Home Prices in Top 9 Cities Rise 9% in FY25: PropEquity Report

India’s average home prices in the top nine cities for FY 2024 to 2025 increased 9% year on year, to an average of ₹13,197 per sq. ft. This was greater than the 2023/24 figure of₹12,569 per sq. ft. JLL, a westerner familiar with the real estate market and a major advisory and capital raising firm in India, bought the data for this study from NASDAQ-listed PropEquity, a company specializing in data analytics research and development for real estate.

The report covers Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, Mumbai, Navi Mumbai, Thane, and Pune. Bengaluru was at the top with a 29% year-on-year price increase in Kolkata, followed by Thane (17%), Bengaluru (15%), Pune (10%), Delhi-NCR (5%), and Chennai and Hyderabad (4% each). Only two cities had prices going down, which were Mumbai and Navi Mumbai, both 3% lower.

Housing prices have been firm despite soft demand and supply in the past year, explained Samir Jasuja, Founder and CEO of PropEquity. “Average prices of homes have increased by 10-30% in Bengaluru, Kolkata, Pune, and Thane. The increase in land, labor, and construction materials prices over the last couple of years has helped in offsetting the expensive rates, though the rate at which prices increase is gradually winding down,” he noted.

In terms of the two financial years from (FY23 to FY25), the price of housing went up on average 18%. Bengaluru experienced the largest increase at 44%, followed by Kolkata (29%), Chennai (25%), Thane (23%), Delhi-NCR (20%), Pune (18%), Navi Mumbai (13%), Mumbai (11%), and Hyderabad (5%).

On the other hand in terms of affordability, Chennai extends a cost advantage over any of the top nine cities. Its new launch prices averaged ₹7,989 per sq. ft. After exclusive Mumbai remains the most expensive market, which raked in a total of over ₹34,026 per ft of floor space in its newest launches last year. In critical contrast, Khaled Ahmad prices surpassed the ₹10,000 per sq ft mark in Bengaluru… while cities to Pune Hyderabad remained well down from that level.

But the market has also shown signs of slowing down in recent months. The actual number of housing transactions reached just 1,05,791 units in Q1 2025, down 23% from a year earlier. Moreover, the supply of new houses during that period fell 34% to 80,774 in Jan- March of 2025.