The price of property increases so much in 3 years

Property prices have increased rapidly in major metros of the country and the prices have increased further than before the Corona epidemic.  Before Corona in Gurugram, the rate of land was Rs 40 thousand per square feet, which has now reached Rs 1.25 lakh.  Land and house prices are skyrocketing in Bangalore and Hyderabad as well.

According to a Daulat Capital report last week, land prices in Tier 1 cities of the country have increased between 20% to 200% compared to the pre-corona pandemic period. The report states that Gurugram and Hyderabad have seen the highest growth of over 200%.

Apart from prices, apartment sizes are also increasing in Hyderabad and luxury residential developments are happening in the city. Before Covid, the maximum inventory was 1,200 sq ft two bedroom and 1,800 sq ft three bedroom. The largest was 2,400 square feet. Now they are launching 7,000-10,000 sq ft apartments.

In Bengaluru too, there has been a sharp rise in land prices as compared to the pre-pandemic period. Plot and apartment prices have increased from Rs 2,000 per sq ft to Rs 4,000 per sq ft and residential prices are touching Rs 5,000 per sq ft to Rs 10,000 per sq ft

The report noted that MMR and Pune are two markets to watch as prices have risen between 20% and 70%, and inventory overhang has come down to a decade low of 12-20 months. In line with the top performing markets of Gurugram and Hyderabad.

The Managing Director of Land Services at Anarock Property Consultants said that before Covid, land prices in Gurugram ranged between Rs 30,000 to Rs 40,000 per sq yard, and have now touched Rs 1.25 lakh per sq yard, and this has affected the area. The prices of the apartments have also been affected.

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