Housing prices in India's residential property market rose at an average annual rate of six per cent during the April-June period this year. However, housing prices in Maharashtra's two major property markets, Mumbai and Pune, rose by three per cent each, where average prices in Mumbai stood at INR 10,100-10,300 per sq ft, while prices in Pune were at INR 5,600-5,800 per sq ft.
This information was provided from data released by PropTiger, the country's leading online real estate brokerage company. Markets covered in the report include Mumbai, Pune including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, and Delhi-NCR.
The recently released report 'Real Insight Residential - April-June 2023' by PropTiger, a leading digital real estate brokerage company and part of REA India, owner of Housing.com and Makan.com, revealed that the weighted average price of residential properties in eight major cities in India between April and June 7,000 to 7,200 per sq ft. The prices have increased by 6 percent compared to the corresponding period last year. This report provides valuable information on the current state of the real estate market in major cities of India.
Group CFO of REA India and Business Head at PropTiger.com Vikas Wadhawan said, "In the post-Covid era, housing prices in India's major cities are on the rise. This increase in capital values is drawing investors' attention to India's major real estate markets, while an increase in new supply is driving up prices somewhat."
Price till June 2023 in Rs./sq.ft | ||
city | Average price (in Rs. per sq ft) in Q2 2023 | Annual change (in percentage) ) |
Ahmedabad | 3,700–3,900 | 7% |
Bangalore | 6, 300-6,500 | 9% |
Chennai | 5,800-6,000 | 3% |
Delhi NCR | 4,800-5,000 | 6% |
Gurugram | 7,000-7,200 | 12% |
Noida | 5,600–5,800 | 8% |
Hyderabad | 6,400–6,600 | 5% |
Kolkata | 4,600–4,800 | 6% |
Mumbai | 10,100-10,300 | 3% |
Pune | 5,600–5,800 | 3% |
across India | 7,000-7,200 | 6% |
* Weighted average prices based on new supply and inventory as of June 2023
Wadhawan added, "Demand for housing remains strong even as mortgage rates have increased along with rising prices. Going forward, we expect housing demand to pick up in the coming months as interest rates on home loans are likely to stabilize or decrease. We strongly believe that housing The market is in a period of cyclical growth."
Home sales in eight major cities rose 8 percent year-on-year between April and June, where 80,250 flats were sold. The increase in sales can be attributed to the increase in demand especially in Mumbai and Pune. During the same period last year (April to June 2022), 74,320 flats were sold in major residential markets in the top eight cities.
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