Property prices in big Indian cities appreciate average 44% since 2019, Hyderabad highest at 64%: Anarock report
Aug 26, 2024
New Delhi [India], August 26 : Residential real estate prices have been rising significantly across Indian cities in the last few years, amid buoyant demand and increased property launches. Real estate consultant Anarock has analysed the price trends in the key parts of the top seven cities, based on new supply seen in the last five years.
Among the shortlisted localities, Bengaluru's Bagaluru recorded the highest price appreciation of 90 per cent between 2019 and 2024.
Hyderabad's Kokapet came close behind with an overall price appreciation of 89 per cent in this period.
Bengaluru's Whitefield ranked third, recording an 80 per cent rise in residential prices in the period. Average prices here increased to Rs 8,600 per sq. ft. in 2024 from Rs 4,765 per sq. ft. in 2019.
NCR's Dwarka Expressway ranked fourth with a 79 per cent price appreciation. Average prices increased from Rs 5,359 per sq. ft. in 2019 to over Rs 9,600 per sq. ft. in 2024.
"Housing price growth accelerated after the pandemic, particularly if we consider the last two years," said Anuj Puri, Chairman, ANAROCK Group.
"As per our data, the top 7 cities collectively saw over 44 per cent of price appreciation in the last five years. At a city level, Hyderabad recorded the highest jump of 64 per cent between 2019 and H1 2024, followed by Bengaluru with a 57 per cent increase. The lowest price growth of 25 per cent was seen in Kolkata. NCR and MMR both witnessed a 48 per cent price appreciation each in this period," Puri added.
The commonly held notion that high new supply in a market tends to curtail price growth is not entirely true, said Anarock, noting that many of residential properties have seen significant price appreciation over the last five years. For instance, Greater Noida West in NCR in the last five years, saw a whopping 129 per cent price appreciation.
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