How property prices in key locations of Mumbai, Bengaluru, Hyderabad, Delhi-NCR increased in 3 years

financialexpress.com:

Average property prices in key locations of top seven cities have surged up to 33% in last three years between October-end 2020 and the corresponding period in 2023, according to Anarock Research data.

Data shows that among the key micro markets across top seven cities, Hyderabad’s Gachibowli recorded the highest 33% jump in average residential prices between 10M 2020 and 10M 2023, followed by Kondapur with a 31% rise.

The average residential prices in Gachibowli as of October 2023-end was approx. Rs 6,355 per sqft. In the corresponding period of 2020, average prices in this locality were Rs 4,790 per sqft. The Kondapur location in Hyderabad has recorded a 31% average price rise in this period – from Rs 4,650 per sqft by October-end 2020 to Rs 6,090 per sqft. by October-end 2023.

After Hyderabad, Bengaluru’s Whitefield has recorded highest increase in property prices in the three-year period. Data shows that property prices in Whitefield jumped 29% from Rs 4,900 per sqft as on 10M 2020 to Rs 6,325 per sqft. by 10M 2023.

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Meanwhile, property prices in key areas of Mumbai Metropolitan Region (MMR) and Delhi-NCR has also surged between 13-27% in three years. In NCR’s Greater Noida West, average prices have jumped by 27% in the period. In MMR, Lower Parel has seen average prices appreciate by 21% in this duration.

Prashant Thakur, Regional Director & Head – Research, Anarock Group, says the end of October, marking the end of the festive season, typically denotes the culmination of the year’s peak housing sales period. Barring discounts, 2020 was a year of price stagnation and year most developers would prefer to forget.

However, according to Thakur,