Gurugram Rate Soars 160%, Housing Prices In Top 10 Cities Soar 88% In Five Years

Over the previous five years, the average cost of recently completed residential developments in the top ten cities in India has increased by an astounding 88%.

The most significant price increase was seen in Property In Gurgaon, where average prices shot up 160% from Rs 7,500 per square foot in 2019 to Rs 19,500 per square foot in 2024. Mumbai, on the other hand, saw the least growth over the same time, going from Rs 25,820 per square foot to Rs 35,500 per square foot, or 37%.

Noida (146%), Bengaluru (98%), Hyderabad (81%), Chennai (80%), Pune (73%), Navi Mumbai (69%), Kolkata (68%), Thane (66%), and Mumbai are the next cities in terms of price growth after Gurugram.

In the top 10 cities Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Thane, Navi Mumbai, property in Pune, Noida, and Gurugram the survey examined 15,000 new launch projects that included flats, floors, and villas.

In the past five years, the cost of real estate has skyrocketed in every major city. The reasons for such a sharp increase include the extensive infrastructure development, the growing interest from NRIs, HNIs/UHNIs, and stock market gainers seeking to invest in real estate to build wealth and generate income, the rising sentiment towards homeownership, and the general shift towards luxury/super luxury homes as a result of rising aspiration and affluence.

Property in Mumbai continues to be the most expensive city, with an average price per square foot of Rs 35,500, but having the least rate of price growth. Next in line are Noida at Rs 16,000 per square foot and Gurugram at Rs 19,500.

The information also shows a notable change in the affordability environment. Mumbai was the only city in 2019 to have average new launch costs higher than Rs 10,000 per square foot. All cities, with the exception of Hyderabad, Chennai, and Kolkata, exceeded this barrier by 2024, indicating the rising demand and declining affordability in India's premium real estate markets.
 

Factors That are Actually Bringing The Surge

Over the last five years, the housing market has grown remarkably, with prices rising across the board in the most desirable cities. Mumbai experiences a consistent increase of 37%, while Projects In Gurgaon leads the way with an astounding 160% increase. This pattern emphasizes the appeal of major urban locations by reflecting the significant demand from both investors and homeowners.

Although the market is mostly driven by investors, its expansion also shows confidence in the real estate industry's future. As these communities develop, there is a chance for creative solutions to guarantee homebuyers' accessibility, supporting a dynamic and varied housing market.

Claiming that one of the priciest real estate markets in India today is Gurugram. The city is one of the few where the price of a property has doubled in the previous five years and has been establishing standards for luxury and ultra-luxury housing. Following the epidemic, the Property In Gurgaon witnessed price increases in all of its micro markets due to a surge in demand from both local residents and affluent individuals from other regions of India and the globe. A similar trend is anticipated in the upcoming years.

Due to a mismatch in supply and demand caused by postponed project launches, the monsoon season, and the Shraad period, the real estate market had difficulties in Q3. In spite of this, there has been a discernible rise in sales from serious purchasers due to high end-user demand. It is expected that this upward trend will continue as the real estate industry expands due to growing business activity and a growing demand for high-quality housing.

The market has changed significantly, with mid-range and luxury properties costing INR 3 crore and more experiencing strong quarterly sales increases. For the first time since Q1 2023, new supply dropped below one lakh units, yet Q3 2024 sales exceeded launches, a very encouraging development.
 

Conclusion
 

A notable change in real estate dynamics is highlighted by the sharp rise in prices of New Launch Projects In Gurgaon and other top 10 cities, with an average increase of 88% during a five-year period. Gurugram's remarkable 160% increase underscores the city's standing as a top investment destination, propelled by increased demand, better infrastructure, and urbanization.

This tendency makes sustainability and affordability issues more pressing, which forces governments to address housing-related issues. The maintenance of socio-economic stability in cities will depend on striking a balance between expansion and affordable housing as they continue to expand. It is imperative that inclusive policies be given top priority in future developments to guarantee that growing property prices benefit all facets of society.

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