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Per a survey, Bengaluru’s home costs reached a three-year high in the second quarter, up four percent year on year. Unsold properties were purchased at the fastest rate among seven other big cities, showing a rebound in demand.
The square foot price of residential housing in Bengaluru climbed by 4% year on year to 7,848 in the April to June quarter. This is less than the 10% growth in Delhi and the national capital area, but greater than the 1% increase in Chennai and the Mumbai Metropolitan Region (MMR).
The research titled ‘Housing Price-Tracker 2022′ by Credai, or the Confederation of Real Estate Developers’ Associations of India, Colliers India, and Liaise Foras examines real estate market trends in eight key cities: Bengaluru, Delhi-NCR, MMR, Chennai, Kolkata, Hyderabad, Pune, and Ahmedabad.
Housing prices in Bengaluru recovered to pre-pandemic levels in the second quarter, climbing 4%, the most in three years. Do not miss Mumbai, Bengaluru, and Hyderabad: Cities leading India’s residential real estate recovery in 2022.
The table below shows the growth in home prices in eight cities:
City |
The year-on-year increase in housing prices |
Delhi |
10 percent |
Ahmedabad |
9 percent |
Hyderabad |
8 percent |
Kolkata |
8 percent |
Pune |
5 percent |
Bengaluru |
4 percent |
Chennai |
1 percent |
Mumbai Metropolitan Region |
1 percent |
Source: The Hindustan Times
According to the research, Bengaluru also saw the biggest YoY drop in unsold inventory, at 21%, indicating a resurgence in demand.
This contrasts with a 36% increase in unsold inventory in Ahmedabad, indicating that supply is more than demand, but the market in Bengaluru is approaching a more balanced condition, with demand equal to supply.
Prices increased by 4% in the city’s periphery and outer south region, including Attibele Sarjapur Village Junction, BTM Layout, Bommanahalli, Electronic city phase-2, RR Nagar – Kenchanahall, while prices increased by 10% in the city’s periphery and outer east region, including Hoskote Village, HSR layout sector 1, Kadugodi – Sadarmangala, Old Madras Road – Avalahalli and Whitefield Road.
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