Team Blitz India
NEW DELHI: Fuelled by a strong housing demand from the information technology (IT) sector, the average residential prices in key micro markets across the top seven cities saw a significant rise in the last three years, a survey conducted by Anarock Research shows.
Hyderabad’s Gachibowli recorded the highest increase in average residential prices between October 2020 and October 2023, at 33 per cent, followed by Kondapur with a 31 per cent rise, according to the survey, which took into account the micro markets of Bengaluru, Hyderabad, Mumbai, DelhiNCR, Pune, and Kolkata.
“Among the top seven cities, key areas in the IT-led cities of Hyderabad, Bengaluru, and Pune saw the highest surge in average prices,” said Prashant Thakur, regional director and head of research at Anarock Group.
Hyderabad also has a higher ope for price appreciation because before the Covid19 pandemic, the average residential prices in the city were lower than those in Bengaluru’s IT/ITES hubs.
As of 10 months of 2023, the average prices in Hyderabad’s key micro markets were almost on a par with Bengaluru’s IT-led housing hotspots.
In Gachibowli, an emerging IT hub in Hyderabad, the average residential price at the end of October stood at Rs 6,355 per square foot (sq ft). In the corresponding period of 2020, the average price in this locality was Rs 4,790
