Gurugram leads with 12% YoY property price increase
Real Estate

Gurugram leads with 12% YoY property price increase

Gurugram has emerged as the city with the highest surge in property prices among the top 10 cities in India during the second quarter of 2023. With a year-on-year increase of 12 per cent, Gurugram has surpassed Bengaluru, which experienced a 9 per cent increase, and Noida, which saw an 8 per cent rise.

According to some data, the residential property market in India witnessed an average year-on-year price appreciation of 6 per cent during the April-June period of this year. This upward trend in property values is attracting investors to India's key real estate markets, while the increase in new supply is helping to moderate price increases, as explained by Vikas Wadhawan, Group CFO of REA India.

The cities covered in the report include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region, and Pune. Ankita Sood, Head of Research at REA India, highlighted the growing demand from businesses and large companies in Gurugram. The city's dominance in Grade A commercial development solidifies its position as a preferred choice for businesses.

The data reveals that Ahmedabad experienced a 7 per cent year-on-year increase in property prices during the second quarter of 2023, averaging between Rs 3,700 and Rs 3,900 per square foot. Bengaluru witnessed a 9 per cent increase, with prices averaging between Rs 6,300 and Rs 6,500 per square foot.

In Chennai, prices rose by 3 per cent to Rs 5,800-6,000 per square foot, while Delhi-NCR observed a 6 per cent growth, reaching Rs 4,800-5,000 per square foot. Gurugram, on the other hand, witnessed a significant 12 per cent appreciation, with prices ranging from Rs 7,000 to Rs 7,200 per square foot. Noida experienced an 8 per cent rise, with prices ranging from Rs 5,600 to Rs 5,800 per square foot.

Hyderabad registered a 5 per cent increase, with prices averaging between Rs 6,400 and Rs 6,600 per square foot. Kolkata reported a 6 per cent rise, with prices reaching Rs 4,600-4,800 per square foot.

In Mumbai and Pune, both prominent property markets in Maharashtra, housing prices increased by 3 per cent each. Mumbai's weighted average price stood at Rs 10,100-10,300 per square foot, while Pune's rates were at Rs 5,600-5,800 per square foot.

During the April-June period, housing sales across the eight major cities experienced an 8 per cent annual increase, totalling 80,250 units. This growth in sales can be attributed to increased demand, particularly in Mumbai and Pune. In the same period of the previous year (April-June 2022), sales stood at 74,320 units in the primary residential markets of the top eight cities. 

Gurugram has emerged as the city with the highest surge in property prices among the top 10 cities in India during the second quarter of 2023. With a year-on-year increase of 12 per cent, Gurugram has surpassed Bengaluru, which experienced a 9 per cent increase, and Noida, which saw an 8 per cent rise.According to some data, the residential property market in India witnessed an average year-on-year price appreciation of 6 per cent during the April-June period of this year. This upward trend in property values is attracting investors to India's key real estate markets, while the increase in new supply is helping to moderate price increases, as explained by Vikas Wadhawan, Group CFO of REA India.The cities covered in the report include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region, and Pune. Ankita Sood, Head of Research at REA India, highlighted the growing demand from businesses and large companies in Gurugram. The city's dominance in Grade A commercial development solidifies its position as a preferred choice for businesses.The data reveals that Ahmedabad experienced a 7 per cent year-on-year increase in property prices during the second quarter of 2023, averaging between Rs 3,700 and Rs 3,900 per square foot. Bengaluru witnessed a 9 per cent increase, with prices averaging between Rs 6,300 and Rs 6,500 per square foot.In Chennai, prices rose by 3 per cent to Rs 5,800-6,000 per square foot, while Delhi-NCR observed a 6 per cent growth, reaching Rs 4,800-5,000 per square foot. Gurugram, on the other hand, witnessed a significant 12 per cent appreciation, with prices ranging from Rs 7,000 to Rs 7,200 per square foot. Noida experienced an 8 per cent rise, with prices ranging from Rs 5,600 to Rs 5,800 per square foot.Hyderabad registered a 5 per cent increase, with prices averaging between Rs 6,400 and Rs 6,600 per square foot. Kolkata reported a 6 per cent rise, with prices reaching Rs 4,600-4,800 per square foot.In Mumbai and Pune, both prominent property markets in Maharashtra, housing prices increased by 3 per cent each. Mumbai's weighted average price stood at Rs 10,100-10,300 per square foot, while Pune's rates were at Rs 5,600-5,800 per square foot.During the April-June period, housing sales across the eight major cities experienced an 8 per cent annual increase, totalling 80,250 units. This growth in sales can be attributed to increased demand, particularly in Mumbai and Pune. In the same period of the previous year (April-June 2022), sales stood at 74,320 units in the primary residential markets of the top eight cities. 

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code