Delhi-NCR sees 30% jump in housing prices in 2024, highest among top 7 cities: Anarock

The top seven cities together saw a 21 per cent yearly jump in average residential price to Rs 8,590 per sq ft from Rs 7,080 per square feet.

Housing prices in Delhi-NCR appreciated the most among seven major cities with rates rising by an average 30 per cent during the last year on rise in input cost, according to Anarock.

Real estate consultant Anarock noted that Delhi-NCR recorded the "highest yearly jump of 30 per cent in average residential price –"from Rs 5,800 per sq ft in 2023 to nearly Rs 7,550 per sq ft in 2024." The sharp increase in housing prices in Delhi-NCR was despite higher supply and a marginal fall in sales during the 2024 calendar year.

There has been a significant increase in prices of land and labour as well as construction costs.

As per the Anarock data, the housing sales dropped 6 per cent to 61,900 units in the last year from 65,625 units in the preceding year.

The fresh supply of housing properties in Delhi-NCR rose 44 per cent to 53,000 units in 2024 from 36,735 units in the preceding year.

Overall, Anarock data showed housing prices rose between 13-30 per cent across the top 7 cities, primarily due to increased input costs and strong homebuyer demand.

The top seven cities together saw a 21 per cent yearly jump in average residential price to Rs 8,590 per sq ft from Rs 7,080 per square feet.

The consultant tracks seven cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Hyderabad, Bengaluru and Pune.

On the housing price outlook for the current calendar year, Anarock Anuj Puri said, "2025 is unlikely to match this steep growth, though. Average residential prices hikes will stabilize in the coming year, though there will be steady growth amid increased input costs and high demand." The year 2025 will also see generous new supply infusions by listed developers, who have significant inventory lined up, Puri said.

The elections and slow project approval process had dented the new supply pipeline in 2024, he added.