Housing Prices In 11 Smaller Cities Rise 63 Per Cent Since 2021, Outpace Top 8 Markets: CII-Knight Frank Report
Housing prices across 11 smaller Indian cities rose 63% between 2021 and 2026, outpacing the 42% growth across the top eight markets, a CII-Knight Frank report said. The 11 cities recorded an 8% residential price CAGR from 2016 to 2026, against 4% in the major markets.
Residential property values in emerging Tier-2 and Tier-3 markets have recorded stronger appreciation than major metros since 2021 | AI Generated Representational Image
New Delhi, September 18: Housing prices across 11 smaller cities rose by an average of 63 per cent since 2021, recording higher value appreciation than the eight major real estate markets, according to a report by CII and Knight Frank.
11 Emerging Real Estate Markets
On Friday, industry body CII and property consultant Knight Frank India released a report 'India’s Next Real Estate Markets' that identified 11 markets having potential of leading the next phase of real estate growth in India.
These cities are -- Bhopal, Bhubaneswar, Chandigarh Tricity, Goa, Indore, Jaipur, Kochi, Lucknow, Nagpur, Visakhapatnam and Coimbatore.
"These cities are recording faster residential price growth than India’s top eight cities, indicating a rise in momentum as their economic fundamentals continue to strengthen, backed by growth in infrastructure, connectivity and consumption," the consultant said.
Price Growth Outpaces Top Cities
As per the report, these 11 cities have an average residential price CAGR of 8 per cent between 2016 and 2026, compared with 4 per cent across the top 8 cities -- Mumbai, Bengaluru, Delhi-NCR, Hyderabad, Chennai, Pune, Ahmedabad, Kolkata.
"The gap has widened over the past five years, with residential prices across these 11 markets increasing by 63 per cent between 2021 and 2026, as compared to 42 per cent growth across the top 8 cities," Knight Frank said.
The average prices in these 11 cities range from Rs 4,500 per sq ft to Rs 13,500 per sq ft.
Economic Activity Driving Growth
Knight Frank India CMD Shishir Baijal said, "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."
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He noted that cities that bring together employment, enterprise, population growth, consumption and urban capacity will be better placed to build deeper and more diversified real estate markets.
(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
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