Image Source : PTI Housing prices have witnessed a surge in several cities across the country.
In a significant trend observed in the Indian real estate market, housing prices in Bengaluru’s Bagaluru have surged by an astounding 90 per cent since 2020, marking the highest price appreciation among the major cities, as per a report by real estate consultant Anarock. The report focused on price trends across the top three micro-markets within the seven major cities, taking into account areas that have seen the maximum new supply over the past five years. The data reveals that Bagaluru in Bengaluru witnessed the most significant price appreciation, with prices escalating by 90 per cent from the end of 2019 to June 2024.
Bagaluru is followed by Hyderabad’s Kokapet, which saw an 89 per cent rise in property prices. Prices in Kokapet increased from Rs 4,750 per square foot in 2019 to Rs 9,000 per square foot in the first half of 2024, making it the second-highest in terms of price growth. Bengaluru’s Whitefield, a well-known residential and IT hub, secured the third position, with residential prices soaring by 80 per cent during the same period. The average price per square foot in Whitefield rose from Rs 4,765 in 2019 to ₹8,600 in the first half of 2024.
79 per cent surge at Dwarka Expressway
Meanwhile, Dwarka Expressway in the Delhi-NCR region saw a commendable 79 per cent appreciation, placing it fourth in the ranking, as per Anarock This area continues to be a hotspot for real estate investment, driven by its strategic location and ongoing infrastructural developments. Average prices increased from Rs 5,359 per sq ft in 2019 to Rs 9,600 per sq ft in H1 2024. Bengaluru’s Sarjapur Road stood at 5th position with a 58 per cent price jump. The average prices here rose from Rs 5,870 per sq ft in 2019 to Rs 9,300 per sq ft in H1 2024.
Check out the surge in major cities
Hyderabad’s Bachupally ranked 6th with average prices increasing by 57 per cent to Rs 5,800 from Rs 3,690 per sq ft. Hyderabad’s Tellapur ranked 7th with a 53 per cent jump in average prices to Rs 7,350 from Rs 4,819 per sq ft. Panvel in Mumbai Metropolitan Region ranked 8th with a 50 per cent price rise to Rs 8,300 from Rs 5,520 per sq ft. Delhi-NCR’s New Gurugram is at 9th spot. Average prices rose 48 per cent to Rs 9,000 per sq ft from Rs 6,100 per sq ft. MMR’s Dombivli ranked 10th. The rates grew 40 per cent to Rs 9,300 per square feet from Rs 6,625 per sq ft in 2019-end.
Reaction of a real estate expert
Commenting on the Bengaluru housing market, real estate construction and development firm BCD Group CMD Angad Bedi said, as per news agency PTI. He further added that the substantial price increase in residential real estate in North Bengaluru, Whitefield, and Sarjapur Road can be attributed to the rapid infrastructure development in these micromarkets. Additionally, the presence of top educational institutions, healthcare facilities, and IT giants, along with growing commercial activity and leisure and entertainment hotspots, have boosted demand for residential and rental properties in these locations, Bedi added.
ALSO READ: Growing demand for sustainable housing driving luxury real estate market
