The report showed that the weighted average price of residential properties across eight major cities in India reached Rs 7,000-7,200 per sq ft during the April-June period, showing a rise of 6 per cent compared to the same period last year.
Published Date – 12 July 2023, 04:19 PM
Hyderabad: Due to strong housing demand and other positive factors, the Hyderabad residential property market continues to boom and the demand is also at a high level.
In fact, according to a report by PropTiger.com, the residential property market in Hyderabad experienced significant growth in the second quarter of 2023 (April to June), as housing prices witnessed a growth of 5 per cent year-on-year.
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The report titled ‘Real Insight Residential – April-June 2023’ gives information about the current state of the real estate market across major cities. It states, “Hyderabad recorded a growth of 5 per cent, where prices reached Rs 6,400-6,600 per sq ft on an average.”
The report showed that the weighted average price of residential properties in eight major cities of India reached Rs 7,000-7,200 per sq ft during the April-June period, showing a growth of 6 per cent compared to the same period last year. This includes Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region and Pune.
Commenting on the trend, Vikas Wadhawan, Group CFO, RERA India and Business Head, PropTiger.com said, “Housing prices have been rising across major Indian cities in the post-Covid years. This upward trend in capital values is attracting investors to India’s key real estate markets, while the rise in new supply is helping to moderate price growth.”
According to Ankita Sood, Head of Research, RERA India (PropTiger.com, Housing.com and Makaan.com), the Gurugram property market has witnessed a good trend for both luxury and mid-segment housing, with the weighted average property price increasing by 12%.
Q2 2023.
About other major cities, the report said Ahmedabad witnessed a 7 per cent year-on-year growth, with prices ranging between Rs 3,700-3,900 per sq ft. Bengaluru saw a 9 per cent growth, with average prices at Rs 6,300-6,500 per sq ft. Chennai saw a 3 per cent growth, reaching Rs 5,800-6,000 per sq ft.
Delhi-NCR recorded a 6 per cent rise in prices, Noida saw an 8 per cent increase, while Kolkata saw a 6 per cent rise in prices. Mumbai and Pune saw a 3 per cent rise in prices.
During the April-June period, home sales across eight major cities witnessed an 8 per cent year-on-year growth, reaching a total of 80,250 units. In comparison, sales in the primary residential markets of these top eight cities stood at 74,320 units during the same period last year.