India’s real estate landscape has witnessed a substantial surge in residential property prices across key markets in the top seven cities over the past three years. Anarock’s research data reveals intriguing trends, showcasing the dynamic nature of the real estate sector.
Prashant Thakur, Regional Director and Head – Research, ANAROCK Group said “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,”.
Among the key micro markets, Hyderabad steals the spotlight with Gachibowli experiencing an impressive 33% surge in average residential prices from October 2020 to October 2023. During this period, the average prices skyrocketed from Rs 4,790 per sq. ft. to approximately Rs 6,355 per sq. ft. This surge reflects the city’s vibrant real estate market and the increasing desirability of the Gachibowli locality.
Not far behind, Kondapur in Hyderabad witnessed a commendable 31% rise in average residential prices. Starting at Rs 4,650 per sq. ft. in October 2020, the prices reached Rs 6,090 per sq. ft. by October 2023. These statistics underscore the sustained growth and attractiveness of Hyderabad’s real estate, making it a focal point for property investors and homebuyers alike.
Bengaluru’s Whitefield emerged as a strong contender in this real estate surge, recording a 29% jump in average residential prices over the three-year period. From Rs 4,900 per sq. ft. in October 2020, prices escalated to Rs 6,325 per sq. ft. by October 2023. This growth cements Bengaluru’s position as a key player in India’s real estate boom.
Even in the bustling Mumbai Metropolitan Region (MMR) and Delhi National Capital Region (NCR), the real estate market witnessed significant price hikes ranging from 13% to 27%. In Greater Noida West, part of NCR, average prices surged by an impressive 27% over the three-year span. Meanwhile, Lower Parel in Mumbai saw a notable appreciation of 21% in average prices during the same period.
Key Takeaways and Future Outlook:
The surge in residential property prices across these key markets underscores the resilience and vitality of India’s real estate sector. Factors such as strong housing demand, urbanization trends, and infrastructural developments contribute to this upward trajectory.
The data from ANAROCK provides valuable insights into the trends shaping the housing market. Whether you are a prospective homebuyer, investor, or industry enthusiast, understanding these dynamics is crucial in making informed decisions in the ever-evolving world of real estate.