How much property price rose in your city?

• Follow

According to real estate consultant, ANAROCK, in 2023, residential property prices in the country increased the most in Hyderabad as compared to other top six cities. Hyderabad property prices increased by whopping 24 per cent on year-on-year (YoY) basis in 2023. On an average, in the current calendar year, properties have become costlier by 10 to 24 per cent in top seven cities in the nation. In the capital city of Telangana, average residential prices gone up from Rs 4,620 per square feet in 2022 to nearly Rs 5,750 per square feet in 2023.

After Hyderabad, property prices increased the most in Bengaluru followed by MMR, NCR, Pune, Chennai and Kolkata.

In Bengaluru, properties have become costlier by 18 per cent in last one year. After that, prices rose highest in MMR and NCR by 15 per cent. Followed by Pune which saw property prices soar 13 per cent. In Detroit of Souther Asia, i.e. Chennai, property prices soared by 12 per cent. And in Kolkata by 10 per cent.

Further more, inspite of such a sharp increase in prices this year, Anuj Puri, Chairman – ANAROCK Group has predicted 8-10 per cent average residential price hike across the top 7 cities in next year as well.

Price Movement

Source: ANAROCK Research

On the other hand, housing sales rose 31 per cent this year to nearly 4.77 lakh units — an all-time high — across seven major cities, a report released by property consultants Anarock said.

The sales increased to 4,76,530 units this calendar year from 3,64,870 units in 2022. The rise is despite a 15% appreciation in prices during the year.

Anarock Chairman Anuj Puri said, “2023 has been phenomenal for the Indian housing sector, despite global headwinds, rising domestic property prices, and interest rate hikes over the first half this year.” Housing sales in the top 7 cities breached the previous high of 2022, and new launches stayed in step with the current housing demand, he added.

Puri said it was widely expected that rising property prices and interest rates, along with global market uncertainties, would impact residential sales, but high demand sustained.

The Mumbai Metropolitan Region (MMR) saw the highest sales among top seven cities, followed by Pune. Sales in MMR rose 40 per cent to 1,53,870 units this year from 1,09,730 units in the previous year.

In Delhi-NCR, sales grew only 3 per cent to 65,625 units from 63,710 units. Housing sales in Bengaluru went up 29 per cent to 63,980 units from 49,480 units. Hyderabad witnessed a 30 per cent growth in sales to 61,715 units from 47,485 units.

The last peak in the decade was seen in 2022 after 2014, which saw 3.43 lakh units sold in these seven cities. On supply side, Anarock said that new launches across top seven cities rose 25 per cent to 4,45,770 units in 2023, as opposed to 3,57,640 units in 2022.

The MMR market led in new supply as well. New launches in MMR rose 27 per cent to 1,57,700 units this year from 1,24,650 units in the last year. Anarock said housing prices appreciated 15 per cent on an average to Rs 7,080 per sq ft from Rs 6,150 per sq ft last year.

Thirty one per cent of total new supply was in mid-range Rs 40 – 80 lakh price bracket, 28% in Rs 80 lakh – Rs 1.5 cr budget, 23% in the ticket price of > Rs 1.5 cr. The share of  affordable housing was lowest at 18%.

Across these seven cities, the consultant said housing prices rose 10-24 per cent, primarily due to increased input costs and strong demand. Hyderabad recorded the highest yearly jump of 24 per cent in average residential prices to nearly Rs 5,750 per sq ft in 2023 from Rs 4,620 per sq ft last year.