The Indian real estate market witnessed an average price range of ₹7,000 to ₹7,200 per square foot, indicating a 6% increase compared to the previous year.
PropTiger.com, an online real estate brokerage company, has recently released the latest data indicating a consistent year-on-year appreciation of 5% in the residential property market of Hyderabad. The average property prices in the city fall within the range of ₹6,400 to ₹6,600 per square foot.
According to the report titled 'Real Insight Residential - April-June 2023,' the weighted average price of residential properties in eight major Indian cities reached ₹7,000-7,200 per square foot during the mentioned April-June period.
When comparing property prices in different states, it is observed that Gurugram has seen a notable 12% year-on-year increase, with average prices ranging from ₹7,000 to ₹7,200 per square foot. Bangalore closely follows with an average price range of ₹6,300 to ₹6,500 per square foot, showing a 9% year-on-year change. In Noida, the average price range stands at ₹5,600 to ₹5,800 per square foot, reflecting an 8% year-on-year increase.
In contrast, Ahmedabad has an average price range of ₹3,700 to ₹3,900 per square foot, indicating a 7% year-on-year change. In Kolkata, the average price per square foot ranged from ₹4,600 to ₹4,800, demonstrating a year-on-year growth of 6%. In Delhi NCR, the average price range stands at ₹4,800 to ₹5,000 per square foot, also demonstrating a 6% year-on-year change.
When considering all major cities in India, the overall real estate market has averaged at ₹7,000 to ₹7,200 per square foot, representing a 6% year-on-year surge.
Vikas Wadhawan, business head at PropTiger.com, shared that housing prices have been increasing in major Indian cities in the post-COVID years. The upward trajectory of capital values is attracting investors to India's key real estate markets. However, the increase in new supply is helping to stabilize the price hikes, providing some balance to the market.
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