home prices surge 23 percent in major indian cities amid luxury demand

During the first half of the fiscal year, home prices in major Indian cities, including the National Capital Region and Mumbai, experienced a year-on-year surge of 23%, reaching an average of Rs 1.23 crore ($145,707), according to real estate consultancy ANAROCK.

Despite a 3% decline in overall unit sales, the Mumbai Metropolitan Area recorded the highest sales volume, followed by Pune and the National Capital Region, with over 227,400 units sold. The total sales value increased by 18% compared to the previous year, indicating a strong demand for luxury homes.

In response to this demand, developers are accelerating the construction of new residences. DLF Ltd., India"s largest real estate developer by market value, reported a significant rise in new sales bookings, which more than tripled to 64 billion rupees in the first quarter. It is expected to reach 170 billion rupees by the end of the fiscal year in March 2025.

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