New Delhi: Residential prices have been increasing post Covid across India. On Monday, Anarock Group said the seven top cities that include Bengaluru, Hyderabad, Delhi NCR and Mumbai Metropolitan Region (MMR) have seen prices rise by an average 45% from 2019 to first half of this calendar year, with the price rise going up to 90% in some markets. Anarock released data that shows among shortlisted localities of real estate hotspots , Bengaluru’s Bagaluru has seen the highest price appreciation — of 90% — followed by Hyderabad’s Kokapet at 89% jump; Bengaluru’s Whitefield (80% and Delhi NCR’s Dwarka E’way (79%), according to data released by ANAROCK Research on Monday.
The top 10 areas seeing the maximum appreciation (see table) include three each in Bengaluru and Hyderabad and two each in Delhi NCR and Mumbai Metropolitan Region (MMR). Residential prices have been rising significantly across cities in the last few years, amid buoyant demand and increased new supply. According to Anarock, MMR’s Dombivli remained the most active market in last five years in terms of new housing supply, recording the highest supply (about 44,990 units) in the period.
Bengaluru’s Sarjapur Road came next with new supply of about 36,150 units and then came MMR’s Panvel at 34,400 units launched between 2019 and H1 2024. Anarock Group chairman Anuj Puri said: “Housing price growth accelerated after the pandemic, particularly if we consider the last two years. As per our data, the top seven cities collectively saw over 44% price appreciation in last five years.
At a city level, Hyderabad recorded the highest jump of 64% between 2019 and H1 2024, followed by Bengaluru with a 57% increase. The lowest price growth of 25% was seen in Kolkata. NCR and MMR both witnessed a 48% price appreciation each in this period.
” “The commonly held notion that high new supply in a market tends to curtail price growth is not entirely true. Many of these active residential micro-markets have seen significant price appreciation over the last five years. For instance, Greater Noida West in NCR — which has the fifth highest supply in the region in last five years — saw 129% price appreciation,” Puri said.
According to Anarock, the past five years have seen a “massive infusion of new supply across the top seven cities — more than 16.3 lakh units between 2019 and H1 2024. City-wise, MMR witnessed the highest supply with about 5.
2 lakh units in this period, followed by Pune with over 2.9 lakh units. In terms of micro-markets, MMR’s Dombivli remained the most active market in this period, with the highest new supply.
” “With new supply of about 17,065 units in the period, the average residential prices at Bagaluru jumped up from Rs 4,300 per sq. ft. in 2019 to about Rs 8,151 per square feet in H1 2024.
A deeper dive reveals that of the total new supply launched in this micro market since 2019, over 94% was in the price bracket of Rs 40 lakh to Rs 1.5 crore — the mid and premium segments. The remaining 6% was in the luxury segment priced over Rs 1.
5 crore. There was no new affordable supply in this locality,” Puri added. Highest price appreciation between 2019 and H1 2024: Bengaluru’s Bagaluru: 90% Hyderabad’s Kokapet: 89% Bengaluru’s Whitefield: 80% Delhi NCR’s Dwarka E’way: 79% Bengaluru’s Sarjapur Road: 58% Hyderabad’s Bachupally: 57% Hyderabad’s Tellapur: 53% MMR’s Panvel: 50% NCR’s New Gurugram: 48% MMR’s Dombivili: 40% (Source: ANAROCK) Highest residential new supply between 2019 and H1 2024: MMR Dombivili: 44,990 units Bengaluru Sarjapur Road: 36,150 units MMR Panvel: 34,400 units MMR Thane West: 34,020 units NCR Greater Faridabad: 32,740 units Pune Hinjewadi: 25,140 units NCR New Gurugram: 21,125 units NCR Dwarka E’way: 20,250 units Hyderabad Tellapur: 18,960 units Bengaluru Whitefield: 18,600 units.
