From Hyderabad to Delhi-NCR, home prices jump up to 33% in 3 years, shows report
A latest report by Anarock Research shows, home prices in markets like Hyderabad, Bengaluru, Kolkata, Delhi-NCR and Pune have surged by up to a third.
- Nov 23, 2023,
- Updated Nov 23, 2023 5:23 PM IST
Surge in demand for residential homes and prices of key construction materials, has pushed up home prices by a whopping 33 per cent in some of the key micro-markets in India in the past three years. A latest report by Anarock Research shows, home prices in markets like Hyderabad, Bengaluru, Kolkata, Delhi-NCR and Pune have surged by up to a third.
Among these, Hyderabad tops the chart with average price in its top 3 micro-markets - Gachibowli, Kondapur and Miyapur - rising by 33 per cent, 31 per cent and 28 per cent, respectively, over the past three years. While Bengaluru’s top 3 localities - Whitefield, Thanisandra Main Road and Sarjapur Road - saw average prices appreciate by 29 per cent, 27 per cent and 26 per cent, respectively in the period. Average price in Pune’s prominent localities like Wagholi (25 per cent), Hinjewadi (22 per cent) and Wakad (19 per cent) – all three in the city’s IT influence zone - surged significantly.
In Delhi’s National Capital Region (NCR) market Greater Noida West, Sector 150 (Noida) and Raj Nagar Extension (Ghaziabad) reported rapid rise in average prices. Prices in these micro-markets increased by 27 per cent, 25 per cent and 21 per cent, respectively, over the past three years.
According to Prashant Thakur, Regional Director & Head - Research, ANAROCK Group, backed by strong demand, housing sales across the top 7 cities have created a new peak this year with sales far exceeding the previous peak of 2014. “The end of October, marking the end of the festive season, typically denotes culmination of the year's peak housing sales period. Barring discounts, 2020 was a year of price stagnation and year most developers would prefer to forget. The scenario in 2023 is markedly different. 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,” he says. Until the pandemic year of 2020, average residential prices across cities had remained largely range bound.
Ravi Aggarwal, Co-founder & Managing Director of Signature Global (India) Ltd. says, ”Property prices have surged in the last few years, driven by various factors such as increased input and construction costs, rising land prices, and heightened demand. Moreover, there is a noticeable shift in homebuyer preferences towards larger homes with enhanced amenities, contributing to the upward trajectory of prices. Despite these increases, the industry has successfully absorbed the higher costs, and demand remains substantial”.
Also Read: Investing in a home? Why pollution matters when buying a flat in Delhi NCR
Surge in demand for residential homes and prices of key construction materials, has pushed up home prices by a whopping 33 per cent in some of the key micro-markets in India in the past three years. A latest report by Anarock Research shows, home prices in markets like Hyderabad, Bengaluru, Kolkata, Delhi-NCR and Pune have surged by up to a third.
Among these, Hyderabad tops the chart with average price in its top 3 micro-markets - Gachibowli, Kondapur and Miyapur - rising by 33 per cent, 31 per cent and 28 per cent, respectively, over the past three years. While Bengaluru’s top 3 localities - Whitefield, Thanisandra Main Road and Sarjapur Road - saw average prices appreciate by 29 per cent, 27 per cent and 26 per cent, respectively in the period. Average price in Pune’s prominent localities like Wagholi (25 per cent), Hinjewadi (22 per cent) and Wakad (19 per cent) – all three in the city’s IT influence zone - surged significantly.
In Delhi’s National Capital Region (NCR) market Greater Noida West, Sector 150 (Noida) and Raj Nagar Extension (Ghaziabad) reported rapid rise in average prices. Prices in these micro-markets increased by 27 per cent, 25 per cent and 21 per cent, respectively, over the past three years.
According to Prashant Thakur, Regional Director & Head - Research, ANAROCK Group, backed by strong demand, housing sales across the top 7 cities have created a new peak this year with sales far exceeding the previous peak of 2014. “The end of October, marking the end of the festive season, typically denotes culmination of the year's peak housing sales period. Barring discounts, 2020 was a year of price stagnation and year most developers would prefer to forget. The scenario in 2023 is markedly different. 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,” he says. Until the pandemic year of 2020, average residential prices across cities had remained largely range bound.
Ravi Aggarwal, Co-founder & Managing Director of Signature Global (India) Ltd. says, ”Property prices have surged in the last few years, driven by various factors such as increased input and construction costs, rising land prices, and heightened demand. Moreover, there is a noticeable shift in homebuyer preferences towards larger homes with enhanced amenities, contributing to the upward trajectory of prices. Despite these increases, the industry has successfully absorbed the higher costs, and demand remains substantial”.
Also Read: Investing in a home? Why pollution matters when buying a flat in Delhi NCR