Prices of 3BHK homes drop in NCR, Bengaluru & Mumbai on decrease in unit size
NEW DELHI: Price of 3 BHK homes in the National Capital Region (NCR), Bengaluru and Mumbai Metropolitan Region (MMR) has dropped in the March quarter due to the decreasing sizes homes in these cities.
Overall ticket price of 3BHKs as much as Rs 6.7 Lakh, Rs 14.5 Lakh and Rs 17.8 Lakh in Bangalore, MMR and NCR, respectively, in the March quarter this year, compared with the same period last year, according to a report by property listing portal QuikrHomes.
In contrast, Hyderabad and Pune registered an increase in average ticket price of 3BHK apartments owing to increased units sizes.
Bangalore witnessed the rise in share of 3BHK apartment in total launches from 42% in Q1 2015 to 45% in Q1 2016. Average price of 3BHK homes decreased from Rs 86.4 lakh in Q1 2015, to Rs 79.7 lakh in Q1 2016. Average size also recorded a dip from 1,630 sq ft in Q1 2015 to 1,530 sq ft in Q1 2016.
MMR also registered a rise in 3 BHK launches, with share rising from 14% in Q1 2015 to 16% in Q1 2016. Ticket price of 3 BHK units decreased from Rs 2.48 crore in Q1 2015 to Rs 2.34 crore in Q1 2016. Average size in MMR also decreased from 1,508 sq ft in Q1 2015 to 1,417 sq ft in Q1 2016.
Launches of 3 BHK apartments witnessed the highest increase in NCR from 36% in Q1 2015 to 48% in Q1 2016. Average price also decreased the steepest from Rs 74 lakh in Q1 2015 to Rs 56 lakh in Q1 2016. Average size for 3 BHK apartments decreased from 1,750 sq ft in Q1 2015 to 1,450 sq ft in Q1 2016.
Chennai was the only city that witnessed an increase in average ticket price of about Rs 7 lakh, despite a decrease in average unit size from 1,390 sq ft in Q1 2015 to 1,310 sq ft in Q1 2016.
“This anomaly of increase in price can be justified by higher average price per sq.ft and central location of units launched in Q1 2016,” said the report.