Housing prices in NCR, Mumbai, Bengaluru, 4 other cities up 13-33% in 3 years: Property consultant

In the past three years, average housing prices have increased in the range of 13 to 33 per cent across seven major cities, according to a report released by real estate consultant Anarock. According to the report released on Thursday, November 23, the price increase is due to the higher demand in those cities. 

The average increase in residential prices in those three years has been highest in Gachibowli, Hyderabad, at 33 per cent. In October 2020, the average residential price in Gachibowli was Rs 4,790 per square feet which has now increased to Rs 6,355 per square feet at the end of October 2023. The average rates rose by 31 per cent in Kondapur, Hyderabad, to Rs 6,090 per square feet from Rs 4,650 per square feet. 

Anarock, in its report, also mentioned that some key areas in the Mumbai Metropolitan Region (MMR) and Delhi-NCR (National Capital Region) saw a 13 to 27 per cent average price hike in the three-year span.

Delhi-NCR's Greater Noida West saw an average price hike of 27 per cent in that period. Along with Greater Noida West, Sector 150 in Noida, and Raj Nagar Extension in Ghaziabad have the highest average price increases in Delhi-NCR, with increases of 25 per cent, and 21 per cent, respectively.

The top three micro-markets of MRR—Lower Parel, Andheri, and Worli—also witnessed high price rises of 21 per cent, 19 per cent, and 13 per cent, respectively. 

Prashant Thakur, Regional Director and Head of Research at Anarock, said, "Led by both robust demand and increased input costs, there has been a significant surge in average housing prices across key micro-markets in the top seven cities."

Ravi Aggarwal, Co-Founder and Managing Director of Signature Global (India) commented on the report, saying that property prices have surged in the last few years, driven by various factors such as increased input and construction costs, rising land prices, and heightened demand. Additionally, he said,  there is a noticeable shift in homebuyer preferences towards larger homes with enhanced amenities, contributing to the upward trajectory of prices.

Prominent localities in Pune saw average price increases at Wagholi (25 per cent), Hinjewadi (22 per cent), and Wakad (19 per cent) which are the city's IT influence zones.

In Bengaluru's Whitefield area, housing prices appreciated by 29 per cent to Rs 6,325 per square feet from Rs 4,900 per square feet. Also, Thanisandra Main Road and Sarjapur Road in Bengaluru saw average price hikes of 27 per cent and 26 per cent, respectively.

In Chennai, residential price rises were prominent in Perumbakkam at 19 per cent, Guduvanchery at 17 per cent and Perambur at 15 per cent.

According to the report, the top three prominent micro-markets in Kolkata with the highest price increases are Joka, Rajarhat, and EM Bypass, with increases of 24 per cent, 19 per cent, and 13 per cent, respectively.

(With inputs from PTI)

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