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According to a report by the real estate consultant Anarock, property prices have risen the most in Greater Noida West in comparison to other localities in Delhi NCR from October 2020 to October 2023. Prices rose by 27 per cent in the locality. Other localities where prices rose by considerable margin in Delhi NCR are Sector 150 (Noida) and Raj Nagar Extension (Ghaziabad). In these two areas, property prices rose by 25 per cent and 21 per cent, respectively, in last three years.

Property prices rose in the range of 13-33 per cent overall in top seven cities in the country.

But, Delhi-NCR didn’t see highest spike in real estate prices during this period. It is actually Hyderabad (which is widely touted as next silicon valley of India) where prices have increased the most. In Hyderabad’s Gachibowli, real estate prices increased by highest of 33 per cent during period under consideration. Kondapur is another area where average residential prices jacked up by considerable margin.

In Hyderabad’s Gachibowli, average prices of residential properties increased to Rs 6,355 per square feet by October 2023-end. While, in Kondapur prices have jacked up to Rs 6,090 per square feet.

Whereas, Bengaluru saw highest price hike in Whitefield. There prices have jacked up to Rs 6,325 per square feet from Rs 4,900 per square feet by 29 per cent. Other localities where prices rose by considerable margin in Bengaluru are Thanisandra Main Road and Sarjapur Road.

In Mumbai Metropolitan Region (MMR), prices rose highest in Lower Parel, Andheri, and Worli.

“Led by both robust demand and increased input costs, there has been a significant surge in average housing prices in the country” Prashant Thakur, Regional Director & Head – Research at Anarock, said.

Commenting on the report, Signature Global (India) Co-Founder and Managing Director Ravi Aggarwal said property prices have surged in the last few years due to increased input and construction costs, rising land prices and heightened demand. Moreover, reinstating the changing preference of home buyers since Covid-19 scourge, Aggarwal said shift in homebuyer preferences remains towards larger homes with enhanced amenities.