According to Rohit Singh, VP Sales of 100 Yards, Leading Real Estate Consultant in Bangalore, average home prices have risen by 13–33% over the past three years in seven major cities with strong demand. The average residential price increase in Gachibowli, Hyderabad, has been the highest in the last three years at 33%.
Bangalore and its micro market:
Micro markets in the context of Bangalore typically refer to specific localities or neighbourhoods within the city that have distinct characteristics and development patterns. These micro markets are often analysed in terms of real estate, as different areas may have varying property values, infrastructure, amenities, and demand.
Some of the prominent micro markets in Bangalore included:
Whitefield:
Known as a major IT hub, Whitefield has witnessed significant real estate development with numerous IT parks, residential complexes, and commercial spaces.
Electronic City:
Another important IT destination, Electronic City is home to several IT companies and has witnessed substantial growth in residential and commercial real estate.
Sarjapur Road:
Sarjapur Road is a popular residential and commercial hub in Bangalore, India. The area has seen rapid development in recent years, with many new apartments, villas and commercial spaces being built.
Bellary Road:
Bellary Road is a significant micro market in North Bangalore. The micro market is popular among homebuyers due to its affordability and smooth connectivity to other parts of the city.
Rajajinagar:
Rajajinagar is a micro-market in West Bangalore that has seen a lot of growth in recent years. The area is well-connected to other parts of the city, and it has a good mix of residential and commercial space.
The average price on Sarjapur Road and Thanisandra Main Road in Bengaluru increased by 26% and 27%, respectively.
Property price hike of last 3 years:
Property prices in Bangalore have increased due to a growing economy, IT sector, and startups. In the last three years, average housing prices in Bangalore have increased 13–33%. Some localities with price increases include:
- Thanisandra Main Road: 27% increase
- Sarjapur Road: 26% increase
- Mahadevapura: Land prices increased from Rs 5,000–6,000 per sq ft to Rs 8,000
- Some other localities with price increases include:
- Devanahalli: 13.4% increase
- Whitefield: 46.4% increase
- Electronic City Phase 1: 55.5% increase
In North Bangalore, property rates have increased 9.91% in the last year
Greater Noida West, Sector 150 (Noida), and Raj Nagar Extension (Ghaziabad) are the top three localities in Delhi-NCR in terms of average price increases, with hikes of 27%, 25%, and 21%, respectively.
The areas of Chennai with the highest percentage increases in prices are Perumbakkam (19%), Guduvanchery (17%), and Perambur (15%).
According to the report, the three most notable micro-markets in Kolkata that saw significant price increases were Joka, Rajarhat, and EM Bypass, which saw increases of 24%, 19%, and 13%, respectively.
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