Telangana Today News:
Sunday, Nov 5, 2023: Average property price is significantly lower than the prices in six other top cities
PUBLISHED DATE – 07:00 AM, WED – 22 FEBRUARY 23
Hyderabad: Despite a steady rise in property prices, driven by factors such as the growing demand for housing, the city’s strong economic growth, and all-round infrastructure development, Hyderabad remains an affordable city to buy property, when compared to six other top metros in the country.
A recent report by property consultant Anarock compared the average property prices in Delhi-NCR, Kolkata, Mumbai, Pune, Hyderabad, Chennai, and Bengaluru. It found that the average property price in Hyderabad is Rs 4,620 per sq ft, which is significantly lower than the average property prices in other cities.
The real estate market in Hyderabad has been growing at a steady pace, with a surge in demand for residential and commercial properties. The State government’s efforts to develop infrastructure and improve connectivity have played a significant role in boosting the real estate sector and the city is also home to several major IT companies, which attract a large number of working professionals.
Hyderabad has seen a maximum five-yearly increase of 10 per cent in average property prices in the last five years. Still and all, it remains one of the most affordable cities in India to buy property.
The average price in 2018 in the city stood at Rs 4,128 per sft which rose to Rs 4,620 per sft in 2022. While average property prices in Bengaluru went up to Rs 5,570 per sft in 2022, Mumbai topped the list with Rs 11,875 per sft in 2022, followed by Pune (Rs 6,000 per sft).
Stating that 2022 saw the maximum yearly rise in average property prices, Prashant Thakur, senior director of Research at Anarock Group, says, “Post the pandemic; demand soared across cities – as did developers’ input costs – causing prices to rise, particularly in 2021 and 2022.”
Another factor driving prices up is the fact that most sales happening now are by branded developers who have not shied away from price hikes on the back of strong demand and rising construction costs, he adds. The year 2023 is expected to continue to be driven by end-user demand, but serious long-term investors will find the market dynamics more than favourable.
