Real Estate: The real estate sector has seen tremendous growth in the past few years. In major cities across the country, the prices of homes have skyrocketed, making it a daunting task for the average family to afford a home. A recent report by real estate consultancy firm Knight Frank has shed light on this issue, stating that in the second quarter of 2024 (April to June 2024), the prices of properties in the country have seen a significant increase. Let’s delve into the details…
Mumbai Tops the List in Real Estate Growth:
According to the report, in the second quarter of this year, the prices of homes in three major cities in the country have seen a substantial increase. Among them, Mumbai, New Delhi, and Bangalore are included. Mumbai, in particular, has taken the lead in terms of real estate growth among major cities worldwide. In the previous quarter, the prices of homes in Mumbai have increased by 13% annually. This means that compared to the prices of homes in the previous quarter, the prices of homes in Mumbai have increased by 13% in the current quarter. This figure places Mumbai at the top of the list of cities experiencing the fastest growth in property prices.
New Delhi Ranks Third in Real Estate Growth:
In terms of Delhi, it has been reported that the residential areas of New Delhi have seen a rapid increase of over 10% in prices. In the quarter ending in June, prices have surged by 10.6%. On the other hand, Bangalore has witnessed a 3.7% increase in property prices on an annual basis. Among the cities experiencing the highest growth in property prices, New Delhi ranks third, while Bangalore is placed at the 15th position globally.
What’s Driving the Rise in Property Prices?
As a result, with the increasing demand for homes in the Indian market, the prices of homes are expected to continue rising. Knight Frank has pointed out in their report that the possibility of property prices continuing to rise in the coming times is quite high.
In conclusion, the real estate sector in India is witnessing significant growth, with cities like Mumbai and New Delhi leading the way in property price increases. As the demand for homes continues to rise, it is essential for individuals to stay informed about the market trends and make informed decisions when it comes to buying or investing in real estate. Join our group for the latest Marathi news updates.