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Rates of Property Firming Up in Eight Residential Markets

Property rates in Bangalore

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.

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The current Bengaluru real estate market is experiencing a steady demand with a slightly upward trend in property prices. The city’s rapid urbanization, prominent IT sector, and growing population have contributed to the overall positive market conditions. Both residential and commercial segments are witnessing considerable growth, with developers focusing on luxury projects and affordable housing initiatives. Furthermore, numerous infrastructure developments and improved connectivity have enhanced the attractiveness of the market further, making it an even more favorable investment destination for both home-buyers and investors.

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