There is a positive sentiment in the residential real estate market. Home sales are steadily rising. In this sequence, home prices in the first quarter of this year increased annually by 10 percent. Significant growth in home prices has been recorded in major cities across the country.
Bengaluru, Delhi, Ahmedabad, and Pune have seen an increase in prices by two to seven percent. In other cities, prices have increased by two to seven percent. In many cities across the country, home prices have risen. However, for investors and developers in the real estate market, it is still favorable. A slight decrease in the annual inventory increase of homes has been observed. In Pune, there is a notable decrease of 10 percent in this list. Delhi and Ahmedabad have also seen a decrease of eight percent in annual inventory increase of unsold homes. Overall, in the first quarter of 2024, the number of unsold homes increased by ten lakh units in seven major cities across the country. Among them, Mumbai alone accounts for forty percent.
However, if we look at the quarterly statistics, a slight decrease has been observed in the inventory of unsold homes. In Hyderabad and Bengaluru, the inventory list of unsold homes has increased annually, but has slightly decreased in the quarterly statistics. Developers are cautiously launching new projects in line with that inventory. “Increasing home prices directly affect housing demand. This is more pronounced in premium and luxury housing,” said Credai National President Boman Irani.
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