 "REAL ESTATE")
Illustration: Ajay Mohanty
Dwarka Expressway in the National Capital Region (NCR) has witnessed a remarkable 79% price appreciation over the past five years, ranking’ fourth among the top 10 micro-markets with the highest price appreciation, shows data analysed by property consulting firm Anarock.
Prices rose from Rs 5,359 per square foot in 2019 to over Rs 9,600 per square foot in H1 2024. The surge in demand is attributed to factors like improved connectivity, infrastructure development, and growing preference for suburban living.
Here are the top-performing micr-markets:
-
Bengaluru: Bagaluru (90%), Whitefield (80%) -
Hyderabad: Kokapet (89%), Bachupally (57%), Tellapur (53%) -
NCR: Dwarka Expressway (79%), New Gurugram (48%) -
Mumbai Metropolitan Region (MMR): Panvel (50%), Dombivli (40%)
With new supply of approx. 17,065 units in the period, the average residential prices at Bagaluru jumped up from Rs 4,300 per sq. ft. in 2019 to approx. Rs 8,151 per sq. ft. 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 >Rs 1.5 Cr. Tellingly, there was no new affordable supply in this locality,” said Anuj Puri, Chairman – ANAROCK Group.
Hyderabad’s Kokapet came close behind with overall price appreciation of 89% in this period. The area saw approx. 12,920 units of new supply in the period, and prices rose from Rs 4,750 per sq. ft. in 2019 to Rs 9,000 per sq. ft. in H1 2024. A whopping 52% of the new launch share was in the ultra-luxury category priced >Rs 2.5 Cr, followed by a cumulative 30% in the mid and premium segments. The remaining 19% supply was in the luxury price bracket of Rs 1.5 – 2.5 Crore.
Bengaluru’s Whitefield ranks 3rd, recording an 80% rise in residential prices in the period. The area witnessed saw approx. 18,600 units launched between 2019 and H1 2024 – over 66% was in the mid and premium budget category, and the remaining 34% was in the luxury homes segment. Average prices here increased to Rs 8,600 per sq. ft. in H1 2024 from INR 4,765 per sq. ft. in 2019.
“Housing price growth accelerated after the pandemic, particularly if we consider the last two years,” said Puri. “As per our data, the top 7 cities collectively saw over 44% of price appreciation in the last five years.”
At a city level, Hyderabad recorded the highest price 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.
Top 10 Active Micro Markets with Highest Price Appreciation
Key highlights of the report:
-
NCR’s Dwarka Expressway ranks 4th with a 79% price appreciation. Avg. prices increased from Rs 5,359 per sq. ft. in 2019 to over Rs 9,600 per sq. ft. in H1 2024. -
Bengaluru’s Sarjapur Road clocks in at #5 with a 58% price jump. Avg. prices here rose from Rs 5,870 per sq. ft. in 2019 to Rs 9,300 per sq. ft. in H1 2024. -
Hyderabad’s Bachupally came in 6th with avg. property prices increasing by 57% in the period – from Rs 3,690 per sq. ft. in 2019 to over Rs 5,800 per sq. ft. in H1 2024. -
Hyderabad’s Tellapur ranks 7th with a 53% jump in avg. property prices in this period – from Rs 4,819 per sq. ft. in 2019 to Rs 7,350 per sq. ft. in H1 2024. -
MMR’s Panvel ranks 8th with a 50% price rise in the period – from Rs 5,520 per sq. ft. in 2019 to Rs 8,300 per sq. ft. in H1 2024. -
NCR’s New Gurugram – in the 9th spot – saw avg. property prices rise by 48% – to Rs 9,000per sq. ft. in H1 2024 from Rs 6,100 per sq. ft. in 2019. -
MMR’s Dombivli saw a 40% price rise in this period – from Rs 6,625 per sq. ft. in 2019 to Rs 9,300 per sq. ft. in H1 2024.
First Published: Aug 27 2024 | 1:00 PM IST
