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.
