The average price of new launch projects in India’s top 10 cities have surged 88% in the last five years, according to real estate data analytics firm PropEquity.
According to the report, the average housing price have surged the most in Gurugram from Rs 7500 per sq-ft in 2019 to Rs 19,500 per sq-ft in 2024, a jump of 160% and the lowest in Mumbai at 37% from Rs 25820 per sq-ft to Rs 35,500 per sq-ft.
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.
| Average housing price of new launch projects | ||||
| Cities | 2019 | 2024 | Overall | Y-o-Y |
| Gurugram | Rs 7,500 | Rs 19,500 | 160% | 32% |
| Noida | Rs 6,500 | Rs 16,000 | 146% | 29% |
| Bengaluru | Rs 5,051 | Rs 10,020 | 98% | 20% |
| Hyderabad | Rs 4,686 | Rs 8,500 | 81% | 16% |
| Chennai | Rs 4,451 | Rs 8,023 | 80% | 16% |
| Pune | Rs 7,300 | Rs 12,600 | 73% | 15% |
| Navi Mumbai | Rs 8,500 | Rs 14,400 | 69% | 14% |
| Kolkata | Rs 4,457 | Rs 7,500 | 68% | 14% |
| Thane | Rs 7,200 | Rs 11,950 | 66% | 13% |
| Mumbai | Rs 25,820 | Rs 35,500 | 37% | 7% |
| Average | 88% | 18% | ||
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.”
According to the report, the highest rise in prices was seen in Gurugram, followed by Noida (146%), Bengaluru (98%), Hyderabad (81%), Chennai (80%), Pune (73%), Navi Mumbai (69%), Kolkata (68%), Thane (66%) and Mumbai (37%).
In terms of per sq-ft prices, Mumbai continues to be the costliest with average price at Rs 35,500 per sq-ft followed by Gurugram at Rs 19,500 per sq-ft and Noida at Rs 16,000 per sq-ft.
The data further highlighted that in 2019, only Mumbai had average price of new launch projects upwards of Rs 10,000 per sq-ft. In 2024, except Hyderabad, Chennai and Kolkata, all seven cities saw average launch prices rise upwards of Rs 10,000 per sq-ft.