Surge in Indian Housing Prices Reflects Growing Market Confidence as 2024 Unfolds

In the past two years, India's major cities have seen housing prices jump by 20%, with Bengaluru, Delhi NCR, and Kolkata experiencing the most significant increases. The Colliers report highlights a 30% price hike in these cities from 2021 to 2023, driven by heightened demand, especially in the mid and luxury housing sectors.

Inventory Trends and Market Dynamics

The market observed a substantial decrease in unsold homes in 2021, which stabilized through 2023 despite new property developments. The period between 2022 and 2023 marked a boom in new launches in both mid and luxury segments, with cities like Bengaluru, Hyderabad, Kolkata, MMR, and Pune doubling or even tripling their new supply, indicating strong market activity and developer confidence.

Market Outlook and Future Prospects

Housing prices showed a consistent 9% annual increase in 2023, with high-end and luxury sectors witnessing significant sales growth and infrastructure developments aiding in price stabilization across markets. According to Badal Yagnik, CEO of Colliers India, the market is expected to continue its growth trajectory into 2024, with mid and luxury segments offering promising opportunities for both investors and homebuyers.