Housing prices in top 10 cities have surged 88% in the last five years with Gurugram witnessing the maximum increase of almost 160%, according to real estate data analytics firm PropEquity.
According to the report, the average housing price has surged the most in Gurugram from โน7,500 per sq ft in 2019 to โน19,500 per sq ft in 2024, a jump of 160% and the lowest in Mumbai at 37% from โน25,820 per sq ft to โน35,500 per sq ft.
During this period, 15,000 projects were launched comprising apartments, floors and villas in top 10 cities namely Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Thane, Navi Mumbai, Pune, Noida and Gurugram.
According to the report, the highest rise in prices was seen in Gurugram, followed by Noida (146%), Bengaluru (98%), Hyderabad (81%), Chennai (80%), Pune (73%), Navi Mumbai (69%), Kolkata (68%), Thane (66%) and Mumbai (37%).
Also Read: Housing sales expected to decline by 18% in July-September annually across nine cities: PropEquity
Mumbai continues to be the most expensive real estate market
In terms of per sq ft prices, Mumbai continues to be the most expensive with the average price at โน35,500 per sq ft followed by Gurugram at โน19,500 per sq ft. and Noida at โน16,000 per sq ft.
The data further highlighted that in 2019, only Mumbai commanded an average price of new launch projects upwards of โน10,000 per sq ft. In 2024, except Hyderabad, Chennai and Kolkata, all seven cities saw average launch prices rise upwards of โน10,000 per sq ft.
Also Read: New housing supply expected to witness 13% drop; sales down 2% y-o-y across top cities
โReal estate prices have gone up exponentially across all major cities in the last five years. The massive infrastructure development, growing interest from NRIs, HNIs/UHNIs and stock market gainers looking to create wealth and generate income through real estate investment, rising homeownership sentiments and overall shift towards luxury/super luxury homes as a result of rising aspiration and affluence are the contributing factors for such a steep rise,โ said Samir Jasuja, founder and CEO, PropEquity.
Also Read: Almost 5 lakh housing units stalled across 44 cities, Greater Noida tops the list: PropEquity
According to Srinivasan Gopalan, CEO, Arisinfra Solutions Ltd, in Q3 the real estate market faced challenges due to delayed project launches, the monsoon season, and the shraad period, leading to a supply-demand imbalance. Despite this, strong demand from end users has driven a noticeable increase in sales from serious buyers.ย
“This upward momentum is anticipated to persist as the real estate sector continues to grow, fueled by rising corporate activity and an increasing need for quality housing. Significantly, there has been a shift in the market, with luxury and mid-segment homes priced at โน3 crore and above seeing significant quarter-on-quarter sales growth. New supply fell below one lakh units for the first time since Q1 2023, while Q3 2024 sales outpaced launches, a highly positive sign,” he said.
