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/sqft in 2019 to Rs 19,500/sqft in 2024, a jump of 160% and the lowest in Mumbai at 37% from Rs 25820/sqft to Rs 35,500/sqft. 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.
Commenting on the data, 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.”