New housing launch: Prices jump over 145% in two NCR areas

The Indian real estate market has seen a significant surge in prices, with average prices for new launches in top 10 cities increasing by 88% in the last five years. This trend was highlighted in a recent report by PropEquity, a real estate data analytics firm.

The report highlights that Gurugram experienced the most significant increase in newly-launched housing prices, jumping from Rs 7,500 per square foot in 2019 to Rs 19,500 per square foot in 2024. It marks an increase of 160% in five years.

Noida experienced a price jump from Rs 6,500 in 2019 to Rs 16,000 in 2024, reflecting a rise of 146% in five years. Bengaluru prices rose from Rs 5,051 in 2019 to Rs 10,020 in 2024, a notable increase of 98% in five years. In Hyderabad, the price jumped from Rs 4,686 in 2019 to Rs 8,500 in 2024, representing an 81% rise in five years. Chennai recorded a surge from Rs 4,451 in 2019 to Rs 8,023 in 2024, indicating an 80% rise during the five-year period.

In contrast, Mumbai witnessed a more modest jump of 37%, with prices moving from Rs 25,820 per square foot to Rs 35,500 per square foot during the period under review.

Between 2019 and 2024, approximately 15,000 projects, including apartments, floors, and villas, were launched in these top 10 cities, which include Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Thane, Navi Mumbai, Pune, Noida, and Gurugram.

Housing price rise of new launch projects across top 10 Indian cities

Samir Jasuja, Founder and CEO of PropEquity, commented on the findings: “Real estate prices have gone up exponentially across all major cities in the last five years. Factors such as massive infrastructure development, increased interest from non-resident Indians (NRIs), high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs), stock market gains leading to wealth creation, rising homeownership sentiments, and a shift towards luxury and super-luxury homes have all contributed to this steep rise.”

New housing project launches in India: Check average housing price per square foot in Mumbai, Noida, Gurgugram
The report provides a detailed breakdown of the average housing prices for new launch projects across these cities:

In terms of per-square-foot prices, Mumbai remains the most expensive city, with an average price of Rs 35,500 per square foot in 2024. Gurugram follows at Rs 19,500 per square foot, and Noida at Rs 16,000 per square foot in 2024. Notably, in 2019, only Mumbai had an average price of new launch projects exceeding Rs 10,000 per square foot. By 2024, all but three cities — Hyderabad, Chennai, and Kolkata—have seen average launch prices exceed this threshold.

This significant rise in real estate prices reflects broader economic trends, including a recovery from the pandemic, increased urbanisation, and a growing middle class seeking homeownership. As buyers navigate this changing landscape, the demand for new launches continues to rise, indicating a strong outlook for the real estate sector in India.

The implications of these trends are far-reaching, affecting not only potential homeowners but also investors looking to capitalize on the booming market.