THIS Indian City Saw Sharpest Rise in Property Prices in 5 Years; It's Not Mumbai, Delhi Or Kolkata, The City Is…
New Delhi: Bengaluru has emerged as the fastest-growing housing market among major Indian cities. Over the past five years, home prices in the Karnataka capital have jumped by an impressive 79 per cent, outpacing metros like Mumbai, Delhi-NCR, Chennai, and Kolkata, according to a report by 1 Finance.
Bengaluru Housing Market
Bengaluru and Delhi-NCR are the only two major Indian cities where unsold housing stock has come down over the past five years—showing strong demand and robust home sales despite rising prices, according to the report. Bengaluru, India's leading IT hub hosts the offices of major global tech companies and top Indian startups. With over 10 lakh well-paid tech professionals and some of the highest-paying tech jobs in the country, the demand for homes in the city has shot up, driving prices even higher.
How Much Do Homes Cost in Bengaluru Now?
Bengaluru home prices have jumped by 79 per cent over the last five years, with the current average rate at around Rs 10,349 per square foot. The report also highlights that Kolkata saw the next highest rise after Mumbai, with a 61 per cent increase.
In contrast, Hyderabad recorded a 177 per cent surge in unsold homes, even as prices grew by 43 per cent. Meanwhile, Delhi-NCR saw a 47 per cent rise, followed by Pune (45 per cent), Hyderabad (43 per cent), and Mumbai (42 per cent). Despite the variations, Mumbai continues to have the highest real estate prices in the country.
Mumbai Retains Title of India's Costliest Housing Market
While Bengaluru leads in terms of price growth, Mumbai continues to be the costliest city for homebuyers in India. According to the report, the average price of a home in Mumbai stands at Rs 26,975 per square foot. Delhi-NCR comes next, with average property rates around Rs 23,378 per square foot.
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