Average residential prices in Hyderabad skyrocket over last three years: Anarock

Buoyed by robust housing demand, this surge signifies a significant shift in the city's real estate landscape.

Hyderabad: The latest Anarock Research data reveals a remarkable surge in average residential prices in key locations across Hyderabad over the last three years, between October-end 2020 and the corresponding period in 2023. Buoyed by robust housing demand, this surge signifies a significant shift in the city’s real estate landscape.

Among the key locales, Gachibowli emerged as the frontrunner, experiencing a 33 per cent surge in average residential prices between October 2020 and October 2023. The area now boasts an average price of approximately Rs 6,355 per sft., compared to Rs 4,790 per sft. in 2020.

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Following closely, Kondapur witnessed 31 per cent rise, with average prices climbing from Rs 4,650 per sft. to Rs 6,090 per sft. during the same period.

Prashant Thakur, Regional Director & Head of Research at Anarock Group, said the 2020 was a year of price stagnation and a year most developers would prefer to forget. “The scenario in 2023 is markedly different – backed by strong demand, housing sales across the top seven cities have created a new peak this year with sales far exceeding the previous peak of 2014,” he said.

Before the pandemic, average residential prices across cities remained relatively stagnant. However, Thakur pointed out that Hyderabad, Bengaluru, and Pune’s IT-led areas experienced the highest surge in average prices.

He highlighted Hyderabad’s significant potential for price appreciation, noting that the city’s pre-Covid average prices were comparatively lower than Bengaluru’s IT/ITeS hubs. As of 10M 2023, the average prices in Hyderabad’s key micro markets closely align with those in Bengaluru’s IT-driven housing hotspots.

Hyderabad – Average residential prices across key markets (Rs./ sft):

Micro-market  2020   10M 2023   % change in 3 years

Gachibowli     4,790      6,355              33

Kondapur      4,650      6,090              31

Miyapur        4,250       5,420             28