Real estate consultant Anarock stated that residential prices in India’s top seven cities have surged, driven by high-demand areas and increased new supply. Among the shortlisted localities by the firm, Bengaluru’s Bagaluru recorded the highest price appreciation of 90 per cent between 2019 and the first half of 2024.
“With the new supply of about 17,065 units in the period, the average residential prices at Bagaluru jumped from Rs 4,300 per square foot in 2019 to about Rs 8,151 per square foot in H1 2024,” says Anuj Puri, chairman, Anarock Group.
“A deeper dive reveals that of the total new supply launched in this micro market since 2019, over 94 per cent was in the price bracket of Rs 40 lakh to Rs 1.5 crore—the mid and premium segments. The remaining 6 per cent was in the luxury segment priced above Rs 1.5 crore. There was no new affordable supply in this locality,” Puri added.
Next, Hyderabad’s Kokapet saw an 89 per cent price appreciation, with rates rising from Rs 4,750 to Rs 9,000 per square foot, according to the Anarock survey. Approximately 12,920 new units were launched during this period. Notably, 52 per cent of new launches were in the ultra-luxury segment (over Rs 2.5 crore), followed by 30 per cent in mid and premium segments, while 19 per cent fell in the Rs 1.5 to Rs 2.5 crore luxury range.
Marking the third, Bengaluru’s Whitefield recorded about an 80 per cent rise in residential prices in the period. The area witnessed close to 18,600 units launched between 2019 and H1 2024; over 66 per cent was in the mid and premium budget category, and the remaining 34 per cent was in the luxury homes segment. In this pocket, average prices increased to Rs 8,600 per square foot in H1 2024 from Rs 4,765 per square foot in 2019.
As per the report, NCR’s (National Capital Region) Dwarka Expressway ranked fourth. It saw a 79 per cent price appreciation, with average prices rising from Rs 5,359 per square foot in 2019 to over Rs 9,600 per square foot in H1 2024. Bengaluru’s Sarjapur Road followed with a 58 per cent jump, while Hyderabad’s Bachupally and Tellapur recorded 57 per cent and 53 per cent growth, respectively. MMR’s (Mumbai Metropolitan Region) Panvel and Dombivli, besides NCR’s New Gurugram, saw price increases ranging from 40 per cent to 50 per cent.
First Published: Aug 26 2024 | 8:46 PM IST
