House prices in major Indian cities have experienced a significant increase of 23% year-on-year, primarily due to the rising demand for luxury properties.
The average price of homes in the top seven cities, including New Delhi and Mumbai, has reached 12.3 million rupees ($145,707) during the first half of the fiscal year. This surge in the real estate market is reflected in the sale of over 227,400 residential units from April to September in these urban areas, indicating a strong recovery in the housing sector.
The overall increase in property values can be attributed to the growing trend among buyers who are seeking upscale living options.