 "Average property prices in top 7 cities increase 14%, rise most in Pune")
Average property prices in the top 7 cities (2013-2020-end) saw close to an increase of 14 per cent.
The average price of a home in the top 7 cities rose from around Rs 4,895 per square ft in 2013 to Rs 5,599 per sq ft by 2020-end.
Among the top 7 cities, Pune saw the maximum rise of 38 per cent during the period. This was followed by Bangalore and Hyderabad with 20 per cent growth each.
Affordability of homes – calculated as the ratio of home loan repayment to income – is expected to touch 27 per cent in FY21 (as against 53 per cent in FY12).
With housing prices remaining range-bound over the past 7-8 years, the pickup in demand will eventually cause prices to harden again, said a report by Anarock Property Consultants.
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