Soaring Multistorey Prices: Gurgaon and Mumbai Lead the Way
The Indian multistorey residential market has seen a significant surge in prices, with Gurgaon and Mumbai leading the charge. Average apartment prices have risen by 87% between 2021 and 2025, outpacing the 15% increase in apartment sizes.
Real EstateMultistorey PricesGurgaonMumbaiResidential MarketReal Estate MumbaiSep 23, 2025
This significant appreciation reflects robust investor confidence and a clear shift in consumer preferences toward larger, lifestyle-oriented homes. While the average covered area of apartments has grown by just 15% during this period, this value appreciation has far outpaced size growth, signaling a fundamental change in market dynamics, as noted by Magicbricks.
The growth has been particularly strong in key urban centers. Delhi-NCR has emerged as a key growth engine, with Gurgaon and Greater Noida seeing the steepest price increases at 166% and 163%, respectively, fueled by a substantial influx of new multistorey supply.
Mumbai continues to be India's most expensive multistorey market with a 107% price increase, dominated by high-end penthouses and premium high-rises. Other tech hubs like Bengaluru (+105%), Hyderabad (+90%), and Pune (+92%) have also recorded strong price appreciation, underscoring sustained demand from the thriving IT and startup sectors.
In response to these market shifts, developers are strategically expanding supply across India's residential corridors, particularly within the premium segment. This is evident in the substantial increase in new supply for larger configurations, with 3BHKs seeing a 31% increase, 4BHKs by 90%, and 5BHKs by a massive 95%. This new supply, combined with the price-led growth, is reshaping the Indian housing market. The multistorey segment is now scaling new highs in both value and volume across the country, confirming a robust and dynamic real estate landscape.
Frequently Asked Questions
What is the average increase in apartment prices between 2021 and 2025?
The average apartment prices in the Indian multistorey residential market have increased by 87% between 2021 and 2025.
Which cities have seen the steepest price increases?
Gurgaon and Greater Noida have seen the steepest price increases at 166% and 163%, respectively.
What is driving the increase in supply for larger apartment configurations?
The increase in supply for larger apartment configurations, such as 4BHKs and 5BHKs, is driven by a shift in consumer preferences toward larger, lifestyle-oriented homes and robust investor confidence.
How has the average covered area of apartments changed?
The average covered area of apartments has grown by 15% during the same period, which is significantly lower than the price increase.
Which other cities have recorded strong price appreciation?
Other cities that have recorded strong price appreciation include Bengaluru (+105%), Hyderabad (+90%), and Pune (+92%).
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