Up to 2020, average residential prices across cities had remained largely range-bound.(File)
Buoyed by strong housing demand, the average residential property prices in key markets across the top seven Indian cities saw a significant surge in the last three years.
According to real estate consultancy firm Anarock's research data, it indicated that among the key micro markets, Hyderabad's Gachibowli recorded the highest 33 percent jump in average residential prices between during the past three years (October 2020-October 2023), followed by Kondapur with a 31 percent rise.
In Gachibowli, the average residential prices as of October 2023-end stand at approximately Rs 6,355 per sq. ft. In the corresponding period of 2020, average prices in this locality were Rs 4,790 per sq. ft.
Hyderabad's Kondapur recorded a 31 percent average price rise in this period - from Rs 4,650 per sq. ft. by October-end 2020 to Rs 6,090 per sq. ft. by October-end 2023, Anarock data showed.
Gachibowli and Kondapur followed Bengaluru's Whitefield with a 29 percent jump in this three-year period - from Rs 4,900 per sq. ft. to Rs 6,325 per sq. ft. now.
Key areas in the Mumbai Metropolitan Region 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 Mumbai, Lower Parel saw average prices appreciate by 21 percent.
Here are some of the city-wise trends:
"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.
"Among the top seven cities, key areas in the IT-led cities Hyderabad, Bengaluru, and Pune saw the highest surge in average prices," said Mr Thakur.
"Hyderabad also has a higher scope of price appreciation because pre-COVID-19, 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."
Weighing in on the realty prices and the Anarock data, Rohit Gera, Managing Director at Pune-based Gera Developments, said, "Comparing prices, in October 2022 to those in October 2023, across five pivotal real estate markets in Pune, we found the rates had moved up 11 percent."
"The average rate stood at Rs 6,604 per square foot in October 2022 compared to Rs 7,329 per square foot in October 2023. These markets, situated in both the east (Kharadi and Wagholi) and the west (Bavdhan, Balewadi, and Hinjewadi), Pune have exhibited dynamic growth during this period of observation," Mr Gera said.
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