India's real estate sector has been experiencing a significant surge in recent years. Over the last five years, the average price of new launch projects across the top 10 cities has surged by 88%, according to real estate data analytics firm PropEquity. This increase in housing prices is reflective of the growing demand and interest in the country's real estate market, driven by factors such as urbanization, infrastructure development, and rising disposable incomes.
Among the top cities, Gurugram has seen the most substantial rise in housing prices. The average price per square foot has skyrocketed from Rs 7,500 in 2019 to Rs 19,500 in 2024, marking an astonishing 160% increase. This surge in Gurugram is attributed to its proximity to Delhi, booming commercial activity, and the growing demand for premium residential properties. The city's transformation into a major business hub has further contributed to its rising real estate prices, attracting both investors and homebuyers.
On the other hand, Mumbai, despite being one of the most expensive real estate markets in India, has seen comparatively lower growth. The city's housing prices have increased by 37%, from Rs 25,820 per square foot in 2019 to Rs 35,500 per square foot in 2024. While this represents a significant rise, it is relatively modest compared to other cities, reflecting the already high baseline and market saturation.
As India's real estate market continues to evolve, the demand for residential and commercial spaces in cities like Gurugram and Mumbai is expected to remain strong, though market dynamics may vary based on factors such as economic conditions, policy changes, and buyer preferences.
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