Housing prices in top 10 cities surge 88% in five years, Gurugram sees maximum increase at 160%, Mumbai lowest at 37%
Average housing prices have surged the most in Gurugram from ₹7,500 per sq ft in 2019 to ₹19,500 per sq ft in 2024, a jump of 160%, as per PropEquity. Housing prices in top 10 cities have surged 88% in the last five years with Gurugram witnessing the maximum increase of almost 160%, according to real estate data analytics firm PropEquity.
According to the report, the average housing price has surged the most in Gurugram from ₹7,500 per sq ft in 2019 to ₹19,500 per sq ft in 2024, a jump of 160% and the lowest in Mumbai at 37% from ₹25,820 per sq ft to ₹35,500 per sq ft. During this period, 15,000 projects were launched comprising apartments, floors and villas in top 10 cities namely Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Thane, Navi Mumbai, Pune, Noida and Gurugram.
According to the report, the highest rise in prices was seen in Gurugram, followed by Noida (146%), Bengaluru (98%), Hyderabad (81%), Chennai (80%), Pune (73%), Navi Mumbai (69%), Kolkata (68%), Thane (66%) and Mumbai (37%). In terms of per sq ft prices, Mumbai continues to be the most expensive with the average price at ₹35,500 per sq ft followed by Gurugram at ₹19,500 per sq ft. and Noida at ₹16,000 per sq ft.
Srinivasan Gopalan, CEO, Arisinfra Solutions Ltd
According to Srinivasan Gopalan, CEO, of Arisinfra Solutions Ltd, in Q3 the real estate market faced challenges due to delayed project launches, the monsoon season, and the shraad period, leading to a supply-demand imbalance. Despite this, strong demand from end users has driven a noticeable increase in sales from serious buyers.
“This upward momentum is anticipated to persist as the real estate sector continues to grow, fueled by rising corporate activity and an increasing need for quality housing. Significantly, there has been a shift in the market, with luxury and mid-segment homes priced at ₹3 crore and above seeing significant quarter-on-quarter sales growth. New supply fell below one lakh units for the first time since Q1 2023, while Q3 2024 sales outpaced launches, a highly positive sign,” he said.