Real Estate Sector: The average price of homes has increased more than rentals between end of 2021 and end of 2024 in major cities like Bengaluru, MMR, NCR and Hyderabad.
Housing Price Hike: Residential property prices in Delhi NCR have seen the sharpest jump in the last three years in Noida. In Sector 150 of Noida, house prices have increased by an average of 128 per cent in the last three years, while the rental value has increased by 66 per cent. This information has been given in a report by real estate consultancy company Anarock.
According to a report by Narock, residential property prices on Sohna Marg in Gurugram saw a 59 per cent increase in prices, while rents increased by 47 per cent during this period. Anarock Chairman Anuj Puri said, “An analysis of key micro markets in the top seven cities shows that the average price of houses in major cities like Bengaluru, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Hyderabad has increased more than the rental between the end of 2021 and the end of 2024.”
He said that on the other hand, the opposite trend was seen in the areas of Pune, Kolkata and Chennai. Rents have increased more in these locations, while the increase in house prices has been relatively less.
The average price on Sohna Marg rose 59 per cent from Rs 6,600 per sq ft at the end of calendar year 2021 to Rs 10,500 per sq ft at the end of 2024. Rental value increased 47 per cent from Rs 25,000 per month to Rs 36,700. In Noida’s Sector-150, the average price of homes more than doubled from Rs 5,700 per sq ft to Rs 13,000. Rents increased by 66 per cent from Rs 16,000 to Rs 26,600 per month.
Sudeep Bhatt, director, strategy, Gurugram-based realty firm Whiteland Corporation, said, “The significant disparity between property price appreciation and rental growth in real estate markets like Gurugram can be attributed to various reasons.
The main reason behind this trend is investor confidence and high returns on investments in luxury and high-end properties which are growing at a faster pace than rental income.”