Hyderabad was positioned at 128th rank on Knight Frank’s Global Residential Cities Index Q3 2021 with 2.5% year-on-year (YoY) rise in home prices. The Index has featured four Indian cities, i.e., Hyderabad, Chennai, Kolkata and Ahmedabad, to have witnessed residential price appreciation in Q3 2021.
Residential prices across 150 cities worldwide increased at an annual average of 10.6% YoY in Q3 2021, recording as the fastest residential price growth rate since Q1 2005, according to a Knight Frank report.
On domestic level, Hyderabad recorded the highest residential price appreciation amongst the Indian cities. Chennai ranked 2nd amongst the Indian cities and 131st globally with residential price appreciation of 2.2%. Kolkata ranked 135th and Ahmedabad at 139th on the global index with a price appreciation of 1.5% and 0.4%, respectively, in the residential asset class. Mumbai was the lowest-ranked Indian city with a global ranking of 146th on the index, registering a decline of 1.8% in home prices.
Among the other Indian cities that have seen marginal de-growth in home prices were Bengaluru ranked at the 140th spot with a decline of 0.2% YoY, followed by Delhi at 142nd rank with a decline of 0.7% YoY, while Pune ranked 144th with a fall of 1.5% YoY.
According to Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “India has seen a strong demand revival being supported by government stimulants, increased household savings, as well as low interest rates. Pricing has played a key role in pushing up home sales, as they had, for most part of the last 6 quarters remained attractive.”