Property Prices In Southern Cities On The Rise
Data show major cities in south India are going steady on the path of revival by exercising caution on new launches and registering a healthy growth in terms of annual price appreciation. South cities of Bengaluru, Chennai and Hyderabad are, according to a monthly report by PropTiger DataLabs, were the best-performing markets. With this, major property markets of south seem to have left tough times behind them.
While new launches in the region saw a monthly decline of 25 per cent, they fell by 15 per cent in the key property market of Bengaluru. The information technology capital of India contributed 47 per cent to the overall launches in August while Chennai and Hyderabad followed with 28 per cent and 25 per cent, respectively. Developers who launched their projects in Bengaluru include Arvind Infra, Excel Group, Divya Sree, Garudachala Estates, Green Manshion and SMR Holdings. While Appaswamy, Radiance Realty and PS Srijan Developers launched their projects in Chennai, Sumadhura Group launched a project in Hyderabad. On the other hand, localities across the three cities saw a healthy year-on-year price appreciation. While Bengaluru localities witnessed an annual appreciation between three to 13 per cent in August, localities of Chennai and Hyderabad also saw a price appreciation in the range of five to nine per cent. The Hebbal locality in Bengaluru witnessed the highest price rise of 14 per cent in August while localities such as Yeshwantpur and Whitefield saw prices surging seven per cent. The Sholinganallur locality in Chennai and the Boiguda locality in Hyderabad saw the highest annual price appreciation of nine per cent in August.
The launch and price appreciation trend are indicative of the fact that southern property markets are giving a tough fight to any slowdown that might still be lingering on. Bengaluru and Chennai had taken a major hit when the two-year-long slowdown had plagued property markets across the country.