Buoyed by strong housing demand, the average residential prices in key micro markets across the top 7 cities saw a significant surge in the last three years between October-end 2020 and the corresponding period in 2023. Latest ANAROCK Research data indicates that among the key micro markets across top 7 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.
In Gachibowli, the average residential prices as of October 2023-end stand at approx. INR 6,355 per sq. ft. In the corresponding period of 2020, average prices in this locality were INR 4,790 per sq. ft. Hyderabad’s Kondapur recorded a 31% average price rise in this period – from INR 4,650 per sq. ft. by October-end 2020 to INR 6,090 per sq. ft. by October-end 2023.
Bengaluru's Whitefield comes in third with a 29% jump in this three-year period – from INR 4,900 per sq. ft. as on 10M 2020 to INR 6,325 per sq. ft. by 10M 2023.
Key areas in MMR and NCR also saw average prices surge between 13-27% in this three-year span. In NCR’s Greater Noida West, average prices have increased by 27% in the period. In MMR, Lower Parel saw average prices appreciate by 21%. 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. 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.
