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The average property prices in top seven cities ― Bengaluru, National Capital Region (NCR), Mumbai Metropolitan Region (MMR), Chennai, Hyderabad, Pune and Kolkata ― in the last decade (Q1 2010 to Q1 2020) has seen a 38 per cent jump.
Among the cities, Pune saw the maximum rise of 67 per cent during the period. This was followed by Bengaluru with 49 per cent jump, and Hyderabad with 45 per cent.
The average price of a house in the top seven cities rose from about ₹4,063 per square feet in 2010 to ₹5,599 per square feet by Q1 2020, revealed Anarock research.
Prashant Thakur, Director & Head – Research, Anarock Property Consultants, said, “In the initial five-year period between 2010 to 2014, average property prices increased by between 5-7 per cent Y-o-Y. Thereafter, growth began to slow down significantly, ranging between 0-2 per cent.”
“However, in the decade between 2000 and 2009, average property prices jumped by almost 52 per cent ― from ₹2,490 per square feet in 2000 to ₹3,784 per square feet in 2009. In contrast, the growth in average prices between 2010 and now is about 38 per cent,” he added.
City-wise property prices
The average price in Pune was about ₹3,300 per square feet in 2010, , which rose to ₹5,510 per square feet in Q1 2020, a 67 per cent jump. Interestingly, contrary to trends in all other top cities, prices in Pune saw lower growth (of 52 per cent) in the preceding decade of 2000 to 2009.
In Bengaluru , average property prices stood at ₹3,345 per square feet in 2010, which rose to ₹4,975 per square feet in Q1 2020 ― a 49 per cent rise. In the 2000-09 period, the city witnessed an 82 per cent jump in prices.
Hyderabad witnessed a 45 per cent increase in prices in the last decade ― the average price in 2010 was ₹2,897 per square feet, which increased to ₹4,195 per square feet in Q1 2020. In the 2000-09 period, the city witnessed a 65 per cent jump in prices.
Kolkata saw a 44 per cent rise in average property prices ― from ₹3,050 per square feet in 2010 to ₹4,385 per square feet today. In the 2000-09 period, the city’s prices rose by 58 per cent.
MMR saw a 33 per cent increase in property prices in the last decade. The average price recorded in the region in 2010 was ₹7,965 per square feet, while in Q1 2020 it had increased to ₹10,610 per square feet. In the 2000-09 decade, the city saw a whopping 67 per cent jump in prices, the highest among all cities.
Chennai saw average prices rise by nearly 20 per cent in the 2010 to Q1 2020 period. The average price recorded in the city in 2010 was ₹4,100 per square feet, while in Q1 2020 it had increased to ₹4,935 per square feet. In the 2000-09 period, the city witnessed a 62 per cent jump in prices.
Interestingly, NCR saw the least increase in property prices ― by 19 per cent between 2010 and Q1 2020. The average price recorded in the region in 2010 was ₹3,850 per square feet, while in Q1 2020 it had increased to ₹4,580 per square feet. In the 2000-09 period too, the city witnessed the least price rise of 34 per cent.
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