Delhi-NCR records 16% Y-o-Y surge in housing prices
15 Jun 2023
2 Min Read
CW Team
CREDAI, Colliers, and Liases Foras, the housing prices in Delhi-NCR experienced the highest increase among the top eight cities, rising by 16% in the January-March period. The surge in prices can be attributed to the growing demand and increased construction costs. The joint report, titled 'Housing Price-Tracker Report Q1 2023,' was published.
Housing prices in the top eight cities showed an 8% year-on-year increase. Delhi-NCR witnessed the most substantial rise in residential prices, with a 16% Y-o-Y increase, followed by Kolkata and Bengaluru, which saw 15 percent and 14 percent YoY increases, respectively.
The report noted that housing prices in Delhi-NCR have been steadily rising for the past 11 quarters. It specifically highlighted the significant price surge of 59 percent YoY in Dwarka Expressway, primarily driven by the opening of the Central Peripheral Road and the loop connecting Dwarka Expressway with NH-8.
Golf Course Road in Gurugram experienced a surge of 42% Y-o-Y in housing prices, making it the highest-priced area in the NCR region, surpassing rates in Delhi.
The data revealed an 11% Y-o-Y increase in housing prices in Ahmedabad during the January-March period, averaging Rs 6,324 per square feet. Bengaluru witnessed a 14% price increase, reaching Rs 8,748 per square feet, while Chennai saw a modest rise of 4%, reaching Rs 7,395 per square feet. Hyderabad experienced a 13% appreciation in residential property prices, amounting to Rs 10,410 per square feet. Kolkata witnessed a 15% rise, reaching Rs 7,211 per square feet. Delhi-NCR saw a 16% Y-o-Y increase, reaching Rs 8,432 per square feet. Pune recorded an 11% increase in rates, reaching Rs 8,352 per square feet.
On the other hand, the Mumbai Metropolitan Region (MMR) witnessed a 2% decrease in prices, amounting to Rs 19,219 per square feet.
CREDAI, Colliers, and Liases Foras, the housing prices in Delhi-NCR experienced the highest increase among the top eight cities, rising by 16% in the January-March period. The surge in prices can be attributed to the growing demand and increased construction costs. The joint report, titled 'Housing Price-Tracker Report Q1 2023,' was published.
Housing prices in the top eight cities showed an 8% year-on-year increase. Delhi-NCR witnessed the most substantial rise in residential prices, with a 16% Y-o-Y increase, followed by Kolkata and Bengaluru, which saw 15 percent and 14 percent YoY increases, respectively.
The report noted that housing prices in Delhi-NCR have been steadily rising for the past 11 quarters. It specifically highlighted the significant price surge of 59 percent YoY in Dwarka Expressway, primarily driven by the opening of the Central Peripheral Road and the loop connecting Dwarka Expressway with NH-8.
Golf Course Road in Gurugram experienced a surge of 42% Y-o-Y in housing prices, making it the highest-priced area in the NCR region, surpassing rates in Delhi.
The data revealed an 11% Y-o-Y increase in housing prices in Ahmedabad during the January-March period, averaging Rs 6,324 per square feet. Bengaluru witnessed a 14% price increase, reaching Rs 8,748 per square feet, while Chennai saw a modest rise of 4%, reaching Rs 7,395 per square feet. Hyderabad experienced a 13% appreciation in residential property prices, amounting to Rs 10,410 per square feet. Kolkata witnessed a 15% rise, reaching Rs 7,211 per square feet. Delhi-NCR saw a 16% Y-o-Y increase, reaching Rs 8,432 per square feet. Pune recorded an 11% increase in rates, reaching Rs 8,352 per square feet.
On the other hand, the Mumbai Metropolitan Region (MMR) witnessed a 2% decrease in prices, amounting to Rs 19,219 per square feet.
Next Story
PM to Inaugurate Revamped Begumpet Station on 22 May
Prime Minister Narendra Modi will inaugurate the newly redeveloped Begumpet Railway Station on 22 May. Upgraded at a cost of Rs 265.5 million, the project is part of the Amrit Bharat Station Scheme (ABSS), which is modernising stations across India.Begumpet Railway Station, under South Central Railway, is unique not only for its infrastructural overhaul but also for being fully staffed and operated by women. For over six years, a team of more than 20 women鈥攊ncluding station masters, ticket clerks, RPF constables, and booking staff鈥攈as managed the station.A model of the Indian Roller (Pala ..
Next Story
HP Cabinet Curbs Valley-Side Construction on NH in Shimla
The Himachal Pradesh cabinet has approved key amendments to the Town and Country Planning Rules, 2014, placing restrictions on construction along the valley side of national highways within Shimla Municipal Corporation limits. The decision, taken during a meeting chaired by Chief Minister Sukhvinder Singh Sukhu, is intended to protect the visual and ecological integrity of the region.Parliamentary Affairs Minister Harshvardhan Chauhan explained that as per the new guidelines, buildings must be constructed at least one metre below the road level to maintain the natural valley views.In a related..
Next Story
YEIDA to Develop Rs 4.5 Bn Electronics Hub Near Noida
The Yamuna Expressway Industrial Development Authority (YEIDA) has launched the process to appoint a consultant for designing and managing infrastructure development of a Rs 4.5 billion electronics technology hub in Sector 10, close to the upcoming Noida International Airport.Spanning 206 acres, the project is scheduled for completion by January 2028 and is expected to generate over 31,000 jobs鈥�11,000 direct and 20,000 indirect. Its strategic location near the Delhi-Mumbai Industrial Corridor, dedicated freight corridors, and the airport enhances its appeal to domestic and international elec..
