- Date : 19/08/2022
- Read: 3 mins
Real estate in Indian cities are expensive but some metropolitan cities have India have the highest real estate prices. Affording a property in these cities is very costly.
Prices of real estate in India
The urban economy of India is developing rapidly and due to this people from rural areas are migrating to cities. As a result, household prices in cities are increasing. Residential property prices have seen an increment of 7 per cent on average among the top eight Indian cities between January and March 2022. The primary reason for this is that the cost of building materials has increased. India’s most expensive real estate markets i.e. Delhi and Mumbai have the lowest increase of 4 per cent whereas Chennai has seen the maximum increase of 9 per cent.
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Top cities in India with the most expensive real estate pricing
- Mumbai: India’s second most expensive city. It is also the financial capital of the country contributing 5 per cent of India’s total GDP. Some chief financial institutions such as the Bombay stock exchange, SEBI, Reserve Bank of India, and many corporate headquarters are established in Mumbai. The average price of real estate in Mumbai is around Rs. 8157/ Sq. Ft.
- Delhi: Delhi is among the most expensive cities in India. The average price of real estate in Delhi is around Rs. 6899 per square feet. Most big companies from different industries such as construction, telecom, health services, real estate, etc. have their headquarters in Delhi. Delhi is very well-connected to all the major cities via road, railways, and air.
- Chennai: Chennai saw around a 20 per cent rise in real estate prices during the period of 2010 to quarter 1 of 2020. The average price in Chennai in 2010 was Rs. 4100 per square feet which rose to Rs. 4935 per square feet in 2020.
- Bangalore: Bangalore is a hub of IT companies and is also known as the Silicon Valley of India. Due to an increase in IT companies, the city has experienced rapid development in infrastructure that increased the demand for real estate in Bangalore. The demand in Bangalore for properties is on the rise as real estate developers are launching their projects in different sectors. The average price of a property in Bangalore is Rs. 4580/ Sq. Ft.
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The real estate prices in India are rising rapidly. The average price of real estate in the top cities has seen a jump of 38 per cent. The average price of housing in the top cities has increased to Rs. 5599 per square feet from Rs. 4063 per square feet. The development of cities is attracting people to invest in real estate and the result is a rise in prices.
Here's what experts say about; Is it a good time to buy a house?
