Bengaluru's Real Estate Boom: Bagaluru Leads the Charge
Bagaluru records 90% price appreciation, highest in Bengaluru, with average prices soaring from INR 4,300 to INR 8,151 per square foot between 2019 and H1 2024.
Bengaluru Real EstateBagaluruAnarock GroupResidential PricesNew SupplyReal Estate MumbaiSep 07, 2024
Residential prices have been rising significantly across cities in the last few years, amid buoyant demand and increased new supply. Anarock Research has analysed the price trends in the top three micro-markets of the top seven cities, based on maximum new supply seen in the last five years.
Among the shortlisted localities, Bengaluru’s Bagaluru recorded the highest price appreciation. The average price per square foot in Bagaluru soared from INR 4,300 in 2019 to approximately INR 8,151 in H1 2024. This surge is significant, given that the area saw around 17,065 new residential units added during this period, with over 94% of these units priced between INR 40 lakh and INR 1.5 crore, catering mostly to the mid and premium segments.
Whitefield ranked third in price appreciation, with an 80% rise during the same period. The average price in Whitefield increased from INR 4,765 per square foot in 2019 to INR 8,600 per square foot in H1 2024. Approximately 18,600 new residential units were launched in Whitefield, with 66% of these in the mid and premium segments and the remaining 34% in the luxury category.
Sarjapur Road saw a 58% increase in property prices, moving it to the fifth position on the list. Average prices per square foot in Sarjapur Road rose from INR 5,870 in 2019 to INR 9,300 by H1 2024. This area also experienced a substantial influx of new residential units, with approximately 36,150 added during this period, highlighting its status as one of the city’s most active markets.
Anuj Puri, Chairman of Anarock Group, said, “Around 94% of the new supply in Bagaluru falls within the mid and premium segments, while 6% is in the luxury segment. Notably, no new affordable housing was introduced in this area. The housing price growth has accelerated post-pandemic, with the top seven cities collectively seeing over a 44% price increase in the past five years.
Hyderabad led with a 64% increase, followed by Bengaluru with a 57% rise. Kolkata recorded the lowest price growth at 25%, while NCR and MMR each saw a 48% increase. Contrary to the belief that high new supply suppresses price growth, many active residential micromarkets have witnessed substantial appreciation. For instance, Greater Noida West in NCR, with the fifth-highest supply over the past five years, experienced an impressive 129% price increase.”
About Anarock Group
Anarock is a leading real estate services company in India, providing a comprehensive range of services including residential broking and advisory, investment, and research and consulting.
Keywords Bengaluru real estate, Bagaluru, Anarock Group, residential prices, new supply, price appreciation, Whitefield, Sarjapur Road, Anuj Puri
FAQs
Q What is the highest price appreciation in Bengaluru’s real estate market?
A Bagaluru has recorded the highest price appreciation, with a 90% increase in residential prices between 2019 and H1 2024.
Q What is the average price per square foot in Bagaluru?
A The average price per square foot in Bagaluru soared from INR 4,300 in 2019 to approximately INR 8,151 in H1 2024.
Q Which cities have seen the highest price growth in the past five years?
A Hyderabad led with a 64% increase, followed by Bengaluru with a 57% rise.
Q What is the new supply in Bagaluru?
A Around 17,065 new residential units were added in Bagaluru during the period, with over 94% of these units priced between INR 40 lakh and INR 1.5 crore.
Q What is the luxury segment percentage in Bagaluru?
A 6% of the new supply in Bagaluru falls within the luxury segment.
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Frequently Asked Questions
What is the highest price appreciation in Bengaluru’s real estate market?
Bagaluru has recorded the highest price appreciation, with a 90% increase in residential prices between 2019 and H1 2024.
What is the average price per square foot in Bagaluru?
The average price per square foot in Bagaluru soared from INR 4,300 in 2019 to approximately INR 8,151 in H1 2024.
Which cities have seen the highest price growth in the past five years?
Hyderabad led with a 64% increase, followed by Bengaluru with a 57% rise.
What is the new supply in Bagaluru?
Around 17,065 new residential units were added in Bagaluru during the period, with over 94% of these units priced between INR 40 lakh and INR 1.5 crore.
What is the luxury segment percentage in Bagaluru?
6% of the new supply in Bagaluru falls within the luxury segment.
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