Hyderabad’s property prices witness 5% increase: Report
The report revealed that the weighted average price of residential properties across eight key cities in India reached Rs 7,000-7,200 per square foot during the April-June period, reflecting a 6 per cent increase compared to the same period last year.
Hyderabad: Driven by strong housing demand and a host of other positive factors, Hyderabad residential property market continue to be buoyant and in high demand.
In fact, according to a PropTiger.com report, residential property market in Hyderabad experienced a significant boost in the second quarter of 2023 (April to June), as housing prices witnessed a 5 per cent year-on-year increase.
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The report titled ‘Real Insight Residential – April-June 2023’ provides insights into the current state of the real estate market in major cities. “Hyderabad registered a 5 per cent increase, with prices averaging at Rs 6,400-6,600 per square foot,” it said.
The report revealed that the weighted average price of residential properties across eight key cities in India reached Rs 7,000-7,200 per square foot during the April-June period, reflecting a 6 per cent increase compared to the same period last year. It covered Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region, and Pune.
Vikas Wadhawan, Group CFO of REA India & Business Head at PropTiger.com, commented on the trend, stating, “Housing prices have been climbing in major Indian cities in the post-Covid years. While this upward trend in capital values is attracting investors to India’s key real estate markets, the increase in new supply is helping to moderate price increases.”
According to Ankita Sood, Head of Research, REA India (PropTiger.com, Housing.com & Makaan.com), the Gurugram property market has seen good traction for both luxury and mid-segment housing with weighted average property price increase of 12% in
Q2 2023.
On other major cities, it said Ahmedabad witnessed a 7 per cent year-on-year increase, with prices ranging from Rs 3,700-3,900 per square foot. Bengaluru experienced a 9 per cent appreciation, with average prices at Rs 6,300-6,500 per square foot. Chennai saw a 3 per cent rise, reaching Rs 5,800-6,000 per square foot.
Delhi-NCR recorded a 6 per cent growth, Noida experienced an 8 per cent increase, while Kolkata witnessed a 6 per cent rise in prices. Mumbai and Pune experienced a 3 per cent increase.
During the April-June period, housing sales across the eight major cities witnessed an 8 per cent annual increase, totalling 80,250 units. In comparison, the sales in the same period last year stood at 74,320 units in the primary residential markets of these top eight cities.
