Housing price growth accelerated after the COVID-19 pandemic, particularly in the past two years.
At a city level, Hyderabad recorded the highest jump of 64 per cent in housing prices between 2019 and H1 2024, followed by Bengaluru with a 57 per cent increase.
Housing prices in the top-7 cities of India have jumped 44 per cent in the past five years, with Hyderabad and Bengaluru witnessing the biggest jump, according to the latest report from real estate consultancy firm Anarock Research. It added that the housing price growth accelerated after the COVID-19 pandemic, particularly in the past two years.
The top-7 cities are Bengaluru, Hyderabad, Delhi-NCR, Mumbai, Pune, Chennai, and Kolkata.
“Housing price growth accelerated after the pandemic, particularly if we consider the last two years. As per our data, the top 7 cities collectively saw over 44% of price appreciation in the last five years,” said Anuj Puri, chairman of ANAROCK Group.
At a city level, Hyderabad recorded the highest jump of 64 per cent between 2019 and H1 2024, followed by Bengaluru with a 57 per cent increase. The lowest price growth of 25 per cent was seen in Kolkata. The National Capital Region (NCR) and the Mumbai Metropolitan Region (MMR) witnessed a 48 per cent price appreciation each during this period, Puri added.
Residential prices have been rising significantly across cities in the last few years, amid buoyant demand and increased new supply.
ANAROCK Research has analysed the price trends in the top 3 micro-markets of the top 7 cities, based on maximum new supply seen in the last 5 years. Among the shortlisted localities, Bengaluru’s Bagaluru recorded the highest price appreciation of 90% between 2019 and H1 2024.
“With new supply of approx. 17,065 units in the period, the average residential prices at Bagaluru jumped up from INR 4,300 per sq. ft. in 2019 to approx. INR 8,151 per sq. ft. in H1 2024,” Puri said.
“A deeper dive reveals that of the total new supply launched in this micro market since 2019, over 94% was in the price bracket of INR 40 lakh to INR 1.5 Cr – the mid and premium segments. The remaining 6% was in the luxury segment priced >INR 1.5 Cr. Tellingly, there was no new affordable supply in this locality,” he added.
According to the ANAROCK report, Hyderabad’s Kokapet came close behind with overall price appreciation of 89% in this period. The area saw approx. 12,920 units of new supply in the period, and prices rose from INR 4,750 per sq. ft. in 2019 to INR 9,000 per sq. ft. in H1 2024. A whopping 52% of the new launch share was in the ultra-luxury category priced >INR 2.5 Cr, followed by a cumulative 30% in the mid and premium segments. The remaining 19% supply was in the luxury price bracket of INR 1.5 – 2.5 Cr.
Bengaluru’s Whitefield ranks 3rd, recording an 80% rise in residential prices in the period. The area witnessed saw approx. 18,600 units launched between 2019 and H1 2024 – over 66% was in the mid and premium budget category, and the remaining 34% was in the luxury homes segment. Average prices here increased to INR 8,600 per sq. ft. in H1 2024 from INR 4,765 per sq. ft. in 2019.
Mohammad HarisHaris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experi…Read More
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