Residential real estate prices in the top Indian cities have increased by up to 33% on average over the past three years: ANAROCK
- IBEF
- November 28, 2023
According to a report by ANAROCK, the average residential prices in key micro markets across the top seven cities had a notable increase in the last three years between October-end 2020 and the corresponding period in 2023, driven by high housing demand. According to the report's findings, Gachibowli in Hyderabad saw the highest increase in average home prices between the first ten months (10 M) of 2020 and 10M 2023—a jump of 33%—among the key micro markets across the top seven cities. Kondapur saw the second-highest increase, at 31%.
The average residential price in Gachibowli as of the end of October 2023 was approximately Rs. 6,355 (US$ 76.21) per square foot. The average price per square foot in this area was Rs. 4,790 (US$ 57.44) during the same period in 2020. During this period, Hyderabad's Kondapur recorded an average price increase of 31%, going from Rs. 4,650 (US$ 55.76) per square foot in October 2020 to Rs. 6,090 (US$ 73.03) per square foot in October 2023.
Whitefield in Bengaluru, which witnessed an increase of 29% over the course of three years, from Rs. 4,900 (US$ 58.76) per square foot as of 10M 2020 to Rs. 6,325 (US$ 75.85) per square foot by 10M 2023, ranked third.
The key areas in the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR) also saw average prices surge between 13-27% in this three-year period. In NCR’s Greater Noida West, average prices increased by over 27% during the period. In MMR, Lower Parel saw average prices appreciate by 21%.
According to Mr. Prashant Thakur, Regional Director and Head of Research at ANAROCK Group, “The end of October, marking the end of the festive season, typically denotes the culmination of the year’s peak housing sales period.” He further added, “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.” Furthermore, amongst the top seven cities, Hyderabad, Bengaluru, and Pune saw the highest surge in average prices, he added.
The last three years have seen significant average price increases in Hyderabad's top three micro markets: Gachibowli, Kondapur, and Miyapur, with increases of 33%, 31%, and 28%, respectively. Over the period, average prices in Bengaluru's top three localities—Whitefield, Thanisandra Main Road, and Sarjapur Road—increased by 29%, 27%, and 26%, respectively.
Pune's most expensive localities are Wagholi (25%), Hinjewadi (22%), and Wakad (19%). Lower Parel, Andheri, and Worli are MMR's top three micro markets where prices increased by 21%, 19%, and 13%, respectively. Greater Noida West, Sector 150 (Noida), and Raj Nagar Extension (Ghaziabad) are the top localities in the NCR for average price increases, with hikes of 27%, 25%, and 2%, respectively.
The areas in Chennai with the highest percentage increases in prices are Perumbakkam (19%), Guduvanchery (17%), and Perambur (15%). Joka, Rajarhat, and EM Bypass are the three most well-known micro markets in Kolkata that had significant price rises, with surges of 24%, 19%, and 13%, respectively.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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