Housing prices in 11 small cities up 63% since 2021

Housing prices across 11 smaller cities rose by an average of 63 per cent since 2021, recording higher value appreciation than the eight major real estate markets, according to a report by CII and Knight Frank.

On Friday, industry body CII and property consultant Knight Frank India released a report 'India’s Next Real Estate Markets' that identified 11 markets having potential of leading the next phase of real estate growth in India.

These cities are -- Bhopal, Bhubaneswar, Chandigarh Tricity, Goa, Indore, Jaipur, Kochi, Lucknow, Nagpur, Visakhapatnam and Coimbatore.

"These cities are recording faster residential price growth than India’s top eight cities, indicating a rise in momentum as their economic fundamentals continue to strengthen, backed by growth in infrastructure, connectivity and consumption," the consultant said.

As per the report, these 11 cities have an average residential price CAGR of 8 per cent between 2016 and 2026, compared with 4 per cent across the top 8 cities -- Mumbai, Bengaluru, Delhi-NCR, Hyderabad, Chennai, Pune, Ahmedabad, Kolkata.

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