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Haryana Property Price – Real estate consultants agree that land and apartment prices have risen in big cities.
Apart from prices, even apartment sizes are increasing in Hyderabad and the city is witnessing unprecedented luxury residential developments, Saxena said. (IE)
Haryana Property Price
Land prices in the country’s biggest cities have risen sharply from pre-Covid levels as the housing market rebounds after several years of decline.
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According to a Dolat Capital report last week, land prices in Tier 1 cities have increased by 20% to 200% compared to the pandemic period. Gurugram and Hyderabad recorded over 200% growth, the report said.
According to Dolat, the increase in land prices is reflected in the average prices of flats for sale in Gurugram/Hyderabad, which go up by 19-79%.
MMR and Pune are the two markets to watch, the report says, as prices have risen 20% to 70% and inventory overhang has fallen to a decade low of 12-20 months and the stock-to-ready ratio It’s done. The total for Mumbai/Pune is lowest (4-5%) and matches the best markets of Gurugram and Hyderabad.
Before covid, the price of land in Gurugram was Rs 30,000 to Rs 40,000 per square meter and it has gone up to Rs 1.25 lakh per square meter. This is also reflected in the sale prices of apartments there,” said Mayank Saxena, director of housing services at Anarock Property Consultants.
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According to Saxena, a new launch in Golf Course Road Extension in Gurugram is going for Rs 17,000-23,000 as against 5,500-7,000 sq ft before the pandemic. Sales prices on Dwarka Road have touched Rs 12,000-14,000 per sq ft, compared to Rs 3,000-4,000 per sq ft earlier.
Apart from prices, even apartment sizes are increasing in Hyderabad and the city is witnessing unprecedented luxury residential developments, Saxena said.
“Pre-Covid, maximum inventory was 1,200-square-foot two-bedrooms and 1,800-square-foot three-bedrooms. The largest is 2,400 square feet. Now they’re launching 7,000-10,000-square-foot apartments, he said, and builders are building every apartment building. said that they are launching only exclusive apartments on the first floor.
However, unlike Gurugram, where land supply is controlled by the government, Hyderabad has good land and good infrastructure, he said.
Land Prices Hit The Roof In Top Cities
The price of planned developments and flats has increased from Rs 2,000 to Rs 4,000 per sq ft and housing prices have increased from Rs 5,000 to Rs 10,000 per sq ft, Saxena said.
According to Anarok, the top 8 cities saw at least 68 separate land deals totaling 1,656 acres in the first nine months of 2022. In the same period last year, 20 land deals were closed across these cities for just 925 acres.
“The general trend of land price growth post-Covid is mainly due to improved sales speed, improved sales price, improved infrastructure and connectivity. Land price growth is also driven by the scarcity of clear title plots and regulatory hurdles. due to decline,” said Sanjay Dutt, Managing Director, Tata Realty & Infrastructure.
Dutt said rising land prices and construction costs have forced developers to increase the selling prices of their projects, which has been supported by the market due to improved sentiment and end-user demand for quality residential units in various micro-markets. “We have seen a 10 percent increase in revenue in some of our projects in Gurugram,” he said.
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Pradeep Aggarwal, founder and chairman of Gurugram-based developer Global Signature, said, “Gurugram’s real estate market and its micro-markets have witnessed phenomenal growth to reach the highest NCR real estate threshold in 2022. Homes in Gurugram The demand for land is increasing rapidly, which is driving up the price of land.
After the pandemic, people have started to prioritize residential property, which has fueled the development of new residential projects and increased demand for land, Aggarwal said.
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