Property Rates: Due to expensive land, rising cost of construction and people’s demand, the price of houses is increasing. In three years, property prices have increased in all major metros including Delhi-NCR.
Property Rates: There has been a tremendous rise in property prices in the last few years. Due to expensive land, rising cost of construction and people’s demand, the price of houses is increasing. Between January and October this year, property prices have increased rapidly in all major metros including Delhi-NCR.
In the last three years, property rates have increased by 25 to 33 percent. During this period, a new trend has emerged that people are now showing more inclination towards bigger houses and facilities. For this he is ready to pay a higher price also.
Greater Noida West leads in Delhi-NCR
In the NCR region, in the last three years, property prices have increased the most in Greater Noida West by about 27 percent. Apart from this, prices in Sector-150 and Raj Nagar Extension have also increased by 21 to 25 percent.
Most expensive houses in Hyderabad
Hyderabad has seen the highest increase of 33 percent in house prices as compared to 2020. This is the highest among the seven major metros. In Gachibowli, the main area of the city, the price has reached Rs 6355 per square foot, which was Rs 4790 per square foot in 2020.
Since, before Covid-19, house prices in Hyderabad were lower than other metro cities like Bengaluru. That is why the maximum surge has been seen here. Now the prices in Hyderabad and Bengaluru have reached parity.
The boom came due to IT sector
Prices in Bengaluru have increased by about 29 percent. A boom in property prices is being seen in Hyderabad and Bengaluru due to the IT sector. A jump of 22 to 25 percent has been seen in the IT hub areas of Pune. Prices increased more in those areas of these three cities where IT companies are located.
Mumbai, Chennai and Kolkata are also not behind
Prices have also increased in Mumbai Metropolitan Region, Chennai and Kolkata in the last three years. According to data, prices have increased by 13 to 21 percent in different areas of Mumbai.
On the other hand, in Chennai this figure has been between 15 to 19 percent. Kolkata also did not lag behind in this matter. The price of houses here has increased by 13 to 24 percent.