Report: Gurugram Has Witness The Highest Increase In Residential Property Prices Among Top 10 Cities
The property price in Gurugram has increased the most among the top 10 cities with a YoY increase of 12% in Q2, 2023. This has also surpassed Bengaluru by 9% and Noida by 8%. This residential property market in India has also experienced an average year-on-year price appreciation of 6% during the April-June period of this year, as per the data by PropTiger.
Vikas Wadhawan, Group CFO, of REA India. said that housing has been climbing in major cities post-COVID years. This upward trend in capital values is attracting investors to India’s key real estate markets. This has also increased the new supply helping to moderate the price increase.
The market also covered in the report include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, Metropolitan Region, Delhi-National Capital Region, and Pune.
Ankita Sood, Head of Research, REA India commented that the city continues to dominate in terms of Grade A commercial development, solidifying its position as the top choice for business.
According to the recent survey conducted, Ahmedabad has experienced a 7% year-on-year increase in price during the second quarter of 2023, reaching rs 3,700-3,9000 per square foot, Bengaluru has also witnessed a 9% increase with the price averaging at rs 6,300-6,500 per square foot.
The price rose by 3% in Chennai to rs 5,800-6,000 per square foot. In fact, the Delhi NCR has also observed a 6% growth to rs 4,800-5,00 per square foot, and Noida experienced an 8% rise to rs 5,600-5,800 per square foot. In fact, Hyderabad has also registered a 5% increase with the price averaging at rs 6,400-6.600 per square foot. Kolkata reported a 6% rise when the price reached rs 4,600-4,800 per square foot.
In Mumbai and Pune, key property markets in Maharashtra, the residential price has increased by 3% each. In fact, Mumbai’s weighted average price stood at rs 10,000-10,300 per square foot, while Pune’s rates were rs 5,600-5,800 per square foot.
During the April-June period, housing sales across the eight major cities experienced an 8% annual increase to 80,250 units. The growth in sales can be attributed to increasing demand, especially in Mumbai and Pune. In that same period last year (April-June 2022), sales were 74,320 units in the primary residential market of the top eight cities.