Residential real estate prices in India have risen by up to 90 percent in the last five years, amid buoyant demand and increased new supply, according to a market report.
On average, the price rise during 2019 and 2024 was to the tune of 45 percent in leading Indian cities, the report by Anarock Research said.
The Bagaluru locality in India’s IT capital Bengaluru recorded the highest price appreciation of 90 percent, closely followed by Hyderabad’s Kokapet with an overall price appreciation of 89 percent in the period between 2019 and H1 2024, the report said.
Bengaluru’s Whitefield ranked third, recording an 80 percent rise in residential prices in the period.
Delhi National Capital Region’s (NCR) Dwarka Expressway and New Gurugram, Bengaluru’s Sarjapur Road, Hyderabad’s Bachupally and Tellapur and Mumbai Metropolitan Region’s (MMR) Panvel and Dombivli were the other localities which saw sharp increase in prices in the five-year period, with the price increasing ranging from 79 percent to 40 percent.
Anuj Puri, Chairman of Anarock Group, said housing price growth in India accelerated after the pandemic, particularly in the last two years.
“As per our data, the top 7 cities collectively saw over 44 percent of price appreciation in the last five years.
“At a city level, Hyderabad recorded the highest jump of 64 percent between 2019 and H1 2024, followed by Bengaluru with a 57 percent increase. The lowest price growth of 25 percent was seen in Kolkata,” Puri said.
The report said the past five years have also seen a massive infusion of new supply across the top 7 cities, with an addition of more than 1,63 million units.
City-wise, MMR witnessed the highest supply with approx. 525,430 units in this period, followed by Pune with over 2,95,550 units.
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