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Residential Property Prices Surge By 6% Y-O-Y, Gurugram Highest At 12%

Priya Singh | 2023-08-28

Gurugram witnessed a 12 per cent appreciation in residential property prices, outpacing other major Indian cities. Here are the key factors driving this surge in India’s real estate market
The residential property market price in India rose 6 per cent year-on-year (y-o-y) during the April-June 2023 quarter, with Gurugram emerging as the frontrunner at 12 per cent y-o-y.
Digital real estate brokerage company PropTiger.com said in its report that the price rise was driven by the increase in demand for housing.
According to the report, the weighted average price of residential properties across eight major Indian cities reached Rs 7,000-7,200 per square foot during the April-June 2023 quarter, rising 6 per cent from the previous year. These cities include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), Delhi-National Capital Region (Delhi-NCR), and Pune.

Says Vikas Wadhawan, group CFO, REA India, and Business Head, PropTiger.com: “While this upward trend in capital values is attracting investors to India’s key real estate markets, the increase in new supply is helping to moderate price increase.”

Housing sales across the eight cities experienced an 8 per cent annual increase, reaching 80,250 units during the April-June 2023 quarter, mainly driven by demand in Mumbai and Pune, Wadhawan added.
Gurugram, located in NCR, witnessed the highest appreciation at 12 per cent, with prices ranging from Rs 7,000-7,200 per square foot.

Ravi Aggarwal, managing director, Signature Global (India) Ltd said, Gurugram’s thriving infrastructure, burgeoning businesses, abundant job opportunities, low supply of flats, and a substantial gap between the Delhi and Gurugram property rates have contributed to its immense growth potential.

Says Ankita Sood, head of research, REA India (PropTiger.com, Housing.com & Makaan.com): “The city continues to dominate in terms of Grade A commercial development, solidifying its position as a top choice for business. As a ripple effect, the Gurugram property market has seen good traction for both luxury and mid-segment housing.”