Housing prices in Delhi-NCR have surged over 145% in the last five years, with Gurugram and Noida experiencing significant hikes. A recent report by PropEquity reveals that Gurugram saw prices rise from Rs 7,500 per square foot in 2019 to Rs 19,500 in 2024, a jump of 160%. Noida followed closely, with an increase from Rs 6,500 to Rs 16,000 per square foot, a 146% rise.
Other cities have also seen sharp increases. Bengaluru witnessed a 98% rise, with prices going from Rs 5,051 in 2019 to Rs 10,020 in 2024. Hyderabad saw an 81% increase, while Chennai recorded an 80% surge. Mumbai, traditionally the most expensive city, experienced a more moderate rise of 37%, with prices going from Rs 25,820 to Rs 35,500 per square foot during the same period.
This price surge is driven by factors such as infrastructure development, growing interest from non-resident Indians (NRIs) and high-net-worth individuals (HNIs), increased demand for luxury homes, and post-pandemic shifts towards homeownership. Between 2019 and 2024, over 15,000 housing projects were launched in key cities like Mumbai, Pune, Bengaluru, Chennai, and Hyderabad, signaling robust growth in the real estate market. As buyers and investors navigate this evolving landscape, the outlook for the sector remains strong.
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