Hyderabad Housing Prices Surge 19% in Q3: Report

New Delhi, Dec 1 (PTI) Housing prices rose annually by an average 10 per cent during the July-September quarter this year across top eight cities in India on better demand, according to a joint report by CREDAI, Colliers and Liases Foras.

All eight major cities experienced a notable increase in housing prices, with Hyderabad leading the pack at 19 per cent Year-on-Year (YoY) rise, closely followed by Bengaluru at 18 per cent on an annual basis, according to a statement on Friday.

"Homebuyer sentiments have been quite positive in 2023, playing a huge factor in not just the volume of housing registrations, but also indirectly having a cascading impact on increasing housing prices," Realtors apex body CREDAI President Boman Irani said.

Housing prices in Ahmedabad rose 9 per cent to Rs 6,613 per square feet (carpet area), while rates appreciated 18 per cent in Bengaluru to Rs 9,471 per square feet.

Chennai saw a 7 per cent increase in prices to Rs 7,712 per square feet, while Delhi-NCR witnessed a 12 per cent rise in prices to Rs 8,655 per square feet.

In Hyderabad, prices went up 19 per cent to Rs 11,040 per square feet.

Housing prices in Kolkata grew 12 per cent to Rs 7,406 per square feet.

Mumbai Metropolitan Region (MMR) saw a marginal growth of 1 per cent in prices to Rs 19,585 per square feet.

Housing prices in Pune during the July-September period appreciated 12 per cent YoY to Rs 9,014 per square feet.

"The strong 10 per cent annual increase in housing prices across India's top eight cities during the third quarter of 2023 signifies a competitive and flourishing housing market," Badal Yagnik, Chief Executive Officer of real estate consultant Colliers, India, said.

"Last year, the housing market grew by 35 per cent. The sales in the first nine months of the current year grew further by 11 per cent from the previous year. With a 10 per cent increase in the prices, the housing market is at its most productive phase in India; sales, new supply, and prices are witnessing healthy growth," Pankaj Kapoor, Managing Director of data research firm Liases Foras, said.