Avg housing prices up 90 pc in Bengaluru’s Bagaluru since 2020; 79 pc at Dwarka Expressway

PTI, Aug 26, 2024, 2:44 PM IST

Housing prices in Bengaluru’s Bagaluru rose highest by 90 per cent since 2020, while Dwarka Expressway in Delhi-NCR ranked 4th with 79 per cent average appreciation, according to Anarock.

Real estate consultant Anarock analysed price trends in the top 3 micro-markets of the 7 major cities, based on the maximum new supply seen in the last five years.

As per the data, Bengaluru’s Bagaluru recorded the highest price appreciation of 90 per cent between 2019-end and June this year.

“Average residential prices at Bagaluru jumped from Rs 4,300 per sq ft in 2019 to Rs 8,151 per sq ft in H1 2024,” Anuj Puri, Chairman at Anarock, said.

Hyderabad’s Kokapet is ranked second with 89 per cent price appreciation.

Prices rose from Rs 4,750 per sq ft in 2019 to Rs 9,000 per sq ft in H1 2024.

Bengaluru’s Whitefield ranked third, with an 80 per cent rise in residential prices during the period.

Average prices increased to Rs 8,600 per sq ft in H1 2024 from Rs 4,765 per sq ft in 2019.

NCR’s Dwarka Expressway is in the 4th position with a 79 per cent price appreciation. Average prices increased from Rs 5,359 per sq ft in 2019 to Rs 9,600 per sq ft in H1 2024.

Bengaluru’s Sarjapur Road stood at 5th position with a 58 per cent price jump. The average 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 ranked 6th with average prices increasing by 57 per cent to Rs 5,800 from Rs 3,690 per sq ft.

Hyderabad’s Tellapur ranked 7th with a 53 per cent jump in average prices to Rs 7,350 from Rs 4,819 per sq ft.

Panvel in Mumbai Metropolitan Region ranked 8th with a 50 per cent price rise to Rs 8,300 from Rs 5,520 per sq ft.

Delhi-NCR’s New Gurugram is at 9th spot. Average prices rose 48 per cent to Rs 9,000 per sq ft from Rs 6,100 per sq ft.

MMR’s Dombivli ranked 10th. The rates grew 40 per cent to Rs 9,300 per square feet from Rs 6,625 per sq ft in 2019-end.

Commenting on the Bengaluru housing market, real estate construction and development firm BCD Group CMD Angad Bedi said, “The substantial price increase in residential real estate in North Bengaluru, Whitefield, and Sarjapur Road can be attributed to the rapid infrastructure development in these micromarkets.” Additionally, the presence of top educational institutions, healthcare facilities, and IT giants, along with growing commercial activity and leisure and entertainment hotspots, have boosted demand for residential and rental properties in these locations, Bedi added.

Krisumi Corporation Managing Director Mohit Jain said, “The capital appreciation of residential properties in Gurugram particularly around Dwarka Expressway is mainly attributed to the rapid infrastructure development taking shape in the close vicinity.” The Dwarka Expressway area is witnessing strong housing sales.

“The demand for residential units far exceeds the supply, thereby resulting in higher unit prices,” he said, adding that the proximity of this location to Delhi airport is also one of the key factors for high demand and price rise.

Krisumi Corporation is developing a large township on Dwarka Expressway.