New Delhi: Property prices in Gurugram and Noida have gown down by 7 percent and 4 percent in the last years. The average price in Gugrugram stands at Rs 5,276 per square feet and at Rs 3,922 per square feet in March 2020.
All other Indian cities saw meagre increase in prices in the last five years.
The property prices in Pune have risen by just 2 percent. The prices in Pune are Rs 4,874 per square feet. In Ahmedabad, the prices have gone up by just 3 percetn. The average prices here are Rs 2,973 currently. In Chennai and Kolkata, the prices have gone up only by 4 percent each in the past 5 years. The property prices in Chennai stand at Rs 5,221 per square feet and in Kolkata, it is 4,035 per square feet, according to a report by property portal Proptiger.com.
Mumbai and Bengaluru saw prices going up by 15 percent and 11 percent respectively in this time period. The average prices in Mumbai are Rs 9,446 per square feet and in Bengaluru, it is Rs 5,194 per square feet.
However, Hyderabad stood out as an exception. The property prices here jumped 40 percent. The average prices are Rs 5318 per square feet currently.
“An ongoing demand slowdown in India’s real estate market has kept price growth in check, as a result of which housing rates in most markets have shown only negligible growth. If Hyderabad stands as an exception here, it has more to do with the fact that the base price in what is referred to as India’s pharmaceutical capital was quite low during 2015. The state bifurcation also pushed prices upwards. On the other hand, moderate correction is seen in key NCR markets, primarily because of major delays in project completion by key developers,” said Dhruv Agarwala, Group CEO, Housing.com, Makaan.com & PropTiger.com