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According to the real estate consultant, ANAROCK, property prices rose highest in the country in Hyderabad by 32 per cent year-on-year (YoY) in quarter one (Q1) of calendar year (CY) 2024. Sales also rose highest in the country in the city of pearls by whopping 38 per cent YoY to reach 19,660 units in Q1 2024 from 14,280 units in year-ago period. Overall, in top seven cities, property prices rose by an average of 10-32 per cent on yearly basis in the relevant quarter. The real estate consultant attributed the overall property price hike in the country to increased cost of construction raw materials and robust housing demand.

According to ANAROCK, robust demand propelled steep rise in sales in the top seven cities within the same period. Housing sales was up 14 per cent YoY to 1.30 lakh units in March 2024 quarter. Mumbai Metropolitan Region (MMR) clocked highest property sale in the relevant quarter followed by Pune, Hyderabad, Bengaluru, Delhi-NCR, Kolkata and Chennai in the descending order.

MMR clocked sale of 42,920 units in Q1 up 24 per cent YoY from 34,690 units in year-ago period. Hyderabad clocked higher property sale than Delhi NCR.

Cities like Delhi NCR, Kolkata and Chennai registered decline in sales within the same period.

Bengaluru property price rose 25 per cent YoY  in Q1 despite water crisis-led exodus:

Bengaluru property prices have risen at the second highest rate of 25 per cent YoY in Q1 CY24 as compared to other top six cities in the country. Despite of acute water crisis and resultant exodus of residents, the Silicon Valley clocked sale of 17,790 units in the relevant quarter up 14 per cent YoY from 15,660 units in same period last year.

Anuj Puri, chairman, ANAROCK Group, said, that, India’s overall economic scenario remains positive, with the country’s GDP growth rate pegged as the highest globally, and inflation also seems to be under control. This outlook supports enduring homebuyer sentiment.