According to a report by Propequity which was released on Monday, the average prices of residential projects that are newly launched have escalated by a staggering 88% in India’s top 10 cities, over the past 5 years.
The report examined 15,000 new launch projects across the top 10 cities in India comprising floors, apartments and villas. The cities included Bengaluru, Chennai, Hyderabad, Mumbai, Kolkata, Navi Mumbai, Thane, Noida, Pune and Gurugram.
Gurugram has seen the most substantial property price growth. This is because the average prices are rising by 160%. From Rs. 7,500 per sq. ft in the year 2019 it grew to Rs.19,500 per sq. ft in 2024. On the contrary Mumbai experienced the lowest property price increase at 37% as the prices rose from Rs. 25,820 per sq. ft to 35,500 per sq. ft within the same time frame.
In terms of price growth, the cities that follow Gurugram are Noida by 146%, Bangalore by 98%, Hyderabad by 81%, Chennai by 80%, Pune by 73%, Navi Mumbai by 69%, Kolkata by 68%, Thane by 66% and finally Mumbai.
According to the Founder and CEO of PropEquity, all the major cities in India have seen a surge in the real estate prices. As per him, such a steep rise is due to the factors such as
- Massive Infrastructural Development.
- Stock market gainers looking to invest and generate income through real estate.
- Growing Interest from NRI’s, HNI’s / UHNI’s to invest in real estate.
- Rising home ownership sentiments.
- Overall shift towards luxury homes as a result of rising affluence and aspirations.
Even though Mumbai has seen the lowest price increase, it still remains the most expensive city among other top 10 cities of India. The average price is Rs. 35,500 per sq. ft. This follows Gurugram with Rs.19,500 per sq. ft and Noida with Rs.16,000 per sq. ft.
