Gurugram has emerged as the city with the highest surge in property prices among the top 10 cities in India during the second quarter of 2023. With a year-on-year increase of 12 per cent, Gurugram has surpassed Bengaluru, which experienced a 9 per cent increase, and Noida, which saw an 8 per cent rise.

According to some data, the residential property market in India witnessed an average year-on-year price appreciation of 6 per cent during the April-June period of this year. This upward trend in property values is attracting investors to India's key real estate markets, while the increase in new supply is helping to moderate price increases, as explained by Vikas Wadhawan, Group CFO of REA India.

The cities covered in the report include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region, and Pune. Ankita Sood, Head of Research at REA India, highlighted the growing demand from businesses and large companies in Gurugram. The city's dominance in Grade A commercial development solidifies its position as a preferred choice for businesses.

The data reveals that Ahmedabad experienced a 7 per cent year-on-year increase in property prices during the second quarter of 2023, averaging between Rs 3,700 and Rs 3,900 per square foot. Bengaluru witnessed a 9 per cent increase, with prices averaging between Rs 6,300 and Rs 6,500 per square foot.

In Chennai, prices rose by 3 per cent to Rs 5,800-6,000 per square foot, while Delhi-NCR observed a 6 per cent growth, reaching Rs 4,800-5,000 per square foot. Gurugram, on the other hand, witnessed a significant 12 per cent appreciation, with prices ranging from Rs 7,000 to Rs 7,200 per square foot. Noida experienced an 8 per cent rise, with prices ranging from Rs 5,600 to Rs 5,800 per square foot.

Hyderabad registered a 5 per cent increase, with prices averaging between Rs 6,400 and Rs 6,600 per square foot. Kolkata reported a 6 per cent rise, with prices reaching Rs 4,600-4,800 per square foot.

In Mumbai and Pune, both prominent property markets in Maharashtra, housing prices increased by 3 per cent each. Mumbai's weighted average price stood at Rs 10,100-10,300 per square foot, while Pune's rates were at Rs 5,600-5,800 per square foot.