from Rs 5,100 to Rs 5,400 in the first quarter. Compared to the same period last year, which saw prices between Rs 5,500 and Rs 5,700, this marks a year-on-year growth of 8.5% and a quarter-on-quarter growth of 14.4%.
Ahmedabad witnesses stable growth pattern
Ahmedabad showed steady growth with average property prices ranging from Rs 5,300 to Rs 5,550 per sqft in the second quarter of 2024, up from Rs 5,000 to Rs 5,200 in the first quarter. This indicates a year-on-year growth of 6.7%, from Rs 4,860 to Rs 5,200 in the same period of 2023 and a quarter-on-quarter growth of 6.7%.
Pune saw substantial growth, with average property prices ranging from Rs 7,460 to Rs 7,700 per sqft in the second quarter of 2024, up from Rs 6,850 to Rs 6,900 in the first quarter. Compared to the same period last year, where prices ranged from Rs 6,950 to Rs 7,200, this marks a year-on-year growth of 7.1% and a quarter-on-quarter growth of 11.5%.
Sunil Sisodiya, Founder of Geetanjali Homestate, said, “The Indian real estate market is undergoing a dynamic transformation, with significant growth in property prices across major cities. This upward trend is indicative of the robust demand and the increasing investment in infrastructure and quality housing. Our comprehensive report provides valuable insights for buyers, investors, and developers looking to navigate this evolving market.”
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