The real estate prices in top 10 cities in India rise sharply by 88%. A massive surge is reported over the last five years, according to a report by PropEquity. Gurugram saw the sharpest increase as it had followed an inflation of 160% since it began at Rs 7,500 per sq ft during 2019 and is currently pegged at Rs 19,500 per sq ft during 2024.
Mumbai saw the lowest price growth at 37%, as prices of Rs 25,820 per sq ft inched up to Rs 35,500 per sq ft. Noida comes second after Gurugram, with average prices jumping 146%. Bengaluru stands at 98%.
Hyderabad saw an 81% rise in residential property prices. Chennai witnessed 80% rise in average prices in five years. Pune saw 73% increase in price of residential projects. Navi Mumbai saw a 69% rise in price between 2019 and 2024. Kolkata saw 68% rise in residential prices between the same years. Thane saw its property prices rise by 66%.
The report covered 15,000 new launch projects, that included apartments, floors, and villas. Cities covered were Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Thane, Navi Mumbai, Pune, Noida, and Gurugram.
Real estate prices in top 10 cities in India rise: Property dealers react
Samir Jasuja, founder & CEO of PropEquity said, “Infra development, interest from NRIs and HNI’s coupled with share market appreciated of late and the inclination towards luxury homes have all contributed in increasing prices”. Homebuyer sentiments soaring have turned demand in residential projects.
The lowest rise is seen in Mumbai, but it still reigns at the top with Rs 35,500 per sq ft. Gurugram takes the second spot as the costliest city with Rs 19,500 per sq ft. Noida stood at the third position with prices at Rs 16,000 per sq ft. In 2019, new launches in Mumbai averaged more than Rs 10,000 per sq ft. The number indicates that all the cities except Hyderabad, Chennai, and Kolkata crossed the mark of Rs 10,000 per sq ft by 2024.
Affordability has dipped in almost all cities due to the hefty demand and prices. Sharp price appreciation reflects robust investor sentiment for India’s real estate sector. Gurugram’s 160 per cent appreciation is a sign of good demand. Almost steady price rise of 37 percent in Mumbai underscores sustained investor and homebuyer interest.
Actually, this increasing attractiveness of the residential market for top cities in India is driven by the investor-driven prevailing market. The discussions bring into limelight the growth trend as an expression of confidence in the potential of the real estate sector. Innovative solutions would be required to ensure affordability and accessibility for homebuyers. With growing urban centers, there is room for a vibrant and diversified housing landscape.
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