Most people are relocating from main cities of India including Delhi and Mumbai, resulting in a surge in house prices in surrounding areas. Following the latest report by eXp Realty India, property prices have seen a significant shift, with double-digit growth since the start of last year.
According to the analysis, five regions in India have experienced double-digit price growth since the beginning of 2024.
The report further highlighted that Gurugram, located near Delhi, tops the list, recording a staggering 16.5 per cent increase since the first quarter of last year. The surge outpaces Delhi, which stood at a modest 1.1 per cent increase during the same period. In Navi Mumbai, a similar trend was observed. Property prices in Navi Mumbai surged by 14.7 per cent, making it the second fastest-growing city in India. However, Mumbai experienced a rise of 2 per cent over the same period.
While Mumbai remains the most expensive real estate market, the cost of property in neighbouring Navi Mumbai is relatively low. In Mumbai, the average price per square foot is Rs 26,364, whereas Navi Mumbai reports Rs 13,808 per square foot, making it an excellent choice for those seeking affordable alternatives.
Additionally, moving ahead from Mumbai with the surrounding areas like Thane, the property prices stand at Rs 18,008 per square foot, making it the second highest price in India, followed by Navi Mumbai. Other regions, including Mira Bhayander with Rs 13,753 per square foot, Panvel reports Rs 12,591 per square foot, and Kalyan Dombivli per square foot is Rs 10,042, all of which offer more affordable housing compared to Mumbai.
However, the property market in Delhi is quite different, as the neighbouring Gurugram is more expensive than Delhi. The average price per square foot in Gurugram is Rs 13,808, while in Delhi, it's Rs 10,187. The spike in property prices is due to Gurugram's rising status as a major corporate and financial hub. The city has attracted multiple multinational companies, making it a hotspot for high-income professionals and boosting demand for real estate.
.png)
