According to data from PropEquity, a leading Indian real estate analytics firm, the weighted average asking price of residential properties across India’s top nine cities increased by 9% in FY 2024-25, reaching Rs 13,197 per sq. ft., up from Rs 12,569 per sq. ft. in FY 2023-24.
The nine cities tracked include Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, Mumbai, Navi Mumbai, Thane, and Pune.
Among these, Kolkata recorded the highest year-on-year price growth at 29%, followed by Thane (17%), Bengaluru (15%), Pune (10%), Delhi-NCR and Hyderabad (5% each), and Chennai (4%). Mumbai and Navi Mumbai, however, saw a decline in housing prices, each registering a 3% drop.
Samir Jasuja, Founder and CEO of PropEquity, stated, “Housing prices have appreciated between 10-30% in cities like Bengaluru, Kolkata, Pune, and Thane. While demand and supply have remained subdued over the past year, the sustained increase in input costs — including land, labor, and construction materials — has contributed to the firming up of home prices. However, the rate of appreciation has moderated, with average prices across the top nine cities rising by 12% in FY24.”
Looking at a two-year horizon (FY 2023-25), housing prices have risen by 18% overall, with Bengaluru leading at 44%, followed by Kolkata (29%), Chennai (25%), Thane (23%), Delhi-NCR (20%), Pune (18%), Navi Mumbai (13%), Mumbai (11%), and Hyderabad (5%).
Despite the price hikes, the market has seen a downturn in activity. Between January and March 2025, housing sales fell by 23% to 105,791 units, while new supply declined by 34% to 80,774 units, according to the PropEquity report.
India Housing Market Highlights Include:
- The weighted average price of new launches in Southern cities (Bengaluru, Chennai and Hyderabad) continue to be in sub-Rs 10,000 per sq. ft. level in FY25
- The weighted average price of new launches in Pune has breached the Rs 10,000 per sq. ft. mark in FY25
- Mumbai and Navi Mumbai saw price decline of 3% each
- Chennai remains the least expensive housing market amongst top 9 cities with average launch price at Rs 7989 per sq. ft. while Mumbai remains the most expensive at Rs 34,026 per sq. ft.
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