Residential real estate prices starts showing signs of moderation
Indian residential property prices continue to rise year-on-year, but growth has slowed recently. Bengaluru and Hyderabad lead with 5% quarterly increases in Q1 2025. Mature markets like Delhi NCR and MMR show plateauing prices. Dhruv Agarwala notes this stabilization encourages end-user return, fostering sustainable growth. A market consolidation is expected in 2025, reinforcing fundamentals.
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Residential property prices in India have continued to rise on a year-on-year basis but the pace of growth has moderated in recent quarters, according to PropTiger.com, the transaction and advisory services platform that is part of REA India.The report highlights that cities such as Bengaluru and Hyderabad continue to drive growth, with both cities recording 5% quarterly increases in Q1 2025.In contrast, key mature markets such as Delhi NCR, MMR (Mumbai Metropolitan Region), Pune and Chennai recorded no quarterly change in average prices following an already flat previous quarter, suggesting a plateauing of prices.Other markets like Ahmedabad and Kolkata also saw moderate increases of 3.8% and 4% respectively in Q1 2025, reinforcing the trend of steady—though decelerating—growth.'The moderation in price growth observed over the past few quarters indicates a stabilising market dynamic, likely encouraging the return of end-users previously displaced by speculative activity,' said Dhruv Agarwala, Group CEO, Housing.com & PropTiger.com.'This more measured trajectory is critical for sustaining end-user participation while maintaining the value built by investors and developers. In 2025, the market is expected to undergo further consolidation, reinforcing structural fundamentals and enabling steady, sustainable growth,' he added.The shift toward moderation became particularly evident from Q3 2024 onwards. Between Q4 2024 and Q1 2025, most cities either held steady or posted low single-digit gains.With prices plateauing in many cities and rising modestly in others, developers are likely to respond with more calibrated launches.
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