Prices of land parcels have shot up sharply in the country’s top cities compared to the pre-Covid period as the residential property market has bounced back after many years of slowdown.
Land prices have shot up between 20% and 200% in tier 1 cities compared to the pre-pandemic period, according to a report by Dolat. Gurugram and Hyderabad have registered the highest increase of over 200%, the report said.
According to Dolat, the increase in land prices is reflected in the average prices of apartments sold in Gurugram/Hyderabad where they went up by 19-79%. The report said MMR and Pune are the two markets to watch out for as prices went up between 20% and 70%, and inventory overhang has come down to a decadal low of 12-20 months and ready inventory share in total inventory for Mumbai/Pune is among the lowest (4-5%) and broadly in line with top performing markets of Gurugram and Hyderabad.
