Srinagar, Sept 26: The average property prices surged by 23% across India this year, driven by escalating input costs and strong demand earlier in the year, real estate research company Anaroch said on Wednesday.
According to the Anarock report analysed by Ziraat Times, the Mumbai Metropolitan Region (MMR) led the housing sales, while Hyderabad saw the steepest rise in prices, with a 32% year-on-year increase. At the same time, cities like Pune, Hyderabad, and Kolkata experienced significant drops in sales, ranging from 17% to 25%.
On the other hand, housing sales in various cities across the country witnessed a notable downturn during the July-September 2024 period, dropping by 11% in seven major cities. According to Anarock, only 1.07 lakh housing units were sold during this quarter, compared to 1.20 lakh units in the same period the previous year. The primary factors behind this decline were fewer new housing launches and seasonality, with the monsoon and the “shraad” period reducing demand.
Looking forward, the market is expected to pick up during the October-December festive season, with developers likely offering discounts to attract buyers. However, price growth may stabilize as the market finds equilibrium, the report added.
While there is no specific mention of Srinagar and Jammu cities in the Anarock report, recent price data available from other real estate sources suggests a mixed trend.
In Srinagar, especially in high income commercial and prized location segments, property prices have risen, with an average price per square foot reaching ₹16,917, representing a 22.45% year-on-year increase. This mirrors more or less with the overall national trend of increasing property values, making real estate investment in the state still an attractive option. Price ranges in Srinagar span from ₹6,709 to ₹25,000 per square foot, depending on the type of property.
Similarly, other cities in J&K, like Jammu, the winter capital, are also witnessing steady increases in real estate values due to growing demand and infrastructural development.
Comments are closed.