Buoyed by robust housing demand, the typical residential costs in key micro markets throughout the highest 7 cities noticed a big surge within the final three years between October-end 2020 and the corresponding interval in 2023. Latest Anarock Research information indicated that among the many key micro markets throughout prime 7 cities, Hyderabad’s Gachibowli recorded the best 33% soar in common residential costs between 10M 2020 and 10M 2023, adopted by Kondapur with a 31% rise.
NCR’s prime 3 localities for common value will increase are Greater Noida West, Sector 150 (Noida) and Raj Nagar Extension (Ghaziabad) with 27%, 25% and 21% hikes, respectively.
In Gachibowli, the typical residential costs as of October 2023-end stand at approx. Rs 6,355 per sq. ft. In the corresponding interval of 2020, common costs on this locality have been Rs 4,790 per sq. ft. Hyderabad’s Kondapur recorded a 31% common value rise on this interval – from Rs 4,650 per sq. ft. by October-end 2020 to Rs 6,090 per sq. ft. by October-end 2023.
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Bengaluru’s Whitefield is available in third with a 29% soar on this three-year interval – from Rs 4,900 per sq. ft. as on 10M 2020 to Rs 6,325 per sq. ft. by 10M 2023.
Key areas in MMR and NCR additionally noticed common costs surge between 13-27% on this three-year span. In NCR’s Greater Noida West, common costs have elevated by 27% within the interval. In MMR, Lower Parel noticed common costs recognize by 21%.
Prashant Thakur, regional director & head – analysis, Anarock Group, stated, “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 7 cities have created a new peak this year with sales far exceeding the previous peak of 2014. 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 7 cities.”
Up to the pandemic yr of 2020, common residential costs throughout cities had remained largely vary certain.
“Among the top 7 cities, key areas in the IT-led cities Hyderabad, Bengaluru and Pune saw the highest surge in average prices,” stated Thakur.
“Hyderabad also has a higher scope of price appreciation because pre-Covid-19, the city’s average prices were relatively lower than in Bengaluru’s IT/ITeS hubs. As of 10M 2023, the average prices in Hyderabad’s key micro markets are almost at par with Bengaluru’s IT-led housing hotspots.”
Hyderabad’s prime 3 micro-markets to see excessive common value rises within the final 3 years are Gachibowli, Kondapur and Miyapur with 33%, 31% and 28% hikes, respectively.
Bengaluru’s prime 3 localities – Whitefield, Thanisandra Main Road and Sarjapur Road – noticed common costs recognize by 29%, 27% and 26%, respectively within the interval.
Pune’s outstanding localities for common value will increase are Wagholi (25%), Hinjewadi (22%) and Wakad (19%) – all three within the metropolis’s IT affect zone.
MMR’s prime 3 micro-markets to witness excessive value rises are Lower Parel, Andheri and Worli with 21%, 19% and 13% will increase, respectively.
Chennai’s outstanding localities for value rises are Perumbakkam (19%), Guduvanchery (17%) and Perambur (15%).
Kolkata’s prime 3 outstanding micro-markets which recorded excessive value rises are Joka, Rajarhat and EM Bypass, with a surge of 24%, 19% and 13%, respectively.
