There has been a big change in house prices over the last few years. This happened because the land became more expensive, building costs went up, and people wanted more houses, so the prices increased.
From January to October this year, house prices went up a lot in big cities like Delhi-NCR. In the past three years, the cost of houses increased by 25 to 33 percent.
During this time, a new trend started where people prefer larger houses with more features, and they are willing to pay more for them.
Greater Noida West, in Delhi-NCR, had the highest increase in house prices in the last three years, about 27 percent.
Prices in Sector-150 and Raj Nagar Extension also went up by 21 to 25 percent.
Hyderabad has the most expensive houses, with a 33 percent increase in prices compared to 2020.
In the main area of Gachibowli, the price per square foot went from Rs 4790 in 2020 to Rs 6355.
Before Covid-19, house prices in Hyderabad were lower than in cities like Bengaluru, so the increase here is the highest among the major cities.
Bengaluru saw a 29 percent increase in house prices, mainly because of the IT sector. Pune, another city with a strong IT presence, saw prices go up by 22 to 25 percent in IT hub areas.
Mumbai, Chennai, and Kolkata also experienced a rise in house prices in the last three years. In Mumbai, prices went up by 13 to 21 percent in different areas.
Chennai saw an increase between 15 to 19 percent, and Kolkata’s house prices went up by 13 to 24 percent.
