4 hrs ago
Smaller Cities' Housing Prices Outpace Major Markets Since 2021
A new report studied housing prices in 11 smaller Indian cities.
It found that home prices there rose faster than in India's biggest cities.
Prices in the 11 cities increased by 63% between 2021 and 2026.
Prices in the eight largest markets increased by 42% over the same period.
The smaller cities include places such as Jaipur, Goa, Kochi and Indore.
Their average annual price growth from 2016 to 2026 is estimated at 8%, compared with 4% in the biggest cities.
The report says better roads, connections and growing businesses are helping these cities.
It also says cities with more jobs, people and spending may develop stronger housing markets.
Housing prices across 11 emerging cities rose 63% between 2021 and 2026, according to a Confederation of Indian Industry and Knight Frank India report.
The 11 cities recorded higher appreciation than the top eight real estate markets, which saw 42% growth during the same period.
The emerging markets are Bhopal, Bhubaneswar, Chandigarh Tricity, Goa, Indore, Jaipur, Kochi, Lucknow, Nagpur, Visakhapatnam and Coimbatore.
Average residential price growth from 2016 to 2026 is projected at 8% annually in the 11 markets, compared with 4% in the top eight cities.
The report attributes the momentum to improving infrastructure, connectivity, economic activity, employment, population growth and consumption.
- Who
- The Confederation of Indian Industry and Knight Frank India released the report; the analysis covers 11 emerging Indian real estate markets.
- What
- The report found that residential prices in the 11 smaller markets rose faster than prices in India's eight major markets.
- Where
- The markets are Bhopal, Bhubaneswar, Chandigarh Tricity, Goa, Indore, Jaipur, Kochi, Lucknow, Nagpur, Visakhapatnam and Coimbatore, compared with eight major Indian markets.
- When
- The report was released on September 18; it compares price changes from 2021 to 2026 and calculates annual growth from 2016 to 2026.
- Why
- The report links the growth to stronger infrastructure, connectivity, economic activity, employment, population growth and consumption.
Key facts
- Report
- India’s Next Real Estate Markets
- Emerging markets studied
- 11
- Price growth, 2021-2026
- 63% across the 11 emerging markets
- Top-eight-market growth, 2021-2026
- 42%
- Average CAGR, 2016-2026
- 8% in the 11 emerging markets versus 4% in the top eight markets
- Average prices
- Rs 4,500 to Rs 13,500 per square foot in the 11 emerging markets
- Top eight markets
- Mumbai, Bengaluru, Delhi-NCR, Hyderabad, Chennai, Pune, Ahmedabad and Kolkata
Quotes
Shishir Baijal
CMD of Knight Frank India
“India's real estate growth is increasingly broadening beyond the traditional metropolitan centres. The investable opportunity across Tier-2 and Tier-3 cities, satellite markets and emerging corridors will be shaped not simply by infrastructure creation, but also by their ability to convert connectivity into sustained economic activity.”
freepressjournal.in
Sources
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