The top seven cities in India will see up to 33 percent of average residential price hikes in three years, according to ANAROCK, a real estate consultancy firm.
At 33 percent, Hyderabad’s Gachibowli records the highest average price jump among key micro markets in the top seven cities between 2020 and 10 months of 2023, followed by Kondapur with a 31 percent rise, 29 percent rise in Bengaluru's Whitefield in this period, Hyderabad’s Miyapur sees 28 percent hike, said the report.
According to the report, key areas in Mumbai Metropolitan Region (MMR) and Delhi NCR also saw average prices surge between 13-27 percent in this three-year span. In NCR’s Greater Noida West, average prices have increased by 27 percent in the period. In MMR, Lower Parel saw average prices appreciate by 21 percent.
“The end of October, marking the end of the festive season, typically denotes the culmination of the year's peak housing sales period. Barring discounts, 2020 was a year of price stagnation and a year most developers would prefer to forget. The scenario in 2023 is markedly different - backed by strong demand, housing sales across the top seven cities have created a new peak this year with sales far exceeding the previous peak of 2014," said Prashant Thakur, Regional Director and head - Research, ANAROCK Group.
Up to the pandemic year of 2020, average residential prices across cities had remained largely range-bound.
"Led by both robust demand and increased input costs, there has been a significant surge in average housing prices across key micro markets in the top 7 cities. Among the top seven cities, key areas in the IT-led cities Hyderabad, Bengaluru and Pune saw the highest surge in average prices,” added Thakur.
“Hyderabad also has a higher scope of price appreciation because pre-COVID, the city's average prices were relatively lower than in Bengaluru's IT/ITeS hubs. As of 10M 2023, the average prices in Hyderabad's key micro markets are almost at par with Bengaluru's IT-led housing hotspots," Thakur further added.
Meanwhile, according to the report Thanisandra main road and Sarjapur Road in Bengaluru saw a 27 percent and 26 percent hike in average property prices, respectively. Pune’s IT hubs Wagholi and Hinjewadi saw a 25 percent & 22 percent increase respectively. The report said that predominantly IT/ITeS-driven micro-markets have seen the highest average price appreciation.
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