Residential prices rise by 6% in 8 major cities driven by strong housing demand: Report
Driven by strong housing demand, the residential property market in India experienced an average YoY price appreciation of 6% during the April-June period of this year, as per data released by PropTiger.com.
The report titled ‘Real Insight Residential – April-June 2023’ stated that the weighted average price of residential properties across eight major Indian cities reached Rs 7,000-7,200 per square foot during the April-June period. This is a 6% increase compared to the corresponding period in the previous year.
The markets covered in the report include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region, and Pune.
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“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,” said Vikas Wadhawan, Group CFO, REA India & Business Head at PropTiger.com.
Talking about specific market trends, Ankita Sood, Head of Research, REA India (PropTiger.com, Housing.com & Makaan.com), said, “We are witnessing a surge in demand from business and large companies in Gurugram. The city continues to dominate in terms of Grade A commercial development, solidifying its position as a top choice for business. As a ripple effect, the Gurugram property market has seen good traction for both luxury and mid-segment housing. Gurugram saw a YoY weighted average property price increase of 12% in Q2 2023, surpassing Bengaluru (9%) and Noida (8%).
She added, “Surge in demand is driven by consumers seeking improved amenities and
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