The Indian real estate market has grown exponentially in the last few years, with a 7% contribution to the nation’s GDP. In the past few years, India has witnessed various trends, including the introduction of sustainable housing, townships in Tier 1 and Tier 2 cities, gated societies, lower mortgage rates and government aid for the lower-income sections of the population. Square Yards bring you accurate price data of various properties in the country divided by cities, localities and developers by transaction and value. The information is based on the data collected by the Inspector General of Registration (IGR), India’s apex stamp duty and registration department authority. Square Yards have covered over 8.6 million transactions, 1,40,000 projects and 11 cities.
City Average Price in India
In the Indian real estate context, Tier 1 cities have seen massive growth in the past few years. People migrate to these cities for jobs, better education, and increased living standards. The four main cities, Delhi, Mumbai, Chennai and Kolkata, have witnessed a significant step up in their property markets for residential and commercial aspects. Cities like Pune, Hyderabad and Bengaluru are parallel to the cities mentioned above.
According to Square Yards, In the last year, Mumbai tops the list of cities having maximum property transactions. The city has dealt with 114,269 property transactions, with the average rate being ₹ 17,484 per square feet. There has been an increase the property rates with newer sales made in Mumbai, approximately 58,269 properties and cost ₹ 18,420 per square feet. Hyderabad is right behind Mumbai on the list, with 121,116 transactions in properties costing ₹ 3469 per square feet.
In terms of increase in property rates per square feet, Mumbai at ₹17,484 leads closely being followed by Navi Mumbai at ₹15,132, Thane at ₹10,789 and Pune at ₹ 8,920 in the last three months, according to IGR.
Top Gainer Localities in India
When we talk about the top gainer localities in India, most fall in Bangalore, Hyderabad and Gurgaon. If you look at the past year, the overall data shows that the highest transactions occurred in Krishnarajapura at 5051 transactions, followed by Chokkanahalli at 2346 transactions, both in Bangalore. Square Yards Property Rates in India reports that in the last year, Krishnarajapura in Bangalore and Sector – 69 Gurgaon have ranked high concerning heightened property rates. The current price in Krishnarajapura is ₹8,819 per square feet, and Sector-69 Gurgaon is ₹ 8,650 per square feet.
Krishnarajapura is also one of the preferred localities for new sales, with 3,535 sales at ₹ 9,906 per square feet last year. Over the previous six months, Chambenhalli, Banglore, has seen a significant increase in new sales. During the previous three months, according to Square Yards Data Leak, Akshayanagara in Banglore has been selling out projects out of the other localities in the country.
According to Square Yards Property Rates in India, the resale transactions and values for various localities in the country have been on the rise. The locality with the highest resale transactions is Pokkulwada, at a value of ₹ 4,121. In the last six months, the highest resale transactions have occurred in Sector-69, Gurgaon, with 150 transactions. However, the highest property value is at Cooke Town, Bangalore, costing ₹ 9,990 per square feet. In the last three months, Kon and Thane have been highlighted with respect to the highest resale transactions.
Most Active Localities by Transaction in India
Kondapur in Hyderabad, Thane West, Dombivli East and Mira Road East are the most active localities by transaction in India. The highest number of transactions have taken place in Kondapur, with 26,456 transactions at ₹ 4,167, Thane West, with 17,516 transactions at ₹ 16,473; and Dombivli East, with 12,596 transactions at ₹ 9,112. In the past three months, the highest number of transactions has occurred in Kondapur, Thane West and Dombivli East.
Regarding new sales, Thane West tops the chart with 2,890 transactions, Dombvili East with 2,113 transactions, Mira Road East with 1,394 transactions, and Vasai East with 1,259 transactions in the last three months. In the previous six months, Thane West has led with 5935 sales transactions, Dombivli East follows with 4273 transactions, Vasai East with 3031 and Kondapur with 2,980 transactions. In the past year, Thane West has been on top with 11,187 sales transactions, Dombivli East is right behind with 8,654 transactions, Kondapur is the third most active locality with 7,204 transactions, and finally, Hinjewadi comes at fourth place with 5,362 sales transaction.
Square Yards have listed that resale transactions are highest in Thane West, Mira Road East, Kondapur, Dombivli East, and Miyapur.
Most Active Localities by Value in India
Most active localities by value in the past year are Thane West, with a current price of ₹ 16,473 and sale value ₹ 12,612 Cr, Kondapur, with a current price ₹ 4,716 and a sale value ₹ 8,921 Cr., Worli with current price ₹ 41,404 and sale value ₹ 5,296 Cr. and Mira Road East with current price ₹ 11,926 and sale value ₹ 5,026 Cr. In the last six months, the market value has been high in Thane West with current price of ₹ 16,473 and a sale value of ₹ 6,680 Cr., Worli with current price of ₹ 41,404 and a sale value of ₹ 4,658 Cr., Kondapur with the current price at ₹ 4,716 and sale value at ₹ 3,861 Cr. and Mira Road East with current price at ₹ 11,926 and sale value at ₹ 2,664 Cr. In the last three months, the market value has been high in Thane West with a current price of ₹ 16,473 and a sale value of ₹ 3,343 Cr., Kondapur with current price of ₹ 4,716 and sale value at ₹ 1,699 Cr., Mira Road East with current price at ₹ 11,926 and sale value at ₹ 1,450 Cr. and Andheri West with current price at ₹ 26,615 and sale value at ₹ 1,256 Cr.
Top Developers by Transaction in India
In the last year, Lodha Group, Godrej Properties, My Home Constructions and Signature Global Group have been the top developers in the country. Godrej Properties are at the top of the list with 7,861 transactions for overall sales and new sales; on the other hand, Lodha Group holds a higher position regarding resale transactions.
Top Developers by Value in India
Lodha Group, Oberoi Realty, My Home Construction and Godrej Properties are known for the highest sales values in the past year. Lodha touched the top in sales at ₹ 6,914 Cr. and resale values at ₹ 1,791 Cr. In contrast, Oberoi Realty has been sweeping the new sales market with ₹ 5,970 Cr.
Conclusion
India has been at the top of its real estate game in the past decade. With purchasing power of the citizens increasing, there is a high demand for such projects for investment purposes. Square Yards brings you accurate, government-verified data on top cities, localities and builders in accordance with the number of transactions and values for the projects.
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