A recent report by the real estate data analytics firm PropEquity said the average price of new launch projects in India’s top 10 cities have surged 88 per cent in the past five years.
According to the report, the average housing price have surged the most in Gurugram from Rs 7500 psqft in 2019 to Rs 19,500 psqft in 2024, a jump of 160 per cent and the lowest in Mumbai at 37 per cent from Rs 25820 psqft to Rs 35,500 psqft.
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, the report said.
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).
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.”
In terms of per sq ft prices, Mumbai continues to be the costliest with average price at Rs 35,500 psqft. followed by Gurugram at Rs 19,500 psqft. and Noida at Rs 16,000 psqft.
The data further highlighted that in 2019, only Mumbai had average price of new launch projects upwards of Rs 10,000 psqft. In 2024, except Hyderabad, Chennai and Kolkata, all seven cities saw average launch prices rise upwards of Rs 10,000 psqft.