House prices in Guntur have surged sharply, much like the price of chillies in the region. Compared to last year, the average price of homes in Guntur has increased by 51%. Across Tier-2 cities in the country, house prices saw a significant rise between January and September this year. In 253 cities, prices rose by an average of 65%, while prices slightly decreased in five cities, according to the PropEquity report.
In the Telugu states, Guntur saw a 51% price increase, while Visakhapatnam and Vijayawada saw rises of 29% and 21%, respectively. In South India, Mangalore saw a 41% increase, Coimbatore 11%, Goa 6%, and Kochi 2%. However, prices dropped by 4% in Trivandrum and 14% in Mysore.
Jaipur in Rajasthan saw the highest price increase of 65% in Tier-2 cities. In new projects launched between January and September, the price per square foot (sq. ft.) reached Rs 6,979, compared to Rs 4,240 last year.
In North India, Agra saw a 59% rise in prices, followed by Chandigarh at 34%, Bhiwandi at 25%, Indore at 20%, Dehradun at 14%, Ludhiana at 11%, and Lucknow at 1%. Prices dropped in Bhopal (5%), Mohali (8%), and Sonipat (26%).
In Western India, Gandhinagar saw the highest price increase at 19%, followed by Surat at 14%, Nagpur at 12%, Vadodara at 10%, Nasik at 4%, and Ahmedabad at 4%. In Eastern India, Bhubaneswar and Raipur saw price increases of 15% and 14%, respectively.
According to Samir Jasuja, Founder and CEO of PropEquity, interest in homes in Tier-2 cities is rising among developers, corporates, financial institutions, and groups of investors. Factors such as affordable land, large-scale infrastructure connectivity, and strong demand are driving the supply of premium and luxury homes in these cities.
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