Gurugram Leads with a Stunning 160% Increase; Mumbai Trails at 37%

New Delhi, October 14, 2024: The real estate landscape in India’s major urban centers has experienced a dramatic surge, with average housing prices for new launches in the top 10 cities skyrocketing by 88% over the past five years, as reported by PropEquity, a leading real estate data analytics firm.

Gurugram has emerged as the frontrunner, witnessing a staggering 160% increase in average prices, jumping from ₹7,500 per square foot in 2019 to ₹19,500 per square foot in 2024. In contrast, Mumbai, despite being the most expensive city, reported the lowest increase at 37%, with prices climbing from ₹25,820 to ₹35,500 per square foot.

Key Insights into the Price Surge

The report highlights that the period saw the launch of approximately 15,000 projects, including apartments, floors, and villas across the top 10 cities: Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Thane, Navi Mumbai, Pune, Noida, and Gurugram.

Experts attribute this exponential growth in real estate prices to several factors, including extensive infrastructure development, increasing interest from Non-Resident Indians (NRIs), High Net Worth Individuals (HNIs), and those benefiting from stock market gains. Additionally, rising aspirations for luxury living and heightened homeownership sentiments have driven demand.

City-wise Breakdown of Housing Price Growth

Gurugram: ₹7,500 (2019) to ₹19,500 (2024) — 160%

Noida: ₹6,500 to ₹16,000 — 146%

Bengaluru: ₹5,051 to ₹10,020 — 98%

Hyderabad: ₹4,686 to ₹8,500 — 81%

Chennai: ₹4,451 to ₹8,023 — 80%

Pune: ₹7,300 to ₹12,600 — 73%

Navi Mumbai: ₹8,500 to ₹14,400 — 69%

Kolkata: ₹4,457 to ₹7,500 — 68%

Thane: ₹7,200 to ₹11,950 — 66%

Mumbai: ₹25,820 to ₹35,500 — 37%

The average increase across these cities amounts to 88%, with Gurugram and Noida leading the way.

Shifts in Market Dynamics

In 2019, Mumbai was the only city with new launch project prices exceeding ₹10,000 per square foot. Fast forward to 2024, and all cities except Hyderabad, Chennai, and Kolkata have crossed this threshold, marking a significant shift in the real estate dynamics of India.

As the market continues to evolve, stakeholders are keenly observing these trends, signaling a vibrant yet challenging landscape for both buyers and investors.