Gachibowli home prices surge by 33 per cent in 3 years, Kondapur sees 31 per cent rise: Anarock Research

Hyderabad: Recent data from Anarock Research showed a substantial surge in average residential prices in key locations across Hyderabad over the past three years, from October 2020 to October 2023.

Gachibowli emerged as a frontrunner in this surge, experiencing a remarkable 33 per cent increase in average residential prices. The area now commands an average price of approximately Rs 6,355 per square foot, a notable rise from Rs 4,790 per square foot in 2020.

Closely following, Kondapur witnessed a 31 per cent rise, with average prices climbing from Rs 4,650 per square foot to Rs 6,090 per square foot during the same period.

2023 realty sector different from pre-Covid

Prashant Thakur, regional director and head of research at Anarock Group, shed light on this shift. “The scenario in 2023 is markedly different – backed by strong demand, housing sales across the top seven cities have created a new peak this year with sales far exceeding the previous peak of 2014.”

Thakur acknowledged that 2020 was a year of price stagnation and challenges for developers, but the current landscape presents a contrasting picture. Before the pandemic, average residential prices across cities remained relatively stagnant. However, Thakur highlighted that Hyderabad, Bengaluru, and Pune’s IT-led areas experienced the highest surge in average prices.

Hyderabad in close competition with Bengaluru

He underscored Hyderabad’s significant potential for price appreciation, noting that the city’s pre-Covid average prices were comparatively lower than Bengaluru’s IT/ITeS hubs. As of October 2023, the average prices in Hyderabad’s key micro markets align closely with those in Bengaluru’s IT-driven housing hotspots.

The data further broke down the average residential prices across key markets in Hyderabad, emphasising the noteworthy percentage change over the three-year period. In Gachibowli, Kondapur, and Miyapur, the surge stands at 33 per cent, 31 per cent, and 28 per cent, respectively.

The surge in average residential prices in Hyderabad signifies a significant shift, driven by robust demand and reflecting a more buoyant real estate market. This trend aligns with the broader upswing in housing sales across major cities, indicating a positive trajectory for the real estate sector.