Aug 26, 2024
By: Prerna Tyagi
Credit: iStock
Residential property prices have skyrocketed in several Indian cities over the past five years. From Bengaluru to Hyderabad, discover the top markets with the most significant price increases, based on a report by ANAROCK Research.
Credit: iStock
Bengaluru tops the list with a staggering 90% price appreciation from 2019 to H1 2024. Prices jumped from INR 4,300 to INR 8,151 per sq. ft., driven by mid and premium housing supply.
Kokapet follows closely with an 89% price rise, from INR 4,750 to INR 9,000 per sq. ft. The area saw a surge in ultra-luxury homes, which accounted for 52% of new supply.
Credit: iStock
Whitefield saw an 80% hike, with prices climbing from INR 4,765 to INR 8,600 per sq. ft. The locality attracted both mid-segment and luxury buyers with its diverse housing options.
Credit: iStock
Dwarka Expressway recorded a 79% price increase, with prices rising from INR 5,359 to INR 9,600 per sq. ft., making it one of NCR’s most sought-after residential hubs.
Credit: iStock
Sarjapur Road witnessed a 58% price surge, from INR 5,870 to INR 9,300 per sq. ft. The locality continues to be a prime choice for new homebuyers in Bengaluru.
Credit: iStock
Tellapur experienced a 53% rise, with prices going from INR 4,819 to INR 7,350 per sq. ft. The area has become a hotspot for premium housing.
Credit: BCCL
Bachupally saw a 57% increase in property prices, from INR 3,690 to INR 5,800 per sq. ft. This area’s growth highlights Hyderabad’s booming real estate market.
Panvel saw a 50% price hike, from INR 5,520 to INR 8,300 per sq. ft. This locality has emerged as a key market in the Mumbai Metropolitan Region (MMR).
According to a recent study by CREDAI—Colliers—Liases Foras, the unsold inventory levels, excluding MMR, have declined by up to 5% on a quarterly basis across all cities under review. While MMR witnessed healthy sales in residential units during Q2 2024, a significant surge in new launches led to a marginal rise in unsold units.
On an annual basis with a 13% YoY drop, Pune particularly witnessed the highest annual decline in unsold units. Annual decline in unsold inventory levels have been significant in Ahmedabad, Chennai and Kolkata too with a 6-8% drop.