Average housing prices rise 13-33% in past 3 yrs across seven major cities: Report

New Delhi: Average housing prices have increased in the range of 13-33 per cent in the last three years across seven major cities on high demand, according to real estate consultant Anarock.

Hyderabad's Gachibowli recorded the highest 33 per cent increase in average residential prices in the past three years.

In Gachibowli, the average residential prices as of October 2023-end stood at Rs 6,355 per square feet as against Rs 4,790 per square feet in October 2020.

The average rate in Hyderabad's Kondapur rose 31 per cent to Rs 6,090 per square feet from Rs 4,650 per square feet, as per the report released on Thursday.

Housing prices appreciated 29 per cent in Bengaluru's Whitefield to Rs 6,325 per square feet from Rs 4,900 per square feet.

"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," Prashant Thakur, Regional Director & Head - Research at Anarock, said.

Commenting on the report, Signature Global (India) Co-Founder and Managing Director Ravi Aggarwal said 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.

Moreover, he said there is a noticeable shift in homebuyer preferences towards larger homes with enhanced amenities, contributing to the upward trajectory of prices.

In its report, Anarock said that key areas in the Mumbai Metropolitan Region (MMR) and Delhi-NCR (National Capital Region) also saw average prices surge between 13-27 per cent in the three-year span.

In Delhi-NCR's Greater Noida West, average prices have increased 27 per cent in the said period. In MMR, Lower Parel saw average prices appreciate 21 per cent.

Bengaluru's Thanisandra Main Road and Sarjapur Road saw average prices appreciate 27 per cent and 26 per cent, respectively.

Pune's prominent localities for average price increases are Wagholi (25 per cent), Hinjewadi (22 per cent) and Wakad (19 per cent) -- all three in the city's IT influence zone.

Lower Parel, Andheri, and Worli are the top three micro-markets in MMR that have witnessed high price rises, with increases of 21 per cent, 19 per cent and 13 per cent, respectively.

Delhi-NCR's top three localities in terms of average price increases are Greater Noida West, Sector 150 (Noida) and Raj Nagar Extension (Ghaziabad) with 27 per cent, 25 per cent and 21 per cent hikes, respectively.

Chennai's prominent localities for price rises are Perumbakkam (19 per cent), Guduvanchery (17 per cent) and Perambur (15 per cent).

As per the report, Kolkata's top three prominent micro-markets which recorded high price rises are Joka, Rajarhat and EM Bypass, with a surge of 24 per cent, 19 per cent and 13 per cent, respectively.