The increase is as good as 9% on a pan-India basis.
10% increase in registrations in the Hyderabad market.
On a pan-India basis, the prices of housing units have increased. The increase is as good as 9% in the last quarter of the year 2023, pushing up the per sft price to Rs 10,226, according to a report released by the CREDAI, Colliers, and Liases Foras.
The report indicated the inflationary tendency of the growing demand, especially for mid-segment and luxury houses. The prices have increased in eight main cities across India.
The Bengaluru market accounted for the maximum increase (21%) in prices, occupying a share of 42% in the Outer East Sub-Market. The demand for single-bedroom apartments is very high in Garden City. Therefore, their prices have shot up by at least 36%. After the Garden City of Bangalore, it was the Kolkata market that registered higher growth in property prices. Here, the property prices shot up by 11%. While Outer Kolkata accounts for 32% of the rise in prices, East Kolkata accounts for 27% of the growth. With regards to the Hyderabad market, property prices have registered a 10% increase; the increase is the maximum in south-west Hyderabad (24%). The prices of 4 BHK have increased to their maximum level by 14%, while single-bed room house prices grew by 11%. Even the Pune market has registered prices by 10%.
The following table illustrates the increased prices of housing units in various cities:
City Prices in 2022 Average price (per sft) % of increase in average price in 2023
Bangalore 8,276 9,976 21%
Kolkata 7,144 7,912 11%
Hyderabad 10,090 11,083 10%
Pune 8,379 9,185 10%
Ahmedabad 6,203 6,737 9%
Delhi-NCR 8,394 9,170 9%
Mumbai 19,287 20,047 4%
Chennai 7,445 7,701 3%
