Property prices across India’s prime residential markets saw a significant rise in 2024, with the National Capital Region (NCR) leading the growth. A new report by PropTiger.com found that average property prices in Delhi NCR surged by 49% year-on-year, driven by sustained demand for high-end homes and rising costs of building materials and labour.
The report, titled Real Insight: Residential Annual Round-up 2024 by PropTiger.com, revealed that property prices in most Indian cities continued to show double-digit growth during the October-December 2024 period. However, Hyderabad experienced a slowdown, with price growth dipping to just 3% YoY after nearly a decade of rapid increases.
Delhi NCR, particularly cities like Gurugram, Greater Noida, and Noida, saw strong sales growth, with Gurugram recording a 144% increase in home sales year-on-year, while Greater Noida saw a 54% rise. The demand for premium residential properties in these areas has been supported by a growing number of high-net-worth individuals and start-up activity in the region.
Other cities also saw substantial price increases. Mumbai, India’s financial hub, experienced an 18% rise in property values. Cities like Bengaluru, Chennai, Pune, and Kolkata saw steady growth, with prices increasing between 10% and 16% year-on-year.
Here is a snapshot of property price trends for 2024:
| City | Q4 23 | Q4 24 | YoY |
| Ahmedabad | 4,000 | 4,402 | 10% |
| Bengaluru | 6,744 | 7,536 | 12% |
| Chennai | 6,200 | 7,173 | 16% |
| Delhi NCR | 5,445 | 8,105 | 49% |
| Hyderabad | 6,842 | 7,053 | 3% |
| Kolkata | 5,100 | 5,633 | 10% |
| MMR | 10,712 | 12,600 | 18% |
| Pune | 6,140 | 7,108 | 16% |
The rise in property prices across major markets reflects strong demand, particularly in luxury homes. However, the report also raised concerns about affordability, with a significant portion of the population relying on government subsidies for housing.
Experts have pointed out that while the strong price growth indicates a positive market outlook, rising costs may affect affordability for India’s middle class. They suggest that policy interventions, such as changes to taxation and interest rate cuts by the Reserve Bank of India (RBI), could help improve affordability in the long term.
