Hyderabad: The real estate market in India has seen significant price hikes across major cities. However, Hyderabad has experienced the smallest increase in property prices over the past year. The rise in prices is due to increasing construction costs and strong demand, especially for luxury properties.
According to a report from PropTiger.com, titled ‘ Real Insight Residential: July-September 2024 ‘, property prices across eight prime Indian cities saw substantial growth in the third quarter of 2024 (Q3CY2024) compared to the same period last year. In cities such as Delhi-NCR, Ahmedabad, Mumbai, and Bengaluru, the combination of construction cost inflation and high demand has driven double-digit price growth.
Delhi-NCR experienced the most significant increase, with an impressive 57 percent year-on-year jump, largely due to strong demand for luxury homes and renewed investor confidence. Following Delhi-NCR, cities like Ahmedabad, Mumbai, and Bengaluru reported increases in the 15-21 percent range, driven by robust economic activity and rising consumer demand. Chennai and Kolkata also saw considerable increases, with property prices rising by 22 percent.
Pune followed with an 18 percent increase. Following are the average prices in various cities In contrast to these soaring price trends, Hyderabad recorded the smallest annual price increase, at just 7 percent. Meanwhile, according to a report by real estate services company ANAROCK, in Q3 2024, the quarterly change in re.