Title: Bangalore’s Whitefield and Hyderabad’s IT Hubs See Sharp Rise in Property Prices
Recent data from real estate consultancy firm Anarock Research has revealed that Bangalore’s Whitefield, as well as Hyderabad’s Gachibowli and Kondapur areas, have experienced significant increases in property prices over the past three years. The average residential prices in Gachibowli have surged to around ₹6,355 per square ft from ₹4,790 per sq. ft in 2020. Meanwhile, Kondapur and Whitefield have recorded a 31% and 29% average price rise, respectively.
Prashant Thakur, the regional director & head of research at Anarock Group, pointed out that Hyderabad’s average prices in key micro markets are on par with Bengaluru’s IT-led housing hotspots as of 2023. Furthermore, Pune’s Wagholi area and Delhi’s Greater Noida West have also seen sharp surges in property prices, indicating a shift in the real estate market.
Interestingly, despite the rise in prices, experts believe that this won’t affect the demand for properties. The pandemic-fueled demand and a strong showing in the recently concluded festive season saw a sharp jump in property registrations across key markets. Thakur stated that the high demand, along with increased input and construction costs, rising land prices, and shifting homebuyer preferences, have contributed to the upward trajectory of property prices.
In addition, developers are confident that these price hikes will be absorbed by buyers. The industry has successfully managed the increased costs, and demand for properties remains substantial. The rise in property prices is a clear sign of the changing real estate landscape, with tech hubs like Bangalore and Hyderabad continuing to attract both investors and homebuyers.
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