Delhi NCR Property Price : The increase in residential demand is driven by the desire for better amenities and better lifestyle of 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.
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.
