Bengaluru With 21 % YoY Sees Highest Surge In Housing Prices In India
As per the joint report by CREDAI, Colliers, and Liases Foras, Bengaluru experienced the highest surge in housing prices, soaring 21% YoY, driven by a remarkable 42% increase in the peripheral and outer east sub-market. The robust demand for 1BHK apartments, particularly in IT zones like Whitefield and KR Puram, contributed to a substantial 36% YoY growth. The latest report from CREDAI, Colliers, and Liases Foras reveals a 9 per cent yearon-year surge in average housing prices pan India, reaching Rs 10,226 per sq ft in Q4 2023. The growth in demand, particularly in mid and luxury segments, propelled this increase. Across the eight major cities, including Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), and Pune, housing prices experienced a rise in Q4. CREDAI, Colliers, and Liases Foras, Bengaluru claimed the highest surge with a 21 per cent YoY increase in housing prices, led by a remarkable 42 per cent rise in the peripheral and outer east submarket. Demand for 1BHK apartments was robust, witnessing a 36 per cent YoY increase, notably in IT-dominant zones like Whitefield and KR Puram. Kolkata saw an 11 per cent YoY rise in housing prices in Q4, with the outer and east Kolkata sub-markets leading at 32 per cent and 27 per cent, respectively. The affordable-and-mid segment accounted for 63 per cent of unsold units, predominantly in East Kolkata. Hyderabad witnessed a 10 per cent annual increase in housing prices, with the Southwest sub-market leading at 24 per cent YoY in Q4. Notably, 95 per cent of the unsold inventory in the city is under construction, reflecting positive sentiments among developers. In Delhi-NCR, housing prices rose by 9 per cent YoY, with Noida extension experiencing a remarkable 61 per cent yearly surge in Q4. The Noida region dominated under-construction unsold units, constituting 57 per cent, owing to higher launches in the luxury and ultra-luxury segments.
Tags : CREDAI Colliers Liases Foras Whitefield KR Puram Mumbai Metropolitan Region Ahmedabad Bengaluru Chennai Delhi NCR Hyderabad Kolkata