Housing prices rise up to 15% in June quarter

PTI | | Updated on: Jul 27, 2022
Residential market has been witnessing steady growth in sales and price appreciations over the last one year.

Residential market has been witnessing steady growth in sales and price appreciations over the last one year. | Photo Credit: Bet_Noire

Chennai witnesses the highest appreciation of 15 per cent in housing prices

Average housing price rose up to 15 per cent during April-June period across 9 major cities, with Chennai witnessing the highest appreciation of 15 per cent, according to data analytic firm PropEquity.

The weighted average price rose by 15 per cent in Chennai to ₹6,744 per square feet in the June quarter from ₹5,855 per square feet in the year-ago period.

Gurugram and Hyderabad witnessed 12 per cent increase in prices to ₹11,517 per square feet and ₹6,472 per square feet, respectively.

The average prices in Noida rose 9 per cent to ₹7,411 per square feet from ₹6,791 per square feet, while the prices in Bengaluru were up 8 per cent to ₹6,196 per square feet from ₹5,760 per square feet.

Housing prices in Mumbai, Thane, and Pune increased by 3 per cent.

In Mumbai, the prices of residential properties rose to ₹18,896 per square feet from ₹18,259 per square feet, while in Thane, the rates appreciated to ₹6,325 per square feet from ₹6,165 per square feet.

Housing prices in Pune increased to ₹5,348 per square feet from ₹5,189 per square feet.

Kolkata witnessed the minimum increase of 1 per cent in the average housing prices to ₹5,431 per square feet in April-June 2022 from ₹5,355 per square feet in the same period last year.

"Residential market has been witnessing steady growth in sales and price appreciations over the last one year," Samir Jasuja, Founder and MD of PropEquity, said.

Hosuing sales

As per the data, the housing sales rose 96 per cent year-on-year to 93,153 units during the June quarter this year. Sales, however, dropped 7 per cent from the previous quarter.

Total units launched across the top 9 cities rose 51 per cent annually to 69,813 units during the April-June period, but fell 24 per cent from the previous quarter.

The unsold housing inventory dropped 11 per cent annually to 4,05,586 units in the June quarter. The fall was 5 per cent from the previous quarter.

Mumbai-based realty firm, Kalpataru Ltd, which is developing many projects in Mumbai and Thane, Director-Sales Mukesh Singh attributed the rise in housing sales and prices in Thane to a higher demand.

"Over the past decade, Thane has transformed into a bustling metropolis. The city is in the midst of infrastructure and connectivity transformation, which is expected to appreciate property prices and rentals," he said.

As per the PropEquity data, housing sales in Thane more than doubled to 22,966 units during the June quarter from 10,878 units in the corresponding period of the previous year.

Housing sales in Pune doubled to 21,927 units from 10,829 units, while sales in Mumbai rose 98 per cent to 11,733 units from 5,929 units.

Hyderabad saw 77 per cent increase to 14,457 units from 8,176 units. Bengaluru witnessed 119 per cent increase to 13,324 units from 6,088 units. The sales of apartments in Chennai rose 45 per cent to 3,453 units from 2,374 units. Kolkata saw 56 per cent growth in sales to 3,103 units from 1,988 units.

In Delhi-NCR, Gurugram witnessed 57 per cent rise to 1,205 units from 769 units, while Noida saw 87 per cent growth to 1,010 units in the April-June period from 539 units last year, the data showed.

Published on July 27, 2022
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