The Bengaluru property market has witnessed the highest growth in average housing prices and average office rent in the third quarter of 2022.
Story so far: According to Knight Frank India, the Bengaluru property market saw the highest growth in average housing prices compared to the corresponding period of the previous year. The average housing price increased by 3 to 10% across eight cities while office rent increased by 13%.
- The average price in Bengaluru rose by 10% to ₹5,428 per square foot in the July-September quarter from ₹4,928 per square foot in the previous year.
- Meanwhile, Mumbai, Pune, Chennai and Hyderabad witnessed an increase of 6% in the average housing prices.
Revival of demand: Post the second wave of the Covid pandemic, the housing sector has witnessed a revival of demand. Real estate developers have been increasing their housing prices every quarter to match increasing rates of crucial construction materials.