Property Prices Increased In India : Between April and June 2023, the cost of real estate increased by 6% YoY in all major Indian cities. Gurugram took the lead in the rally, recording the greatest gain of 12% YoY in Q2 2023.

According to data supplied by PropTiger.com, the nation’s top online real estate brokerage firm, the residential real estate market in India had an average 6% year-over-year price increase during the months of April and June of this year. Strong housing demand is to blame for the rise in home prices.

The weighted average price of residential properties across eight major Indian cities reached Rs 7,000–7,200 per square foot during the April–June period, according to a report, Comparing this time period to the same one the year before, there has been a rise of 6%. The research offers insightful information on how the real estate industry is doing right now in India’s major cities.

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Property Prices Increased In India

Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region. Delhi-National Capital Region, and Pune are among the markets included in the research.

“Since COVID, housing costs have risen in significant Indian cities. “While this upward trend in capital values is luring investors to India’s key real estate markets. The increase in new supply is helping to moderate price increases.”

While discussing particular market trends, “We are seeing an increase in demand from business and major businesses in Gurugram. The city maintains its position as the top choice for business by dominating in terms of Grade A commercial development. As a result, both luxury and mid-segment houses have witnessed strong growth in the Gurugram real estate market. In Q2 2023, Gurugram’s YoY weighted average property price increased by 12%, outpacing Noida’s (8%) and Bengaluru’s (9%) growth rates.

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“Consumers wanting better facilities and an upgraded lifestyle. Shifting from conventional property forms in Delhi and nearby places, are driving the surge in demand. Additionally, the tight supply has fueled the upward trend in pricing.

The findings show that prices in Ahmedabad increased by 7% annually in the second quarter of 2023. Hitting Rs 3,700-3,900 per square foot. Prices in Bengaluru increased by 9%, averaging Rs 6,300–6,500 per square foot.

Housing costs rose by 3% apiece in Mumbai and Pune, two of Maharashtra’s most important real estate markets. Pune’s prices were Rs 5,600-5,800 per square foot, while Mumbai’s weighted average price was Rs 10,100-10,300.

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“Housing demand has remained robust despite price increases and an increase in borrowing rates. Future housing demand is anticipated to increase as interest rates on mortgages are predicted to stay steady or perhaps decrease in the upcoming months. We firmly think that the housing sector is now seeing a cyclical upturn.

Housing sales in the eight major cities increased by 8% annually for the months of April and June, reaching 80,250 units. An increase in demand, particularly in Mumbai and Pune, is responsible for the increase in sales. Sales in the top eight cities’ key residential markets for the same time period in the previous year (April through June 2022) totaled 74,320 units.

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