New Delhi: There is a huge boom in the real estate market these days. If we talk about before the Corona period, the situation has changed a lot since then. In the last five years, property prices have increased significantly in the top 10 cities of the country. House prices in these cities have increased by up to 88 percent. This information comes from a report by real estate data analytics firm PropEquity.
Where did the price increase the most
According to this report, the highest increase of 160 percent has been recorded in Gurugram during this period. In the year 2019, the average house price there was Rs 7,500 per square foot. It will increase to Rs 19,500 per square foot in the year 2024. This means that five years ago, a 1,000 square feet house could be bought in Gurgaon for Rs 75 lakh. Now this curry has reached Rs 2 crore.
where is the lowest increase
During the last five years, house prices have increased the least in Mumbai. In the year 2019, the price per square foot of residential real estate in Mumbai was Rs 25,820. It will increase to Rs 25,820 per square foot in the year 2024. means that
An increase of only 37 percent.
What was the condition of other cities?
According to the report, after Gurugram, the highest increase in prices is in Noida (146 percent), Bengaluru (98 percent), Hyderabad (81 percent), Chennai (80 percent), Pune (73 percent), Navi Mumbai (69 percent), Kolkata. (68 percent) and in Thane (66 percent).
Where is the most expensive and cheapest property?
Talking about prices per square feet, Mumbai is the most expensive city from this point of view. The average price of houses there is Rs 35,500 per square foot. After this, Rs 19,500 per square foot in Gurugram. The lowest property rates among these cities were seen in Noida where the average price of residential property is Rs 16,000 per square foot.
How many projects were launched?
During this period, around 15,000 projects were launched in the top 10 cities of the country – Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Thane, Navi Mumbai, Pune, Noida and Gurugram. These include apartments, floors and villas. The number of houses with land was very less.
What are the reasons for the price increase?
Sameer Jasuja, Founder and CEO, PropEquity, says, “The last 5 years have seen a tremendous rise in real estate prices across all major cities. Many factors have contributed to this growth such as development of infrastructure, increasing interest of NRIs, investment in real estate by HNIs/UHNIs and stock market investors and desire to build wealth and earn income, desire to buy houses, luxury /Inclination towards super luxury houses.”