India’s real estate sector is witnessing a huge surge in the recent year. In the last five years, the average price of new launch projects across the top 10 cities has surged 88 per cent.
India’s real estate sector is witnessing a huge surge in the recent year. In the last five years, the average price of new launch projects across the top 10 cities has surged 88 per cent, according to real estate data analytics firm PropEquity.
The report highlights that the average housing price surged the most in Gurugram from Rs 7500 per sq ft in 2019 to Rs 19,500 per sq ft in 2024, a jump of 160 per cent. While Mumbai witnessed the lowest demand at 37 per cent from Rs 25820 per sq ft to Rs 35,500 per sq ft.
The report shows that, during the period, about 15,000 projects were launched comprising apartments, floors, and villas in the top 10 cities. These are — Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Thane, Navi Mumbai, Pune, Noida and Gurugram.
Real Estate Market: Housing Price Rises
According to the report from an NSE-listed firm, the highest price rise was seen in Gurugram, followed by Noida (146 per cent), Bengaluru (98 per cent), Hyderabad (81 per cent), Chennai (80 per cent), Pune (73 per cent), Navi Mumbai (69 per cent), Kolkata (68 per cent), Thane (66 per cent) and Mumbai (37 per cent).
The data further highlighted that in terms of per square feet price, the Maharashtra capital continues to be the costliest with an average price of Rs 35,500 per sq ft followed by Gurugram at Rs 19,500 per sq ft and Noida at Rs 16,000 per sq ft.
Commenting on the development, Samir Jasuja, Founder & CEO, PropEquity said, “The massive infrastructure development, growing interest from NRIs, HNIs/UHNIs and stock market gainers looking to create wealth and generate income through real estate investment, rising homeownership sentiments and overall shift towards luxury/super luxury homes as a result of rising aspiration and affluence are the contributing factors for such a steep rise.”
G Hari Babu, National president of NAREDCO said, “While the growth is encouraging, it also raises concerns about affordability, especially for first-time buyers. Cities like Bengaluru, Hyderabad, and Pune have seen steady price increases, making them attractive for those seeking a balance between quality and cost. The industry now faces the challenge of ensuring sustainable growth. Developers and policymakers must focus on boosting supply and offering diverse housing options to cater to varying budgets. By addressing these needs, the sector can maintain its momentum and continue to meet the aspirations of homebuyers across the country.”
Pradeep Aggarwal, Founder & Chairman, of Signature Global (India) Ltd, said, “Gurugram has firmly established itself as a leading real estate market, achieving the highest growth in average housing prices with an impressive 160% surge. The demand for residential properties continues on an upward trajectory across all segments, from mid-range to premium housing, prompting developers to strategically launch projects to meet evolving buyer expectations. With a positive outlook for the sector, we remain committed to leveraging micro-market opportunities and addressing the rising demand for quality homes in this dynamic region.”
Mohit Malhotra, founder and CEO of Neoliv said, “This steep climb highlights a combination of shifting aspirations, increased disposable incomes, and the growing appeal of real estate as a wealth-building asset. The data underscores the importance of strategic investment and planning in this rapidly evolving landscape, where every square foot tells a story of ambition, growth, and opportunity.”
Anantharam Varayur, Co-founder of Manasum Homes Senior Living said, “Gurugram’s 160% growth underscores its rapid evolution, while Mumbai’s 37% increase reflects stable demand in a mature market. This trend reinforces the need for affordable, well-planned communities tailored to older residents. Rising prices make it crucial to focus on value-driven developments that combine accessibility, comfort, and community living to address the unique needs of this segment.”
Harinder Dhillon, Senior Vice President of Sales, at BPTP said, “This trend underscores a significant shift towards homeownership, with more individuals seeking modern, high-quality living spaces that align with their lifestyle goals. The consistent demand for real estate as a secure investment avenue, coupled with the evolving preferences for premium segment, highlights the resilience and potential of this sector. This data paints a vivid picture of how economic growth and changing consumer aspirations are reshaping India’s urban housing landscape.”
Source : ET Now News
