Property prices in the top seven cities i.e. Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune have collectively witnessed over 44% price appreciation in the last five years, according to the data by Anarock.
Hyderabad recorded the highest jump of 64% between 2019 and H1 2024, followed by Bengaluru with a 57% increase. The lowest price growth of 25% was seen in Kolkata. NCR and MMR both witnessed a 48% price appreciation each in this period.
Housing prices in Bengaluru’s Bagaluru have risen to 90% in the last five years. “The average residential prices at Bagaluru jumped up from Rs 4,300 per sq ft in 2019 to approx Rs 8,151 per sq ft in H1 2024,” said Anuj Puri, chairman, Anarock Group.Hyderabad’s Kokapet came close behind with overall price appreciation of 89% in this period. The prices rose from Rs 4,750 per sq ft in 2019 to Rs 9,000 per sq ft in H1 2024.
Bengaluru’s Whitefield ranks third, with an 80% rise in residential prices in the period. Average prices here increased to Rs 8,600 per sq ft in H1 2024 from Rs 4,765 per sq ft in 2019.
NCR’s Dwarka Expressway ranks fourth with a 79% price increase. Average prices increased from Rs 5,359 per sq ft in 2019 to over Rs 9,600 per sq ft in H1 2024.
Hyderabad’s Bachupally and Tellapur were ranked sixth and seventh respectively. Property prices increased by 57% in the period – from Rs 3,690 per sq ft in 2019 to over Rs 5,800 per sq ft in H1 2024 in Bachupally while Tellapur witnessed a 53% jump in average property prices in this period – from Rs 4,819 per sq ft in 2019 to Rs 7,350 per sq ft in H1 2024.
More than 16,32,650 new residential units were infused between 2019 and H1 2024, according to Anarock data. MMR witnessed the highest supply with approx. 5,25,430 units in this period, followed by Pune with over 2,95,550 units.
Dombivli witnessed more than 44,990 new unit launched since 2019, with average property prices hovering around Rs 9,300 per sq ft on built-up area as of H1 2024 – a 40% increase. At least 77% of the new supply was in the Rs 40 lakh to Rs 1.5 crore price bracket, and the remaining 23% in the affordable category.
Published On Aug 28, 2024 at 08:30 AM IST
