Mumbai: Residential prices have been rising significantly across cities in the last few years, amid buoyant demand and increased new supply. ANAROCK Research has analysed the price trends in the top 3 micro-markets of the top 7 cities, based on maximum new supply seen in the last 5 years.
Among the shortlisted localities, Bengaluru’s Bagaluru recorded the highest price appreciation of 90% between 2019 and H1 2024.
”With new supply of approx. 17,065 units in the period, the average residential prices at Bagaluru jumped up from INR 4,300 per sq. ft. in 2019 to approx. INR 8,151 per sq. ft. in H1 2024,” says Anuj Puri, Chairman – ANAROCK Group. “A deeper dive reveals that of the total new supply launched in this micro market since 2019, over 94% was in the price bracket of INR 40 lakh to INR 1.5 Cr – the mid and premium segments. The remaining 6% was in the luxury segment priced >INR 1.5 Cr. Tellingly, there was no new affordable supply in this locality.”
Hyderabad’s Kokapet came close behind with overall price appreciation of 89% in this period. The area saw approx. 12,920 units of new supply in the period, and prices rose from INR 4,750 per sq. ft. in 2019 to INR 9,000 per sq. ft. in H1 2024. A whopping 52% of the new launch share was in the ultra-luxury category priced >INR 2.5 Cr, followed by a cumulative 30% in the mid and premium segments. The remaining 19% supply was in the luxury price bracket of INR 1.5 – 2.5 Cr.
Bengaluru’s Whitefield ranks 3rd, recording an 80% rise in residential prices in the period. The area witnessed saw approx. 18,600 units launched between 2019 and H1 2024 – over 66% was in the mid and premium budget category, and the remaining 34% was in the luxury homes segment. Average prices here increased to INR 8,600 per sq. ft. in H1 2024 from INR 4,765 per sq. ft. in 2019.
NCR’s Dwarka Expressway ranks 4th with a 79% price appreciation. Avg. prices increased from INR 5,359 per sq. ft. in 2019 to over INR 9,600 per sq. ft. in H1 2024.
Bengaluru’s Sarjapur Road clocks in at #5 with a 58% price jump. Avg. prices here rose from INR 5,870 per sq. ft. in 2019 to INR 9,300 per sq. ft. in H1 2024.
Hyderabad’s Bachupally came in 6th with avg. property prices increasing by 57% in the period – from INR 3,690 per sq. ft. in 2019 to over INR 5,800 per sq. ft. in H1 2024.
Hyderabad’s Tellapur ranks 7th with a 53% jump in avg. property prices in this period – from INR 4,819 per sq. ft. in 2019 to INR 7,350 per sq. ft. in H1 2024.
MMR’s Panvel ranks 8th with a 50% price rise in the period – from INR 5,520 per sq. ft. in 2019 to INR 8,300 per sq. ft. in H1 2024.
NCR’s New Gurugram – in the 9th spot – saw avg. property prices rise by 48% – to INR 9,000per sq. ft. in H1 2024 from INR 6,100 per sq. ft. in 2019.
MMR’s Dombivli saw a 40% price rise in this period – from INR 6,625 per sq. ft. in 2019 to INR 9,300 per sq. ft. in H1 2024.
