Housing prices up 9% in one year across 9 cities despite demand slowdown

Housing prices have increased by up to 9 per cent in the last one year across nine major cities despite demand slowdown and over-supply in the overall property market, according to News Corp-backed PropTiger data.
 

According to the housing brokerage firm’s report ‘Real Insight: Q4 FY20’, the weighted average prices rose in seven cities, while rates were stable in one city and declined in another one during January-March 2020 compared to the corresponding period previous year.
 

Apartment prices are of primary market and not the secondary (or resale) market.
 

According to the data, Hyderabad saw the maximum increase of 9 per cent in basic selling price to Rs 5,434 per sq ft.
 

Housing prices rose 6 per cent in Ahmedabad to Rs 3,032 per sq ft, while prices went up by 4 per cent in Pune to Rs 5,017 per sq ft.
 

Bengaluru and Kolkata witnessed 3 per cent increase in prices to Rs 5,275 per sq ft and Rs 4,134 per sq ft, respectively, the data shows.
 

In the Mumbai Metropolitan Region (MMR), rates were up by 2 per cent to Rs 9,472 per sq ft.
 

Housing prices in Noida went up by 1 per cent to Rs 3,922 per sq ft. In Chennai, rates were flat at Rs 5,184 per sq ft. However, housing prices fell 1 per cent in Gurugram to Rs 4,893 per sq ft. Gurugram market includes Bhiwadi, Dharuhera and Sohna, while the Mumbai Metropolitan Region includes Navi Mumbai and Thane. Noida includes Greater Noida, Noida Extension and Yamuna Expressway.