Delhi-NCR: The Metro City Witnessing a Massive Surge in Housing Prices
The report suggests that the price appreciation in Delhi-NCR is attributed to rising demand for high-end properties. Read more to know the details.
DelhincrHousing PricesReal EstateProperty MarketHighend PropertiesReal Estate MumbaiOct 28, 2024
Hyderabad, on the other hand, saw a modest appreciation of 7 percent, with average housing prices rising to ₹7,050 per square foot from ₹6,580 per square foot. PropTiger attributes this price appreciation to rising demand, particularly for high-end properties. The Reserve Bank's decision to maintain the repo rate at 6.5 percent over the past 10 policy meetings has added further pressure on pricing. In the absence of a rate cut, developers and buyers continue to pay a relatively high interest on loans, impacting housing affordability.
Other cities also witnessed substantial growth. In Ahmedabad, housing prices increased by 21 percent to ₹4,736 per square foot, up from ₹3,900 per square foot. Bengaluru saw a 15 percent increase, with prices rising to ₹7,512 from ₹6,550 per square foot. Chennai experienced a 22 percent growth, with prices reaching ₹7,179 from ₹5,885 per square foot. Kolkata also saw a 22 percent rise, with rates increasing to ₹5,844 from ₹4,786 per square foot. Meanwhile, Pune witnessed an 18 percent increase in average prices to ₹6,953 per square foot, up from ₹5,892 per square foot.
Commenting on the trend, Harinder Dhillon, Senior Vice President of Sales at BPTP, stated, 'The consistent rise in property values underscores the resilience and growth potential of the Indian residential real estate market.' He noted that prices have increased in key markets of Delhi-NCR, particularly in regions such as Gurugram and Faridabad, where demand for quality residential projects has driven prices upward. 'As these regions evolve with enhanced infrastructure, connectivity, and lifestyle amenities, they offer compelling investment opportunities for homebuyers and investors alike,' Dhillon added.
Frequently Asked Questions
Which city saw the highest increase in housing prices?
Delhi-NCR saw the highest increase in housing prices, with a rise of 57 percent to ₹8,017 per square foot from ₹5,105 per square foot.
Why did housing prices in Delhi-NCR increase?
The increase in housing prices in Delhi-NCR is attributed to rising demand, particularly for high-end properties, and the Reserve Bank's decision to maintain the repo rate, which adds pressure on pricing.
Which city saw the lowest increase in housing prices?
Hyderabad saw the lowest increase in housing prices, with a modest appreciation of 7 percent.
How did the Reserve Bank's policy affect housing prices?
The Reserve Bank's decision to maintain the repo rate at 6.5 percent over the past 10 policy meetings has added pressure on pricing, as developers and buyers continue to pay a relatively high interest on loans.
What are the key factors driving the rise in housing prices in other cities?
The key factors driving the rise in housing prices in other cities include rising demand for quality residential projects, enhanced infrastructure, and improved connectivity and lifestyle amenities.
Related News Articles
Mumbai Real Estate Market Booms with Over 9,200 Property Registrations in 27 Days
In a significant boost to the Mumbai real estate sector, over 9,200 properties were registered in just 27 days, according to the latest official data. This surge in property registrations has also generated substantial revenue, totaling ₹760 crore in Janu
DLF Invests ₹6000 Crore to Develop 75 Lakh Sq Ft Office and Retail Spaces in Gurugram
India's leading real estate developer, DLF, plans to invest ₹6000 crore to construct 75 lakh square feet of commercial and retail spaces in Gurugram, further bolstering the city's position as a major business hub.
Akshay Kumar Sells Luxurious Mumbai Apartment for a Hefty Profit
Bollywood actor Akshay Kumar has sold his apartment in the prestigious Oberoi Sky City in Mumbai for a significant profit, highlighting the robust real estate market in the city. The property, purchased in 2017 for Rs 2.37 crore, was sold for a much highe
Abhinandan Lodha's HoABL Enters Mumbai's Vertical Real Estate Market with Rs 3,500 Crore Projects
Abhinandan Lodha's House of Abhinandan Lodha (HoABL) is making a significant move into Mumbai's vertical real estate market with the launch of Rs 3,500 crore projects. This strategic expansion underscores the company's commitment to high-quality developments and its confidence in the city's growth potential.
Short-Term Leasing in Mumbai: Is it Possible to Rent a Property for 2-6 Months?
While Mumbai's real estate market typically favors long-term leases, property owners can rent out their properties for shorter durations, albeit at a premium rate.
PropEquity Unveils Latest Real Estate Trends in Major Indian Cities
PropEquity's recent report provides insights into the latest real estate market trends, including home prices and sales patterns in key Indian cities such as Pune, Mumbai, and Bengaluru.