Indian Residential Real Estate Market Sees Steady Growth in 2024
The Indian residential real estate market experienced a robust 10% year-on-year increase in housing prices across the top eight cities during the fourth quarter of 2024. This steady growth can be attributed to sustained demand and improved market confidence, reflecting the sector’s resilience and stability.
16 Consecutive Quarters of Growth
According to the latest CREDAI-Colliers-Liases-Foras Housing Price Tracker report, housing prices have been on a consistent upward trend for 16 consecutive quarters since 2021. This sustained momentum underscores the strength of the Indian housing sector despite economic fluctuations.
Hyderabad’s Steady Rise in Housing Prices
In Hyderabad, the average housing price rose to Rs. 11,351 per square foot, marking a 2% year-on-year increase. While this reflects modest growth in comparison to other cities, Hyderabad’s real estate market demonstrated positive movement with declining unsold inventory levels.
Decline in Unsold Inventory
The report highlights a significant drop in unsold inventory across major Indian cities, signaling improved buyer interest and market liquidity. Pune led the reduction with a notable 14% year-on-year decline, closely followed by Hyderabad with a 13% decrease. Chennai and Kolkata also witnessed reductions of 7-10% in unsold inventory.
Outlook for 2025: Growth to Continue
With consistent demand for housing and recent government policy interventions, residential prices are expected to maintain a steady upward trend in 2025. Cities like Delhi-NCR, Pune, and Bengaluru have witnessed the highest demand for spacious homes, while Hyderabad has seen relatively lower demand for larger residential properties.
The Indian real estate market’s resilience, coupled with strategic government initiatives, suggests a positive outlook for homebuyers and investors alike as the sector continues to expand steadily.
