The average values of properties in India’s eight prime residential markets have shown a marginal increase during the April-June period of 2021, show data available with PropTiger.com. While cities like Hyderabad and Ahmedabad have recorded an increase in rates of new apartments by 5% when compared to the prices in the same period in 2020, other cities have seen much lower growth. Barring the Mumbai Metropolitan Region, prices have moved upwards, albeit marginally, during a time when the second wave of the Coronavirus pandemic affected the economy badly.
Price growth: City-wise break-up
| City | Average price as on June 30, 2021 (in Rs per sq ft) | Annual growth in % |
| Ahmedabad | 3,251 | 5 |
| Bangalore | 5,495 | 4 |
| Chennai | 5,308 | 3 |
| Hyderabad | 5,790 | 5 |
| Kolkata | 4,251 | 2 |
| MMR | 9,475 | No change |
| NCR | 4,337 | 2 |
| Pune | 5,083 | 3 |
| National average | 6,234 | 3 |
Source: Real Insight: Q2-2021
“Demand and supply, both remained largely hit during the first two months of Q2 CY 2021 when most states put in place fragmented lockdowns to the curb the spread of the virus. However, some ground on both the indicators were covered during the June month, when states started to open up. The same is reflected in Q2 demand and supply numbers. We expect some improvement on both these indicators of real estate heath in the upcoming quarters, since India’s inoculation programme is likely to cover a large part of its population,” said Dhruv Agarwala, group CEO, Elara Technologies.
