Hyderabad sees highest 19% YoY surge in Q3 housing prices
City-wise, housing prices saw diverse increases: Ahmedabad 9%, Bengaluru 18%, Chennai 7%, Delhi-NCR 12%.
- Republic Business
- 2 min read
Hyderabad has recorded the highest surge in housing prices, witnessing a 19 per cent year-on-year increase during the July-September quarter of this year, as reported by a collaborative study from Credai, Colliers, and Liases Foras. Across India's top eight cities, housing prices have shown an average annual growth of 10 per cent, fuelled by robust demand.
All major cities have experienced an uptick in housing prices, with Hyderabad leading the way with a 19 per cent YoY rise, closely followed by Bengaluru at 18 per cent, according to a statement released on Friday.
The positive sentiment amongst homebuyers in 2023 has played a role in boosting housing registrations and indirectly contributing to the escalation in housing prices, noted Boman Irani, President, Credai.
City-wise price surges
In specific cities, Ahmedabad witnessed a 9 per cent increase in housing prices to Rs 6,613 per square feet, while Bengaluru saw an 18 per cent rise to Rs 9,471 per square feet. Chennai experienced a 7 per cent uptick to Rs 7,712 per square feet, and Delhi-NCR observed a 12 per cent surge to Rs 8,655 per square feet.
In Hyderabad, housing prices surged 19 per cent, reaching Rs 11,040 per square feet. Kolkata saw a 12 per cent growth to Rs 7,406 per square feet. Meanwhile, Mumbai Metropolitan Region (MMR) recorded a marginal 1 per cent increase in prices, reaching Rs 19,585 per square feet. Pune experienced a 12 per cent YoY rise to Rs 9,014 per square feet during the July-September period.
Badal Yagnik, Chief Executive Officer of real estate consultant Colliers, India, emphasised that the strong 10 per cent annual increase in housing prices across India's top eight cities in the third quarter of 2023 reflects a competitive and flourishing housing market. Pankaj Kapoor, Managing Director of data research firm Liases Foras, added that the housing market is currently at its most productive phase in India, with sales, new supply, and prices all experiencing healthy growth, following last year's 35 per cent market growth and an 11 per cent increase in sales during the first nine months of the current year.