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.
City-wise property price rise in 3 years
- Hyderabad’s top 3 micro-markets to see high average price rises in the last 3 years are Gachibowli, Kondapur and Miyapur with 33%, 31% and 28% hikes, respectively.
- Bengaluru’s top 3 localities – Whitefield, Thanisandra Main Road and Sarjapur Road – saw average prices appreciate by 29%, 27% and 26%, respectively in the period.
- Pune’s prominent localities for average price increases are Wagholi (25%), Hinjewadi (22%) and Wakad (19%) – all three in the city’s IT influence zone.
- MMR’s top 3 micro-markets to witness high price rises are Lower Parel, Andheri and Worli with 21%, 19% and 13% increases, respectively.
- NCR’s top 3 localities for average price increases are Greater Noida West, Sector 150 (Noida) and Raj Nagar Extension (Ghaziabad) with 27%, 25% and 21% hikes, respectively.
- Chennai’s prominent localities for price rises are Perumbakkam (19%), Guduvanchery (17%) and Perambur (15%).
- Kolkata’s top 3 prominent micro-markets which recorded high price rises are Joka, Rajarhat and EM Bypass, with a surge of 24%, 19% and 13%, respectively.
| Avg. Residential Prices across Key Markets (INR/sq. ft.) | ||||
| City | Micro Market | 2020 | 10M 2023 | % Change in 3 Yrs. |
| Bangalore | Whitefield | 4,900 | 6,325 | 29% |
| Thanisandra Main Rd | 5,200 | 6,615 | 27% | |
| Sarjapur Road | 5,870 | 7,425 | 26% | |
| Chennai | Perambur | 6,250 | 7,180 | 15% |
| Guduvanchery | 3,950 | 4,635 | 17% | |
| Perumbakkam | 4,390 | 5,240 | 19% | |
| Hyderabad | Gachibowli | 4,790 | 6,355 | 33% |
| Kondapur | 4,650 | 6,090 | 31% | |
| Miyapur | 4,250 | 5,420 | 28% | |
| Kolkata | Rajarhat | 4,360 | 5,200 | 19% |
| Joka | 3,435 | 4,275 | 24% | |
| EM Bypass | 6,800 | 7,710 | 13% | |
| MMR | Worli | 38,560 | 43,760 | 13% |
| Lower Parel | 34,000 | 41,290 | 21% | |
| Andheri | 20,600 | 24,460 | 19% | |
| NCR | Greater Noida West | 3,450 | 4,380 | 27% |
| Dwarka Expressway | 5,359 | 6,410 | 20% | |
| New Gurugram | 6,075 | 7,110 | 17% | |
| Raj Nagar Ext. | 3,260 | 3,950 | 21% | |
| Sector-150 (Noida) | 5,100 | 6,380 | 25% | |
| Pune | Wagholi | 4,820 | 6,005 | 25% |
| Hinjewadi | 5,580 | 6,835 | 22% | |
| Wakad | 6,575 | 7,795 | 19% | |
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, the scenario in 2023 is markedly different – backed by strong demand, housing sales across the top seven cities have created a new peak this year with sales far exceeding the previous peak of 2014.
“Led by both robust demand and increased input costs, there has been a significant surge in average housing prices across key micro markets in the top 7 cities,” he says.
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Up to the pandemic year of 2020, average residential prices across cities had remained largely range bound.
“Among the top 7 cities, key areas in the IT-led cities Hyderabad, Bengaluru and Pune saw the highest surge in average prices,” says Thakur. “Hyderabad also has a higher scope of price appreciation because pre-Covid-19, the city’s average prices were relatively lower than in Bengaluru’s IT/ITeS hubs. As of 10M 2023, the average prices in Hyderabad’s key micro markets are almost at par with Bengaluru’s IT-led housing hotspots,” says Thakur.
Disclaimer: The above content is for informational purposes only. Data quoted in the article is as per a press release by Anarock Research.