Housing Prices Rise 9 Per Cent in Last One Year across Nine Cities: Report

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.

As per the data, Hyderabad saw the maximum increase of 9 per cent in basic selling price (BSP) 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.

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 one 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.

During the fourth quarter of last fiscal, housing sales fell 26 per cent to 69,235 units across these nine cities.

New launches, too, fell by more than a half to 35,668 units from 72,932 flats during the period under review.

Singapore-based Elara Technologies, co-founded by Dhruv Agarwala, owns Housing and Makaan.com are classifieds platforms.

Its investors are News Corp, REA Group, Softbank, Accel and SAIF Partners.

In January this year, US-based News Corp and its Australian group firm REA made a fresh investment of around USD 70 million (Rs 500 crore) in Elara Technologies. The company has raised USD 175 million since 2011.