Indian cities have surged by an average of 44%, according to recent data from Anarock. The cities in question—Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR), and Pune—have collectively seen significant appreciation in housing costs, reflecting broader trends in the Indian real estate market.
Hyderabad has witnessed the most dramatic increase, with prices soaring by 64% from 2019 to the first half of 2024. Bengaluru follows closely, experiencing a 57% rise in property values. In contrast, Kolkata recorded the smallest price increase among these cities, at 25%. Both NCR and MMR reported an identical price appreciation of 48% over the same period. The data highlights several specific areas with exceptionally high growth. Bagaluru in Bengaluru has seen a staggering 90% increase in residential property prices, with rates climbing from Rs 4,300 per square foot in 2019 to approximately Rs 8,151 per square foot in early 2024. Hyderabad’s Kokapet also experienced a remarkable appreciation of 89%, with prices rising from Rs 4,750 per square foot to Rs 9,000 per square foot.
Whitefield in Bengaluru ranks third with an 80% increase, pushing average prices to Rs 8,600 per square foot. The Dwarka Expressway in NCR follows with a 79% rise, where prices surged from Rs 5,359 per square foot to over Rs 9,600 per square foot. Additional notable increases include Bachupally and Tellapur in Hyderabad, which saw respective price hikes of 57% and 53%. Bachupally’s prices increased from Rs 3,690 per square foot to over Rs 5,800 per square foot, while Tellapur’s prices rose from Rs 4,819 per square foot to Rs 7,350 per square foot.
The supply of new residential units has also been substantial, with over 1.63 million units added from 2019 to mid-2024. The MMR region saw the highest new supply, with approximately 525,430 units, followed by Pune with over 295,550 units. In Dombivli, more than 44,990 new units were launched, with average prices reaching Rs 9,300 per square foot—an increase of 40%. Notably, 77% of the new supply falls within the Rs 40 lakh to Rs 1.5 crore range, while 23% is classified as affordable housing. This significant rise in property prices across key Indian cities underscores a robust demand in the real estate sector, coupled with increasing costs that reflect broader economic trends.
