Annual residential property price increase slowing with time
New Delhi: Average home prices in the top seven cities witnessed an increase of 38 percent in the 10-year period from 2010 to 2020. The average house price these top cities went up from about Rs 4,063 per square feet in 2010 to Rs 5,599 per square feet in 2020.
In the 2010 to 2014 period (5 years), the average home price went up between 5-7 percent years on year. After that period, the growth in prices began to slow down significantly, ranging between 0-2 percent.
In sharp contrast, for the decade between 2000 and 2009, average property prices went up by almost 52 percent. It went up from Rs 2,490 per square feet in 2000 to Rs 3,784 per square feet in 2009. In contrast, the growth in average prices between 2010 to 2020 is about 38 percent.
While Pune has seen maximum price increase of properties in the given time period, Delhi has seen the lowest increase in this period in percentage terms.
The average price of properties was Rs 3,300 per square feet in 2010 in Pune which climbed to Rs 5,510 per square feet in 2020, clocking 67 percent growth in this period. Delhi NCR, on the other hand, had average prices at Rs 3,850 per square feet which reached Rs 4,580 per square feet in the given period, translating into a growth of just 19 percent, according to a report by ANAROCK Property Consultants.
All the data pertains until first quarter of 2020.
In Mumbai, the average home price was Rs 7,965 per square feet in 2010 which climbed to Rs 10,610 per square feet in 2020, clocking 33 percent growth in this period.
In Hyderabad, the average house price was Rs 2,897 per square feet in 2010 which climbed to Rs 4,195 per square feet in 2020, clocking 45 percent growth in this period.
In Bengaluru, the average home price was Rs 3,345 per square feet in 2010 which climbed to Rs 4,975 per square feet in 2020, clocking 33 percent growth in this period.