Most regions in the top metros have seen prices soar by double digit percentages in the last three years with areas in Mumbai and Delhi-NCR witnessing maximum price gains. In Delhi, Dwarka and Gurgaon regions saw 64% and 50% price rise in 2012 when compared to 2010. In Mumbai, Mira Road, Thane and Navi Mumbai saw prices increase within the range of 48% and 51% during the same time period. These are the findings of 99 acres.com study on the trends in realty prices of key metros.
In Kolkata, North Kolkata race ahead in property prices as compared to other regions in these metros. In other metros, North Bangalore, North Chennai race ahead in property prices as compared to other regions in these metros.
Commenting on the same Vineet Singh, Business head, 99 acres.com said, “The real estate market in metros has always been an attractive destination for buyers because of its high returns on investment. In Mumbai almost 50% of the market is driven by investors. However, Mira Road area in Mumbai is dominated by end consumers because of its affordability factor and hence demand has been on a steady increase. The Dwarka region in Delhi has seen high growth because of development happening around that area and proximity to airport. Gurgaon again for years has been the most preferred destination for both end users, investors and companies. All big corporates have set up their offices in this area because of connectivity to airport and with metro extension connectivity with major parts of Delhi getting better.”
The NCR and Dwarka region of Delhi has seen massive price rise over the last few years. The average per square feet in Dwarka rate stands at Rs. 8910 in 2012 as compared Rs. 5420 in 2010. This indicates a whopping 64% increase in prices. Gurgaon, Noida and Ghaziabad does not lack behind too much with prices appreciating by 50%, 40% and 37% respectively over the same time period. Among the four regions in Delhi, the localities based in West Delhi have seen maximum price gain with the overall region witnessing approximately 47% rise in 2012 over 2010.
Most regions in the Mumbai area also show massive price growth. Mira Road in Mumbai saw maximum price growth with 51% increase over the last three years. Prices in both, Navi Mumbai and Thane area has seen 48% growth over in 2012 when compared to 2010. Plush localities in South and South West Mumbai make these regions the highest priced area in the country. The Per square feet rate stands at approximately Rs. 35000 for South Mumbai and Rs.27000 for south West Mumbai in 2012.
Kolkata has also seen price appreciation over the last three years. However, the prices in the city are much lower than the other top metros in the country. North Kolkata has seen approximately 35% price gains with psqf rates at Rs 3500 in Q2-12. This growth has been due to availability of ample Land combined with infrastructure development in North Kolkata. Extension of metro link in important pockets of northern suburbs has boosted connectivity in this region. The price gains for East Kolkata in 2012 have been around 27% when compared to 2010.
The Southern metros of the country do not lack behind too much. North Bangalore has seen price rise by 48% respectively in 2012 when compared to 2010. This is primarily because areas around Hebbal seem to be developing into a Manhattan of sorts with a wide range of high end projects on offer by reputed developers. South and West Bangalore saw prices appreciate by 27% and 6% respectively, while South Chennai saw stable price levels and West Chennai saw price appreciation by 38% in Q2-12 over Q1-10.
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