Bengaluru’s real estate landscape has undergone significant shifts, with Bagaluru emerging as the standout performer in terms of price appreciation. According to the latest analysis by Anarock Research, Bagaluru has witnessed an extraordinary 90% surge in residential property prices from 2019 to the first half of 2024.
This dramatic rise sees the average price per square foot in Bagaluru escalate from INR 4,300 in 2019 to INR 8,151 in early 2024. The locality has been particularly active, with approximately 17,065 new residential units introduced during this period. Notably, over 94% of these units fall within the mid and premium segments, priced between INR 40 lakh and INR 1.5 crore, indicating strong demand in these categories. Notably, the market saw no introduction of affordable housing options, which may have contributed to the robust price growth.
Following Bagaluru, Whitefield ranks third in terms of price appreciation, with an 80% increase observed over the same timeframe. The average price per square foot in Whitefield has risen from INR 4,765 in 2019 to INR 8,600 by the first half of 2024. This area also saw a substantial influx of new residential units, with 18,600 new properties coming onto the market. Of these, 66% are in the mid and premium segments, while the remaining 34% cater to the luxury segment. Sarjapur Road, meanwhile, experienced a 58% rise in property prices, placing it fifth on the list. The average price per square foot surged from INR 5,870 in 2019 to INR 9,300 in early 2024. This locality has been highly active, with approximately 36,150 new residential units added during the same period, underscoring its vibrant market dynamics.
Anarock Group’s Chairman commented on the broader market trends, highlighting that no new affordable housing projects have been launched in Bagaluru. The general trend across the top seven cities has been a substantial price increase, with Bengaluru recording a 57% rise, following Hyderabad’s 64% increase. In contrast, Kolkata saw the lowest growth at 25%, while NCR and MMR both recorded a 48% increase. Contrary to the belief that high new supply would temper price growth, many active micro-markets have demonstrated significant appreciation. For example, Greater Noida West in NCR, despite being among the top five in new supply, has experienced a remarkable 129% increase in property prices over the past five years.
