Sohna Road and Dwarka Expressway in Gurugram have emerged as the top performing real estate markets in NCR, with an appreciation of 19% and 14%, respectively, in the average property prices since 2013. This is as per the latest report released by realty consultants Anarock. And these two micro markets are followed by New Gurgaon, Sohna and Noida Extension, where the appreciation has been in double digits.
Overall, the report says that the average property prices in the top seven cities of India in the past seven years saw close to a 14% jump. The average price of a home in the top seven cities rose from approximately Rs 4,895 per square feet in 2013 to Rs 5,599 per square feet by the end of the third quarter of 2020. Among these, Pune saw the maximum rise of 38%, followed by Bengaluru and Hyderabad, with 20% growth each.
Interestingly, NCR was at the last with merely 2% overall appreciation in property prices from Rs 4,488 per square feet to Rs 4,580 per square feet in the past seven years. While Sohna road witnessed an increase in the average price from Rs 5,640 to Rs 6,707 per square feet, the property rate in Dwarka Expressway appreciated from Rs 4,668 to Rs 5,340 per square feet in the past seven years, the report says.
Similarly, with 13% appreciation, the average realty prices increased from Rs 5,375 to Rs 6,100 per square feet in New Gurgaon. In Greater Noida (west), the hike has been 11% from Rs 3,050 to Rs 3,370 per square feet , according to Anarock.
Prashant Thakur, director (research) at Anarock, said, “While considering cities to invest in, the much-hyped housing inventory overloads need to be viewed contextually. Slow-moving housing inventory tends to be in unviable locations of a city, and the same city will invariably have pockets which draw good demand.”