The real estate market in India has seen a significant increase in property prices in recent months, according to a report by the real estate consultancy firm Knight Frank. From April to June 2024, the prices of homes in the country have seen a substantial rise, with major cities like Mumbai, New Delhi, and Bangalore experiencing an increase of more than 10% in property prices. This surge in prices has made it challenging for many individuals to purchase a home in these cities.
Mumbai, in particular, has witnessed a significant increase in property prices during the second quarter of the current fiscal year. According to Knight Frank’s report, the prices of homes in Mumbai have increased by 13% on an annual basis during the last quarter. This means that the prices of homes in Mumbai have risen by 13% compared to the same quarter in the previous year, making it one of the fastest-growing cities in terms of property price appreciation.
On the other hand, New Delhi has also seen a sharp increase in property prices, with residential areas in the national capital witnessing a growth of 10.6% in prices during the last quarter. Bangalore, on the other hand, has seen a more modest increase of 3.7% in property prices on an annual basis. Among the three major cities, New Delhi ranks third in terms of property price appreciation, while Bangalore ranks 15th globally.
The rise in property prices can be attributed to the increasing disposable income of Indian individuals. With more people becoming affluent, there is a growing demand for real estate properties in the country. This has led to a rapid growth in the Indian real estate sector, with the sector playing a significant role in the overall economic growth of the country. As a result, the demand for homes in the market has increased, leading to the possibility of property prices continuing to rise in the future, as mentioned in Knight Frank’s report.
In conclusion, the real estate market in India is witnessing a significant increase in property prices, especially in major cities like Mumbai, New Delhi, and Bangalore. This surge in prices is driven by the growing affluence of Indian individuals and the increasing demand for real estate properties in the country. As a result, the possibility of property prices continuing to rise in the future cannot be ruled out.