The average cost of homes in India’s top seven cities went up a lot in the first half of this year. This happened because people have more money to spend and there is a higher demand for luxury homes, as per a report by the Anarock Group.

Between April and September 2024, the average home price in these cities increased to₹1.23 crore from ₹1 crore during the same time last year, a rise of 23%. Even though 3% fewer homes were sold, the total money made from sales went up by 18%, showing that more expensive homes are being sold.

"Over 2,27,400 units worth approximately 2,79,309 crore were sold across the top 7 cities between April and September 2024. Contrastingly, the corresponding period of FY2024 saw approx. 2,35,200 units worth ₹ 2,35,800 crores sold," said Anuj Puri, Chairman, Anarock Group.

Check the prices of top cities

Delhi-NCR leads growth

Delhi-NCR saw the biggest rise in home prices among the seven cities, with prices going up by 56% from ₹93 lakh last year to ₹1.45 crore this year. About 32,120 homes worth₹46,611 crore were sold this year, compared to 32,315 homes worth₹30,154 crore last year. While slightly fewer homes were sold (1% less), the total value of homes sold increased by 55%.

Bengaluru and Hyderabad

Bengaluru had the second-biggest increase in home prices, rising by 44% from₹84 lakh last year to₹1.21 crore this year. The number of homes sold stayed about the same at 31,381, but the total value of these sales went up to ₹37,863 crore.

In Hyderabad, home prices went up by 37%, increasing from₹84 lakh last year to₹1.15 crore this year. During this time, the city sold about 27,820 homes worth ₹31,993 crore.

Mumbai  

In the Mumbai Metropolitan Region (MMR), home prices stayed the same at ₹1.47 crore. However, the number of homes sold went up a little, from 76,410 last year to 77,735 this year. The total value of these sales also increased, from₹1,12,356 crore to₹1,14,529 crore.The report shows that more people are buying luxury homes, as they now prefer bigger and more high-end properties.