Mumbai, Delhi rank 3rd and 5th Globally in double-digit Real Estate price growth

Mumbai and New Delhi are among cities in India that recorded a sharp annual increase in their real estate prices in the first quarter of 2024, according to a report by London-headquartered global property consultancy firm Knight Frank.

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In case of Bengaluru, the average real estate prices witnessed a modest 4.8 per cent rise in prime residential or luxury homes during the January-March quarter of 2024.

According to the report by the property consultant, titled ‘Prime Global Cities Index Q1 2024’, Mumbai’s significant rise on the international index was largely due to the rise in demand in the city. While the demand has been strong for all segments, there has been a rise in the sale of higher value products.

Mumbai recorded the third highest year-on-year growth in prime residential prices in Q1-2024, pushing it up the ranking table by three places to 3rd position from its 6th position in Q1-2023.