Housing prices go through the roof in this city!
Housing prices up 6% YoY in Q3 CY23 in Mumbai; While, prices have risen by 4% in Delhi-NCR during the same period: Knight Frank
Property consultant Knight Frank India said housing prices in the country have been rising steadliy over the past one year. Hyderabad has shown the biggest rise of 11% on year-on-year (YOY) basis in Q3 CY23. Shishir Baijal, Chairman and Managing Director of Knight Frank India has attributed the price rise to robust demand for residential properties in the country. According to the property consultant, after Hyderabad, prices increased the most in Kolkata, Bengaluru, Mumbai, Pune, Ahmadabad, Delhi-NCR and Chennai.
Housing prices increased the least in Chennai by three per cent YoY in Q3 CY23. While, Kolkata saw second highest rate of seven per cent price rise. Housing prices increased by six per cent in Bengaluru and Mumbai. In Pune, property prices jacked up by five per cent. In Ahmedabad and Delhi-NCR, property prices amplified by four per cent.
Property price rise in top 8 cities:
| City | Housing price hike (%) |
| Hyderabad | 11 |
| Kolkata | 7 |
| Bengaluru | 6 |
| Mumbai | 6 |
| Pune | 5 |
| Ahmedabad | 4 |
| Delhi-NCR | 4 |
| Chennai | 3 |
Source: Knight Frank
Baijal has attributed the price rise to robust demand which resulted in hike in sales volume in the September quarter to six-year high of 82,612 units. Housing sales jumped 12 per cent YoY in Q3 CY23 from 73,691 units in the year-ago period.
Rise in steel and cement prices:
Property price hike can also be attributed to rise in steel and cement prices. According to markets research firm, SteelMint India, price of one tonne of hot rolled coil (HRC) steel has risen six per cent from June 2023 to September 2023. Price of one tonne of HRC has increased to Rs 58,800 from Rs 55,200 in June, 2023. Steel prices have continuously risen in last three months. Cement prices too had shown upward trend in the month of September 2023.