Gurugram Witnessed Highest Increase In Residential Property Prices Among Top 10 Cities : Report

Gurugram Witnessed Highest Increase In Residential Property Prices Among Top 10 Cities Report

Property prices in Gurugram has increased the most among top 10 cities with a YoY increase of 12% in Q2 2023, surpassing Bengaluru (9%) and Noida (8%).

The residential property market in India experienced an average year-on-year price appreciation of 6% during the April-June period of this year, as per data by PropTiger.com.

“Housing prices have been climbing in major Indian cities in the post-COVID years. While this upward trend in capital values is attracting investors to India’s key real estate markets, the increase in new supply is helping to moderate price increases,” said Vikas Wadhawan, Group CFO, REA India.

The markets covered in the report include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region, and Pune.

“We are witnessing a surge in demand from business and large companies in Gurugram. The city continues to dominate in terms of Grade A commercial development, solidifying its position as a top choice for business,” said Ankita Sood, Head of Research, REA India.

According to the data, Ahmedabad experienced a 7% year-on-year increase in prices during the second quarter of 2023, reaching Rs 3,700-3,900 per square foot. Bengaluru witnessed a 9% increase, with prices averaging at Rs 6,300-6,500 per square foot.

In Chennai, prices rose by 3% to Rs 5,800-6,000 per square foot. Delhi-NCR observed a 6% growth to Rs 4,800-5,000 per square foot. Meanwhile, Gurugram in the national capital region saw a 12% appreciation, with prices reaching Rs 7,000-7,200 per square foot, and Noida experienced an 8% rise to Rs 5,600-5,800 per square foot.

Hyderabad registered a 5% increase, with prices averaging at Rs 6,400-6,600 per square foot. Kolkata reported a 6% rise, with prices reaching Rs 4,600-4,800 per square foot.

In Mumbai and Pune, both key property markets in Maharashtra, housing prices increased by 3% each. Mumbai’s weighted average price stood at Rs 10,100-10,300 per square foot, while Pune’s rates were at 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 increased demand especially in Mumbai and Pune. In the same period last year (Apr-June 2022), sales stood at 74,320 units in the primary residential markets of the top eight cities.

Source : ET

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