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.

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Housing Prices Hike: There has been a tremendous increase in the prices of residential properties in India in the last few years. This trend of rising house prices still continues. According to the report of Knight Frank Global House Price Index, property prices in India have registered an increase of 5.9 percent on an annual basis in the third quarter of this year. Due to continuous increase in property prices, India has climbed four places from 18th position to 14th position in the global list.

Property prices increased by this much on annual basis-

Knight Frank’s report has also claimed that on an average annual basis, residential property prices in India have registered a huge increase of 3.5 percent. Before Corona this rate was 3.7 percent. In such a situation, the average increase in house prices has reached the situation before the Corona period.

Why are property prices increasing?

This report has given many reasons behind the increase in residential property prices in India. In the last few days, due to increase in inflation in India, there has been a continuous increase in interest rates. Despite this, property prices are continuously increasing because the country’s growth rate has been stable for some time. This has increased the sense of financial security among people and they are preferring to invest in property despite high interest rates. Along with this, the central and state governments are continuously taking big steps to boost the real estate sector, the effect of which is also visible in the sales figures.

Property prices increased the most in these countries

Knight Frank in its report has released a list of countries where the prices of residential property have increased the most in 2023. Turkey has topped this list with an annual growth rate of 89.20 percent. Whereas residential property prices have increased by 13.7 percent in Croatia, 11.9 percent in Greece, 11.2 percent in Colombia and 11 percent in North Macedonia. India’s name is at 14th place in this list, where during the third quarter i.e. July-September period, an increase of 5.9 percent has been seen in property prices on an annual basis.

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New Delhi : The residential property market in India registered an average annual growth of 6% during the period April to June this year. The increase in demand for residential property has pushed up the prices. According to the report, a rise in housing prices has been registered in Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region and Pune.

According to data from online real estate brokerage company, PropTiger.com, the average price of residential properties in eight major cities of the country has touched Rs 7,000-7,200 per sq ft during April to June. This shows a growth of 6% as compared to the same period last year. Vikas Wadhawan, Group CFO, REA India and Business Head, PropTiger.com, said that residential housing prices have been steadily increasing in major Indian cities in the post-Covid years.

Ankita Sood, head of research, REA India, said that we are seeing a surge in demand from business organizations and large companies in Gurugram. The city continues to dominate in terms of Grade-A commercial construction. Strengthening its position as the top choice for businesses. Gurugram saw an annual average property price increase of 12% in Q2 2023, leaving behind Bengaluru (9%) and Noida (8%).

The growth in residential demand is driven by the desire for better amenities and a better lifestyle by consumers in Delhi and surrounding areas who are turning away from conventional properties. Apart from this, due to limited supply, the prices have also increased.

Ahmedabad will witness an annual growth of 7% in prices during the second quarter of 2023 to reach Rs 3,700-3,900 per sq ft. Bangalore saw an increase of 9% and the average price reached Rs 6,300-6,500 per sqft. In Chennai, prices increased by 3% to Rs 5,800-6,000 per sq ft. Delhi-NCR registered an increase of 6% and the price came down to Rs 4,800-5,000 per sq.ft. Prices in NCR’s Gurugram increased by 12% to Rs 7,000-7,200 per sq ft, and Noida saw an increase of 8% and rates at Rs 5,600-5,800 per sq ft.

Hyderabad recorded an average price increase of 5% at Rs 6,400-6,600 per sqft. In Kolkata, the price figure increased by 6% to Rs 4,600-4,800 per sq ft. Housing prices went up by 3% each in Mumbai and Pune, both major property markets in Maharashtra. Mumbai had an average price of Rs 10,100-10,300 per sq ft, while Pune had rates of Rs 5,600-5,800 per sq ft.

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