Housing prices for newly launched residential projects across India’s top nine cities rose 9% in fiscal year 2024–25, according to a new report by real estate data analytics firm PropEquity, as published by Hindustan Times.
The weighted average launch price increased to ₹13,197 per square foot, compared to ₹12,569 per square foot in FY 2023-24.
The report highlighted that the cities covered include Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, Mumbai, Navi Mumbai, Thane and Pune.
Among these, Kolkata recorded the sharpest year-on-year rise in housing prices at 29%, followed by Thane (17%), Bengaluru (15%), Pune (10%), Delhi-NCR and Hyderabad (5% each), and Chennai (4%). Meanwhile, prices declined by 3% each in Mumbai and Navi Mumbai, making them the only two cities to witness a drop.
Over a two-year period from FY23 to FY25, housing prices across these nine markets climbed 18% overall. Bengaluru led with a 44% surge, followed by Kolkata (29%), Chennai (25%), Thane (23%), Delhi-NCR (20%), Pune (18%), Navi Mumbai (13%), Mumbai (11%) and Hyderabad (5%).
Despite the upward trend in pricing, both housing sales and new supply saw sharp declines in the first quarter of 2025. Sales fell 23% to 1,05,791 units, while supply dipped 34% to 80,774 units, the report said.
The weighted average prices in FY25 for new residential projects in individual cities were:
- Bengaluru: ₹9,852 per sq. ft. (up from ₹8,577)
- Kolkata: ₹8,009 (up from ₹6,201)
- Chennai: ₹7,989 (up from ₹7,645)
- Hyderabad: ₹8,306 (up from ₹7,890)
- Pune: ₹10,832 (up from ₹9,877)
- Thane: ₹12,880 (up from ₹11,030)
- Delhi-NCR: ₹14,020 (up from ₹13,396)
- Navi Mumbai: ₹12,855 (down from ₹13,286)
- Mumbai: ₹34,026 (down from ₹35,215)
Samir Jasuja, founder and CEO of PropEquity, said that while demand and supply have softened over the past year, prices have firmed up due to an increase in input costs such as land, labor, and construction materials. “Housing prices have appreciated between 10% and 30% in Bengaluru, Kolkata, Pune and Thane,” he said.
According to Jasuja, although the pace of appreciation has slowed, average housing prices across the top nine cities rose 12% during FY24, reflecting sustained momentum in price growth.