“Bagaluru’s transformation reflects a growing preference for premium living amidst increasing urbanization and economic growth. With demand outpacing supply, it’s clear why developers are focusing on higher-end offerings,” Puri adds.
Hyderabad’s Kokapet closely followed with an 89% price appreciation during the five-year period. The average residential price in this micro-market rose from Rs 4,750 per square foot in 2019 to Rs 9,000 per square foot as of H1 2024, bolstered by approximately 12,920 new units. Interestingly, over half (52%) of the new supply fell into the ultra-luxury category, priced above Rs 2.5 crore, indicating a trend towards luxury living.
With 80% rise in average residential property prices, Bengaluru’s Whitefield ranked third. Average property price climbed from Rs 4,765 per square foot in 2019 to Rs 8,600 per square foot in H1 2024 in the micro-market. This area saw a total of 18,600 units launched, with 66% categorised in the mid-and-premium segments.
As per the report, NCR’s (National Capital Region) Dwarka Expressway ranked fourth. It saw a 79% price surge in the residential housing property. Average housing prices in this area increased from Rs 5,359 per square foot in 2019 to over Rs 9,600 per square foot in H12024.
Property price rise in India in last five years
| Rank | Region/City | Top 10 Active Micro Markets with Highest Price Appreciation | Price Appreciation b/w 2019 to H1 2024 (%) |
| 1 | Bengaluru | Bagaluru | 90% |
| 2 | Hyderabad | Kokapet | 89% |
| 3 | Bengaluru | Whitefield | 80% |
| 4 | NCR | Dwarka Expressway | 79% |
| 5 | Bengaluru | Sarjapur Road | 58% |
| 6 | Hyderabad | Bachupally | 57% |
| 7 | Hyderabad | Tellapur | 53% |
| 8 | MMR | Panvel | 50% |
| 9 | NCR | New Gurugram | 48% |
| 10 | MMR | Dombivli | 40% |
Source: ANAROCK Research
Bengaluru’s Sarjapur Road clocked in at fifth with a 58% price jump. The average prices here rose from Rs 5,870 per square foot in 2019 to Rs 9,300 per square foot in H1 2024.
Hyderabad’s Bachupally came in sixth with average property prices increasing by 57% in the period – from Rs 3,690 per square foot in 2019 to over Rs 5,800 per square foot in H1 2024. Hyderabad’s Tellapur ranked seventh, with average property prices surging by 53%, from Rs 4,819 per square foot in 2019 to Rs 7,350 per square foot in H1 2024.
Following closely, MMR’s Panvel secured the eighth position, witnessing a 50% increase in property prices during the same period. Prices here climbed from Rs 5,520 per square foot in 2019 to Rs 8,300 per square foot in H1 2024.
NCR’s New Gurugram, occupying the ninth spot, recorded a 48% rise in average property prices, which escalated from Rs 6,100 per square foot in 2019 to Rs 9,000 per square foot in H1 2024.
Lastly, MMR’s Dombivli experienced a 40% increase in average prices, with housing prices from Rs 6,625 per square foot in 2019 to Rs 9,300 per square foot in H1 2024.
Puri explains, “The general belief that increased supply restricts price growth is not always applicable. Many active residential micro-markets have defied this trend. For instance, Greater Noida West, despite significant new supply, saw a remarkable 129% price appreciation.”
As cities continue to evolve and attract a diverse range of buyers, including professionals and investors, the demand for housing remains robust. With urbanisation on the rise and new projects continuously being launched, the trajectory for property prices seems poised for sustained growth, creating both opportunities and challenges for prospective buyers and developers alike.
In conclusion, as the housing market adapts to post-pandemic realities, the balance of demand and supply will be crucial in shaping the future landscape of residential real estate in India’s major cities.
