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India's top 10 cities have witnessed a significant 88% surge in average property prices for newly launched projects over the past five years, with Gurugram leading the rise, according to PropEquity. Prices in Gurugram soared from INR 7,500 to INR 19,500 per square foot (160% growth), while Mumbai saw the lowest increase at 37%, despite remaining the most expensive at INR 35,500 per square foot. Factors driving this increase include infrastructure upgrades, interest from NRIs, HNIs, UHNIs, and a growing preference for luxury homes. The trend highlights evolving aspirations and demand for upscale properties across India's urban centres.
The average price of newly launched projects in India's top 10 cities has risen by 88% over the last five years, as highlighted by real estate analytics firm PropEquity. Notably, Gurugram led this dramatic increase, with prices skyrocketing from INR 7,500 per square foot in 2019 to an astounding INR 19,500 per square foot by 2024, representing a staggering 160% rise. In contrast, Mumbai recorded the lowest spike at 37%, with prices advancing from INR 25,820 per square foot to INR 35,500 per square foot. Advertisement
During this five-year span, approximately 15,000 projects-including apartments, floors, and villas-were launched across key cities such as Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Thane, Navi Mumbai, Pune, Noida, and Gurugram.
Samir Jasuja, Founder and CEO of PropEquity, commented on the rapid escalation of real estate prices in major cities. He attributed this rise to several factors, including extensive infrastructure developments, increased interest from non-resident Indians (NRIs), high-net-worth individuals (HNIs), and ultra-high-net-worth individuals (UHNIs). Additionally, wealth creation through stock market gains, rising homeownership sentiments, and a growing trend toward luxury and super-luxury homes have significantly fueled demand, reflecting changing aspirations and affluence.
The report indicates that the most substantial price hikes were seen in Gurugram, followed by Noida (146%), Bengaluru (98%), Hyderabad (81%), Chennai (80%), Pune (73%), Navi Mumbai (69%), Kolkata (68%), Thane (66%), while Mumbai registered the modest rise of 37%. Despite its lower growth rate, Mumbai remains the priciest city in terms of per square foot cost, averaging INR 35,500, followed by Gurugram at INR 19,500 and Noida at INR 16,000.
Interestingly, in 2019, Mumbai was the only city where average new launch project prices surpassed INR 10,000 per square foot. By 2024, however, this barrier was breached by all but Hyderabad, Chennai, and Kolkata.
This significant escalation in property prices reveals the shifting landscape of India's real estate market, marked by growing aspirations and a robust demand for luxury properties. As urban centres respond to these evolving dynamics, real estate stakeholders must adeptly navigate both the challenges and opportunities that lie ahead, shaping the future of residential real estate in the country.
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