According to a recent report by Anarock Research, residential property prices have witnessed a significant uptick in key Indian cities. This surge is primarily attributed to growing demand and increased costs of construction materials.
City-wise Price Appreciation Trends
Hyderabad: Leading the Pack
Hyderabad has emerged as the leader, experiencing remarkable increases in average home prices, notably in Gachibowli (33%), Kondapur (31%), and Miyapur (28%) over the last three years.
Bengaluru: Robust Growth
Bengaluru follows closely, with top areas like Whitefield (29%), Thanisandra Main Road (27%), and Sarjapur Road (26%) witnessing substantial price appreciation during the same period.
Luxury & Lavish 10 Resorts In Bangalore-Premium Amenities, Features
Pune: IT District Dynamics
In Pune, areas such as Wagholi (25%), Hinjewadi (22%), and Wakad (19%), situated in the IT district, have seen notable increases in residential property values.
Delhi-NCR: Sharp Rise
The National Capital Region (NCR) in Delhi recorded impressive growth rates, with Greater Noida West (27%), Sector 150 (Noida) (25%), and Raj Nagar Extension (Ghaziabad) (21%) experiencing significant price appreciation.
Record-breaking Sales in Top Seven Cities
House sales in the top seven cities have surpassed the previous record set in 2014, according to Prashant Thakur, Regional Director and head of Research at ANAROCK Group. He attributes this shift from flat pricing, observed until 2020, to robust demand and higher input costs.
Factors Driving Price Surge
Ravi Aggarwal, Co-Founder & Managing Director of Signature Global (India) Ltd., identifies several factors contributing to the rising property prices. These include a preference for larger homes with more amenities, escalating land prices, and increased input and construction expenses. Despite these challenges, the real estate sector has absorbed these cost increases, and demand remains strong.
Also, Read Our Latest Blog Posts:
- Open Plots / Houses / Villas in Hyderabad
- Open Plots / Houses / Villas In Bangalore
- Wipro’s Real Estate Shift: Navigate Hybrid Work & Non-Core Asset Sales
Frequently Asked Questions
Ans: The notable increase in home prices is attributed to heightened demand for residential properties and rising costs of construction materials in cities like Hyderabad, Bengaluru, Kolkata, Delhi-NCR, and Pune.
Ans: Hyderabad’s Gachibowli, Kondapur, and Miyapur lead with average price increases of 33%, 31%, and 28%, respectively. Bengaluru’s top areas, including Whitefield, Thanisandra Main Road, and Sarjapur Road, also experienced significant growth, ranging from 26% to 29%.
