Housing Prices Rise 9 Per Cent In FY25, Kolkata Leads with 29 Per Cent Growth, Mumbai Sees Decline

Housing prices in newly-launched projects across India’s top nine cities increased by 9 per cent in FY2024–25, reaching a weighted average of Rs 13,197 per square foot, according to a report by PropEquity. This is up from Rs 12,569 per square foot in the previous financial year (FY2023–24).

Kolkata experienced the highest surge in housing prices, with an increase of 29 per cent. Thane, Bengaluru and Pune followed with 17 per cent, 15 per cent, and 10 per cent, respectively.

Delhi-NCR and Hyderabad saw a moderate rise of 5 per cent each, whereas Chennai recorded the smallest increase at 4 per cent. Elsewhere, housing prices in Mumbai and Navi Mumbai declined by 3 per cent each.

Samir Jasuja, Founder and CEO of PropEquity, said that demand and supply have been subdued over the past year, the increase in input costs, including land, labour, and construction materials, over the last couple of years has resulted in the firming up of housing prices.

“In the past two financial years (FY23–25), housing prices across the top nine cities have risen by 18 per cent, with Bengaluru recording the highest growth at 44 per cent,” he said.

According to the report, Bengaluru’s average price increased to Rs 9,852 per square foot in FY2024–25, up from Rs 8,577 in FY2023–24. Kolkata saw its average rate rise to Rs 8,009 per square foot from Rs 6,201. Chennai’s prices increased to Rs 7,989 per square foot, up from Rs 7,645.

In Hyderabad, prices rose to Rs 8,306 per square foot from Rs 7,890, while in Pune, prices increased to Rs 10,832 per square foot from Rs 9,877.

Additionally, the data showed that during the January–March 2025 period, housing supply decreased by 34 per cent to 80,774 units, while sales decreased by 23 per cent to 1,05,791 units sold.

Another PropEquity report published in March 2025 showed that residential property sales in the Delhi national capital region (Delhi-NCR) overtook those of Mumbai and Hyderabad in 2024 at a record Rs 1.53 lakh crore. This was a 63 per cent year-on-year growth in sales in Delhi-NCR, with Gurugram alone contributing more than Rs 1 lakh crore in sales.