Housing Prices in Top 10 Cities Surge 88% in 5 years: PropEquity Survey

Hyderabad: The average price of new launch projects in India’s top 10 cities have surged 88 per cent in the last five years, according to real estate data analytics firm PropEquity.

According to the report, the average housing price have surged the most in Gurugram from Rs7,500 per sft in 2019 to Rs19,500 per sft in 2024, a jump of 160 per cent and the lowest in Mumbai at 37 per cent from Rs 25820 per sft to Rs35,500 per sft.

During this period, 15,000 projects were launched comprising apartments, floors and villas in top 10 cities namely Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Thane, Navi Mumbai, Pune, Noida and Gurugram.

Commenting on the data, Samir Jasuja, Founder & CEO, PropEquity said: “Real estate prices have gone up exponentially across all major cities in the last 5 years. 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.”

According to the report, the highest rise in prices 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).

In terms of per sft prices, Mumbai continues to be the costliest with average price at Rs35,500 per sft. followed by Gurugram at Rs19,500 per sft. and Noida at Rs16,000 per sft.

The data further highlighted that in 2019, only Mumbai had average price of new launch projects upwards of Rs10,000 per sft. In 2024, except Hyderabad, Chennai and Kolkata, all seven cities saw average launch prices rise upwards of Rs10,000 per sft.