Dwarka Expressway in the National Capital Region (NCR) has emerged as a standout performer in the real estate market, witnessing a substantial 79% increase in property prices over the past five years.
According to recent data analysed by property consulting firm Anarock, this remarkable appreciation places Dwarka Expressway fourth among the top ten micro-markets with the highest price growth. The surge is evident from the rise in average property prices, which climbed from Rs 5,359 per square foot in 2019 to over Rs 9,600 per square foot by the first half of 2024. This price escalation is largely driven by enhanced connectivity, significant infrastructure development, and an increasing inclination towards suburban living.
Among the top-performing micro-markets, Bengaluru’s Bagaluru recorded the highest price appreciation at 90%. This area saw residential prices jump from Rs 4,300 per square foot in 2019 to approximately Rs 8,151 per square foot in H1 2024, supported by a new supply of around 17,065 units. Notably, over 94% of these new units fell within the mid and premium segments, with no new affordable housing introduced. Hyderabad’s Kokapet closely follows with an 89% increase, with average prices rising from Rs 4,750 per square foot in 2019 to Rs 9,000 per square foot. This surge was driven by a significant 52% share of ultra-luxury units priced above Rs 2.5 crore.
Whitefield in Bengaluru, ranking third, saw an 80% rise in prices, with the average climbing to Rs 8,600 per square foot. This area saw about 18,600 new units launched, with more than 66% in the mid and premium categories. The report highlights a broader trend of accelerated housing price growth, particularly in the past two years post-pandemic. Of the top seven cities, Hyderabad saw the highest overall price jump of 64%, followed by Bengaluru at 57%. Kolkata reported the lowest increase at 25%, while NCR and the Mumbai Metropolitan Region (MMR) both experienced a 48% price rise.
In addition to Dwarka Expressway’s notable performance, Greater Noida West in NCR achieved the highest price appreciation of 129% due to significant new supply. Other notable mentions include Sarjapur Road in Bengaluru with a 58% rise and Bachupally in Hyderabad with a 57% increase. This comprehensive analysis underscores the dynamic shifts within the real estate market, with suburban and emerging micro-markets experiencing robust growth as investors and buyers adapt to changing preferences and infrastructural developments.
