New delhi: Hyderabad ranked 14th out of 150 cities globally in terms of price appreciation in residential properties, with the southern Indian city witnessing 9% increase in rates during July-September period last year, according to property consultant Knight Frank.
Budapest in Hungary leads the 'Global Residential Cities Index Q3 2019' with the highest annual growth rate of 24%, followed by Xi'an and Wuhan in China at 15.9% and 14.9%, respectively.
Knight Frank said that Hyderabad is the only Indian city to figure in top 20 list in terms of appreciation in residential real estate prices.
Among other Indian cities, Delhi ranked 73th with 3.2% growth in housing prices year-on-year, followed by Bengaluru at 94th position that saw 2% rise in home rates.
Ahmedabad ranked 108th with 1.1% rise in housing prices, while Kolkata stood at 130th position, recording 2% decline in rates. Mumbai and Chennai ranked 135 and 136, respectively, with 3% fall in housing prices in both the cities.
Chennai is at 138th position with 3.5% decline in rates.
Price growth has been strong in the Hyderabad residential market as shortfall in launches diverted homebuyers towards the ready unsold units, giving developers a bargaining edge, Knight Frank said in the report.
"During the last four years, the growth in residential prices in most of the top eight cities of India has been below retail inflation growth and the gap has progressively increased since H1 2016.
"Hyderabad has been the only market to buck the trend and record residential price growth over the retail inflation level. This end-user friendly movement in prices across cities is a step in the right direction and more in-line with the contemporary home-buyer's needs," said Knight Frank India.
