House prices increased maximum in THIS city in last 5 years due to…; not Delhi, Mumbai, Noida, Kolkata, the city is…

Bengaluru house prices: Karnataka capital Bengaluru saw highest increase in house prices in the last five years. According to a report by 1 Finance, in the last five years, Bengaluru house prices have surged by a whopping 79%, which is higher than India’s four big metro cities– Mumbai, Kolkata, Chennai, and national capital Delhi-NCR.

Bengaluru house prices

As per the report, Bengaluru and Delhi-NCR are the only two major Indian cities where the number of unsold houses has decreased in the last five years, indicating that the demand for homes in these cities is very high and house sales are booming amid rising prices. The report noted that Bengaluru has emerged as India’s primary IT-hub, and is home to the India operations of major global tech giants, as well as high-value Indian IT startups.

The city offers some of the highest-paying tech jobs in the country, and is home to more than 10 lakh well-paid tech professionals, due to which the the demand of homes has increased, and prices are surging at a rapid pace.

What are the current Bengaluru house prices?

As mentioned earlier, Bengaluru house prices have increased by a whopping 79% in the last five years, and at present homes are being sold in the city at an average of Rs 10,349 per square feet.

As per the report, house prices in Kolkata have the witnessed the highest increase after Mumbai, with the West Bengal capital witnessing a 61% surge in the last five years. Meanwhile, over the same duration, the number of unsold homes in Hyderabad increased by 177%, even as the price per square feet increased by 43%, but Mumbai remains at top in terms of expensive real estate prices.

The house prices in Delhi-NCR has increased by 47 percent, 45 percent in Pune, 43 percent in Hyderabad and 42 percent in Mumbai, during the same period, the report said.

Mumbai remains hub of expensive properties

Notably, while Bengaluru tops in terms of rising house price, Mumbai retains its title as the hub of expensive properties in India, with homes being sold at Rs 26,975.  Mumbai is followed by Delhi-NCR, where home prices average Rs 23,378 per square feet.

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