Pune: Among the top 7 cities in the country, Pune has seen the maximum rise in property prices – of 38 per cent – during the period. This was followed by Bangalore and Hyderabad with 20 per cent growth each. Within Pune city, Wakad and Wagholi has witnessed 18 per cent and 17 per cent total appreciation in the average property prices.
Average property prices in the top 7 cities (2013-Q3 2020) saw close to a 14 per cent jump. The average price of a home in the top 7 cities rose from approximately Rs 4,895 per sq. ft. in 2013 to Rs 5,599 per sq. ft. by Q3 2020-end.
Best-performing markets in top 7 cities:
|
Key Cities |
Top Micro Markets |
Avg. Price in 2013 |
Avg. Price in 2020 |
Total Appreciation 2013 vs 2020 |
|
Bengaluru |
Electronic City |
3,449 |
4,400 |
28% |
|
Whitefield |
3,935 |
4,780 |
21% |
|
|
Chennai |
Maraimalai Nagar |
2,746 |
3,430 |
25% |
|
Guduvanchery |
3,299 |
3,950 |
20% |
|
|
Hyderabad |
Gachibowli |
3,634 |
4,790 |
32% |
|
Hitech City |
4,588 |
5,675 |
24% |
|
|
Kolkata |
Uttarpara |
2,689 |
3,167 |
18% |
|
Joka |
2,895 |
3,415 |
18% |
|
|
MMR |
Mulund |
13,356 |
16,600 |
24% |
|
Chembur |
15,296 |
18,400 |
20% |
|
|
NCR |
Sohna Road |
5,640 |
6,707 |
19% |
|
Dwarka Expressway |
4,668 |
5,340 |
14% |
|
|
Pune |
Wakad |
5,551 |
6,540 |
18% |
|
Wagholi |
4,124 |
4,820 |
17% |
Pune saw the maximum rise of 38% during the period. This was followed by Bangalore and Hyderabad with 20% growth each.
|
City |
Avg. Price in 2013 (per sft) |
Avg. Price in 2020 (per sft) |
Total Appreciation 2013 vs 2020 |
|
NCR |
4488 |
4,580 |
2% |
|
Kolkata |
3850 |
4,385 |
14% |
|
MMR |
9578 |
10,610 |
11% |
|
Pune |
3980 |
5,510 |
38% |
|
Hyderabad |
3485 |
4,195 |
20% |
|
Chennai |
4770 |
4,935 |
3% |
|
Bangalore |
4120 |
4,955 |
20% |
|
Total |
4895 |
5,599 |
14% |
Source: ANAROCK Research
Choosing the Right Markets
While there are plenty of options on the market, not all options in affordable and mid-segment housing are created equal and need to be examined closely. There is less guesswork involved in luxury properties which, almost by definition, are developed in good locations and by well-known developers. The landscape in the lower budget ranges is much wider and needs to be mapped carefully for the right opportunities.
While considering cities to invest in, the much-hyped housing inventory overloads need to be viewed contextually. Slow-moving housing inventory tends to be in unviable locations of a city, and the same city will invariably have pockets which draw good demand. Real estate investment opportunities must be evaluated more at a micro-market level than at a city level, or one may miss out on some of the best options, said Prashant Thakur, Director and Head – Research, ANAROCK Property Consultants.