Average housing prices across Mumbai Metropolitan Region (MMR), Delhi-NCR, Chennai and Pune remained stable during the January-March period compared to the previous quarter while rates appreciated 4-5 per cent in the other four major cities, according to PropTiger.
Illustration: Dominic Xavier/Rediff
Data from real estate brokerage firm PropTiger, a part of REA India that owns Housing.com, showed that prices in Bengaluru and Hyderabad grew 5 per cent each while Ahmedabad and Kolkata saw an appreciation of 4 per cent each.
The consultant noted that residential property prices have continued to rise year-on-year, but the pace of growth has clearly moderated in recent quarters.
PropTiger said the moderation in prices, after a huge surge in the 2022-24 period, will boost end-user demand and curb speculation.
Last month, PropTiger report mentioned that housing sales declined 19 per cent annually in January-March across these eight cities to 98,095 units, according to PropTiger.
“The moderation in price growth observed over the past few quarters indicates a stabilising market dynamic, likely encouraging the return of end-users previously displaced by speculative activity,” said Dhruv Agarwala, Group CEO, Housing.com and PropTiger.
As per the data, MMR, Delhi-NCR, Chennai and Pune markets did not see any increase in average prices.
They were at Rs 12,600 sq ft, Rs 8,106 sq ft, Rs 7,173 sq ft and Rs 7,109 per sq ft, respectively.
Average price in Ahmedabad rose to Rs 4,568 per sq ft from Rs 4,402 per sq ft.
In Bengaluru, the rate grew to Rs 7,881 sq ft from Rs 7,536 per sq ft.
Housing prices in Hyderabad appreciated to Rs 7,412 per sq ft from Rs 7,053 per sq ft, while Kolkata saw an increase to Rs 5,839 per sq ft from Rs 5,633 per sq ft.
Commenting on the report, Bengaluru-based realty firm BCD Group CMD Angad Bedi said the price correction will motivate genuine buyers.
Sanjeevini Group Chairman and Founder, Umesh Gowda H.A, said the Bengaluru market is exhibiting strong demand as is evident from the 5 per cent quarterly increase in housing prices.
Garvit Tiwari, director and co-founder of housing brokerage firm InfraMantra, said, “The NCR market is showing some stability in housing prices after years of growth.
“Alongside the decline in home loan interest rates, it will encourage more end-user participation, especially first-time homebuyers and fence-sitters together driving demand in the region.”
