In the past 5 years, new housing projects have been launched, and the average price has seen an increase of 88% in the top 10 cities. This suggests that the Indian real estate industry is experiencing an exciting price surge.
A recent research published by PropEquity, a company that specializes in real estate data analytics, brought attention to this tendency on new housing projects.
The analysis shows that Gurugram had the most substantial increase in new housing projects property costs, with prices going from Rs 7,500 per square foot in 2019 to Rs 19,500 per square foot in 2024.
This signifies a remarkable growth of 160% over five years.
The cost of new housing projects in Noida has seen a significant rise of 146% over the past five years, increasing from Rs 6,500 in 2019 to Rs 16,000 in 2024.
Over the last five years, rates in Bengaluru have gone from Rs 5,051 in 2019 to Rs 10,020 in 2024, a huge 98% rise.
In Hyderabad, the price went from Rs 4,686 in 2019 to Rs 8,500 in 2024, an 81% rise.
In 2024, the value of new housing projects in Chennai saw a remarkable increase of 80%, climbing from 4,451 to 8,023 rupees in 2019.
In Mumbai, prices increased from 25,820 to 35,500 rupees per square foot. This represents a more measured rise of 37%.
It is estimated that around 15,000 projects, which comprise apartments, floors, and villas, were launched in these top 10 cities between the years 2019 and 2024.
These cities include Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Thane, Navi Mumbai, Pune, Noida, and Gurugram.
Price rise across top 10 cities
Expert Insights: Rising New Housing Projects Prices in India
In response to the findings, Samir Jasuja, the founder and chief executive officer of PropEquity, made the following statement:
“Real estate prices have increased exponentially across all major cities in the final five years. Several factors have contributed to the increase in the value of real estate in India. These factors include an increase in the number of non-resident Indians (NRIs), high-net-worth individuals (HNIs), and ultra-high-net-worth individuals (UHNIs), as well as gains in the stock market that have made people wealthy, rising homeownership rates, and a shift toward luxury and super-luxury homes. “
Average price per square foot of new housing projects in Chennai, Bengaluru and Hyderabad:
In Chennai, the average price per square foot for new homes in 2024 is around Rs 8,023.
Market experts say that between 2024 and 2025, property prices in Chennai will rise by 5 to 7 percent. This is because the city is working on building new facilities and its economy is getting better.
This increase is expected to contribute to the city’s overall growth.
Bengaluru: New house projects in Bangalore are predicted to have an average price per square foot in 2024 of Rs 10,020.
Professionals estimate that Bangalore’s residential property values will rise by 5% yearly in 2024.
Hyderabad: New housing projects in Hyderabad are predicted to have an average price per square foot in 2024 of Rs 8,500.
In Kokapet, the average residential price rose from Rs 4,750 per square foot in 2019 to Rs 9,000 per square foot in 2024.
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