In the third July-September quarter of the current calendar year, home prices in Delhi-NCR and Bengaluru have increased by 29 percent on an annual basis. This information has been received from the data of real estate consultant Anarock. According to Anarock, the increase in production cost and increased supply of luxury homes has led to a sharp rise in housing prices. According to Anarock data, the average price of residential properties in Delhi-NCR increased by 29 percent to Rs 7,200 per square foot in the July-September quarter, from Rs 5,570 per square foot in the same period a year ago.

How much did the prices increase

In Bengaluru, home prices rose 29 per cent to Rs 8,100 per sq ft in the third quarter of this calendar year from Rs 6,275 per sq ft in the same period last year. Similarly, Hyderabad saw the highest price rise of 32 per cent, from Rs 5,400 per sq ft to Rs 7,150 per sq ft. Average housing prices in the Mumbai Metropolitan Region (MMR) rose 24 per cent to Rs 16,300 from Rs 13,150 per sq ft. In Pune, prices rose 16 per cent to Rs 7,600 from Rs 6,550 per sq ft, while in Chennai it rose 16 per cent to Rs 6,680 from Rs 5,770 per sq ft. Average housing prices in Kolkata rose 14 per cent to Rs 5,700 per sq ft in July-September from Rs 5,000 per sq ft in the same period a year ago.

Prices have been rising for the last few quarters

Darshan Govindaraju, director of Bengaluru-based realty firm Vaishnavi Group, said, "The average price of residential property has been increasing for the last few quarters. This is due to the increase in the total production cost. This includes the cost of land acquisition and construction cost. Apart from this, the increase in demand for luxury i.e. expensive homes has also led to a jump in housing prices. Anarock said last week, "Average residential property prices in the top seven cities have collectively increased by 23 per cent annually. It has increased from Rs 6,800 per square foot in the third quarter of 2023 to Rs 8,390 per square foot in the third quarter of 2024. According to Anarock data, home sales declined 11 per cent to 1,07,060 units in July-September from 1,20,290 units in the same period a year ago. The supply of new homes in the top seven cities saw a decline of 19 per cent. In July-September, new home offers stood at 93,750 units, compared to 1,16,220 units in the same period in 2023. "Still, sales being higher than offers shows that the demand-supply equation remains strong," said Anuj Puri, chairman, Anarock.