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Yes, residential prices in India are soaring across cities, driven by strong demand, amidst a wave of new supply in recent years.
According to a report by CREDAI, Colliers, and Liases Foras, average housing prices surged 12% year-on-year during the April-June quarter across eight major cities. Delhi-NCR led the way with a remarkable 30% appreciation.
Not only this, ANAROCK Research analyzed price trends in the top three micro-markets of the top seven cities, focusing on areas with the highest new supply over the past five years.
Among these localities, Bagaluru in Bengaluru saw a significant jump in residential prices, with a 90% increase between 2019 to the first half of 2024.
This was driven by around 17,065 new units during this period. Hyderabad’s Kokapet followed closely, with prices rising by 89%.
The area added approximately 12,920 new units, with more than half of them in the ultra-luxury category priced over 2.5 crore rupees.
Whitefield in Bengaluru ranked third, with an 80% increase in prices. The area saw around 18,600 new units, with 66% in the mid and premium categories and 34% in the luxury segment.
NCR’s Dwarka Expressway came in fourth, with a 79% increase in prices between 2019 and the first half of 2024.
Mumbai Metropolitan Region’s Panvel also made to the list, with a 50% price rise during the period.
So, why are housing prices soaring? The surge began post-pandemic, with price growth accelerating notably in the last two years.
Apart from this, stable interest rates and recent positive budgetary announcements have given a boost to the country’s housing market.
Data reveals that the top seven cities collectively saw over 44% price appreciation in the past five years.
Hyderabad leads with a 64% increase, followed by Bengaluru at 57%. Kolkata experienced the lowest growth at 25%, while both NCR and MMR saw a 48% rise.
With these eye-popping numbers, it’s clear that the property market is on fire, and the trend shows no signs of slowing down anytime soon.
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