Residential property prices in Bagaluru, situated in North Bengaluru, have surged by nearly 90 per cent in the past five years amid buoyant demand and increased new supply, according to a study by property consultants ANAROCK.
Kokapet in Hyderabad ranked second, with an overall price appreciation of 89 per cent and 12,920 new units supplied. Prices rose to ₹9,000 per sq. ft. from ₹4,750 per sqft.
The study noted that Whitefield ranked third in the list, as it witnessed a nearly 80 per cent rise in residential prices in the period with 18,600 units launched between 2019 and the first half of 2024.
Real estate prices in Bengaluru
More than 94 per cent of the new supply in Bagaluru has been in the price range of ₹40 lakh to ₹1.5 crore, while the remaining 6 per cent has been in the luxury segment, priced above ₹1.5 crore, the study showed.
The price of new supply in Bagaluru was in the price bracket of ₹40 lakh to ₹1.5 crore, while the remaining 6 per cent has been in the luxury segment, priced above ₹1.5 crore, noted Anuj Puri, Chairman – ANAROCK Group in a release.
Sarjapura, which ranked fifth in the list, with a 58 per cent price jump, has seen average prices rising to ₹9,300 per sq ft in the first quarter of FY24, up from ₹5,870 per sqft in 2019.
“The housing price growth has accelerated after the pandemic, particularly if we consider the last two years,” added Puri. “The top seven cities have collectively seen an over 44 per cent price appreciation in the last five years.
Whitefield was followed by NCR’s Dwarka Expressway registering a 79 per cent price appreciation. The average prices increased from ₹5,359 per sqft in 2019, to over ₹9,600 per sqft in H1 2024.
Over the past five years, 16,32,650 units have been launched in the top seven cities. Mumbai Metropolitan Region (MMR) saw the highest supply, with approximately 525,430 units during this period, followed by Pune with over 295,550 units.
