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Property prices | Cities like Gurugram, Greater Noida, Noida, and Hyderabad saw property prices rise by 18.8 percent year-on-year (YoY) and 3.97 percent quarter-on-quarter (QoQ) in 13 major cities in India during October-December 2023.
Officers said in the report that demand (searches) for residential property increased by 2 percent but fell by 16.9 percent QoQ due to rising property prices. The 13 cities covered in the survey include Mumbai, Navi Mumbai, Delhi, Noida, Greater Noida, Gurugram, Hyderabad, Bangalore, Chennai, Kolkata, Pune, Ahmedabad and Thane.
Property Prices Are Rising
Employment hubs in Gurugram witnessed the highest growth in property prices during the period at 32.1 percent, followed by Greater Noida (31 percent YoY), Noida (26.1 percent YoY), and Hyderabad (15.8 percent YoY).
Research Head Abhishek Bhadra said 2023 has served as a pivotal period for the real estate sector, with strong macroeconomic factors and positive customer sentiment driving tremendous growth in residential demand.
“However, housing supply constraints and lending rates have had an inflationary impact on residential prices, dampening demand in the quarter. Despite these short-term challenges, we anticipate a positive trajectory for residential demand in the medium to long term with moderation in housing prices,” Bhadra said.
Searching For Luxury Properties
The market for affordable housing (below Rs 5,000 per sq ft) has grown, followed by Ahmedabad (62 percent) and Kolkata (48 percent). In comparison, people in the Mumbai metropolitan area (90 percent) searching luxury properties the most. Delhi (58 percent), Gurugram (48 percent).
Demand in northern cities like Delhi, Greater Noida, and Noida is more inclined towards 3BHK and higher configuration units, the report said. Smaller units are leading the demand in southern cities like Bengaluru and Chennai. However, there are exceptions like Kolkata and cities in the MMR region where a significant portion of the demand is for 1BHK units, the report said.
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