Bengaluru’s Property Micro Markets See Unprecedented Price Surge
Bagalur, nestled in the vibrant region of North Bengaluru, has experienced a dramatic escalation in residential property prices, soaring by nearly 90% over the past five years. This surge is driven by robust demand and an influx of new developments, as revealed in a comprehensive study by esteemed real estate consultants. Kokapet in Hyderabad has emerged as a close competitor, recording an impressive 89% increase in property values. Prices in this area have climbed from ₹4,750 to ₹9,000 per square foot, with 12,920 new residential units added to the market. Whitefield, another key player in Bengaluru’s real estate sector, secured the third position on this list, showcasing an approximate 80% rise in property prices. Between 2019 and the first half of 2024, Whitefield saw the launch of over 18,600 new residential units, solidifying its reputation as a prime location for homebuyers.
Post-pandemic, the acceleration in housing prices has become particularly pronounced, especially in the last two years. Across the top seven cities, there has been a collective appreciation of over 44% in property values during the past five years. Following Whitefield, Dwarka Expressway in the NCR region recorded a significant 79% increase in property prices, with average rates climbing from ₹5,359 per square foot in 2019 to more than ₹9,600 per square foot in the first half of 2024. These developments reflect the dynamic shifts and promising potential within India’s evolving real estate market.
In the past five years, a staggering 1.63 million residential units have been introduced across the top seven metropolitan cities in India. The Mumbai Metropolitan Region (MMR) led this surge, contributing approximately 525,430 new homes, making it the largest contributor during this period. Pune followed closely, with the addition of over 295,550 units, reflecting the city’s growing demand and development.
Whitefield, a prominent Bengaluru suburb, has been outpaced only by NCR’s Dwarka Expressway, which has witnessed an impressive 79% surge in property values. Prices in Dwarka Expressway have escalated from ₹5,359 per square foot in 2019 to more than ₹9,600 per square foot by the first half of 2024. This remarkable growth underscores the region’s burgeoning appeal and the rapid evolution of India’s real estate market.
