In terms of per sq. ft. prices, Mumbai continues to be the costliest with average price at Rs 35,500 psqft. (Representative Photo)
Mumbai experienced the lowest increase at 37%, with prices rising from Rs 25,820 per sq ft to Rs 35,500 per sq ft during the same period.
The average price of newly launched residential projects in India’s top 10 cities has surged by a staggering 88 per cent over the past five years, according to a report by real estate data analytics firm PropEquity released on Monday.
Gurugram witnessed the most dramatic price growth, with average prices catapulting by 160% from Rs 7,500 per sq ft in 2019 to Rs 19,500 per sq ft in 2024. In contrast, Mumbai experienced the lowest increase at 37%, with prices rising from Rs 25,820 per sq ft to Rs 35,500 per sq ft during the same period.
Following Gurugram in terms of price growth are Noida (146%), Bengaluru (98%), Hyderabad (81%), Chennai (80%), Pune (73%), Navi Mumbai (69%), Kolkata (68%), Thane (66%), and finally Mumbai.
The report analysed 15,000 new launch projects comprising apartments, floors, and villas across the top 10 cities: Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Thane, Navi Mumbai, Pune, Noida, and Gurugram.
“Real estate prices have escalated exponentially across all major cities in the last five years,” explains Samir Jasuja, Founder & CEO of PropEquity. “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.”
Despite experiencing the lowest price increase, Mumbai remains the most expensive city with an average price of Rs 35,500 per sq ft. Gurugram follows at Rs 19,500 per sq ft, and Noida at Rs 16,000 per sq ft.
The data further reveals a significant shift in the affordability landscape. In 2019, only Mumbai boasted average new launch prices exceeding Rs 10,000 per sq ft. However, by 2024, all cities except Hyderabad, Chennai, and Kolkata crossed this threshold, highlighting the growing demand and shrinking affordability in India’s prime real estate markets.
