Residential Demand Has Increased by 7-8% YoY in 13 Indian Cities!
The residential real estate sector in India has witnessed a significant surge in demand across various cities. According to recent reports, residential demand across 13 major Indian cities has increased by 7-8% year-on-year. This article explores the reasons behind this surge in demand and provides an overview of the new property rates in some of the key cities, including Delhi NCR, Mumbai, Bengaluru, and others.
Factors Driving Residential Demand:
Several factors have contributed to the increase in residential demand across Indian cities. First and foremost is the growing urban population, as more people migrate to cities in search of better employment opportunities and improved lifestyles. Additionally, favorable government policies such as Pradhan Mantri Awas Yojana (PMAY) and lower interest rates on home loans have made it easier for individuals to fulfill their homeownership aspirations. The ongoing focus on affordable housing has also played a crucial role in driving demand.
Delhi NCR:
In Delhi NCR, property rates have witnessed steady growth. In prime locations such as Gurugram, Noida, and Greater Noida, the average property rates range from Rs. 4,000 to Rs. 8,000 per square foot for apartments. However, luxury properties and high-end projects command higher rates. The improved connectivity, infrastructure development, and the availability of employment opportunities in the region have contributed to the increase in property rates.
Mumbai:
Mumbai, the financial capital of India, has always been a high-demand real estate market. The property rates in Mumbai vary significantly based on the location. South Mumbai, known for its upscale neighborhoods like Malabar Hill and Cuffe Parade, has the highest property rates, reaching as high as Rs. 50,000 per square foot for premium apartments. Suburban areas like Andheri, Bandra, and Powai also have relatively high property rates due to their proximity to commercial hubs and good connectivity.
Bengaluru:
Bengaluru, known as India’s Silicon Valley, has witnessed a surge in residential demand due to its thriving IT industry and favorable climate. The property rates in Bengaluru range from Rs. 4,000 to Rs. 10,000 per square foot, depending on the locality. Areas like Whitefield, Electronic City, and Sarjapur Road have experienced significant growth in property rates due to the presence of tech parks and employment opportunities.
Other Cities:
Other cities such as Pune, Hyderabad, Chennai, and Kolkata have also experienced an increase in residential demand. Pune, a prominent educational and IT hub, has witnessed steady growth in property rates, with average rates ranging from Rs. 4,500 to Rs. 8,000 per square foot. Hyderabad, with its booming IT sector, has seen a rise in property rates, particularly in areas like Gachibowli and HITEC City. Chennai and Kolkata have also witnessed moderate growth in property rates, with rates varying based on the locality and amenities.
The surge in residential demand across 13 major Indian cities can be attributed to factors such as population growth, favorable government policies, and a focus on affordable housing. Delhi NCR, Mumbai, Bengaluru, and other cities have witnessed varying property rates based on factors like location, connectivity, and employment opportunities. As the demand for housing continues to rise, developers and policymakers need to ensure sustainable growth and affordability in the real estate market to meet the evolving needs of homebuyers.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
