India’s most active real estate micro market is Dombivli: Anarock

India’s most active micro market, in terms of new real estate projects between 2019 and the first half of 2024, is Dombivli in the Mumbai Metropolitan Region (MMR), according to a report by Anarock Research. In terms of price appreciation during the same period, the report says Bengaluru’s Bagaluru area tops the list.

Following Dombivli, Bengaluru’s Sarjapur Road, Panvel and Thane West in MMR, and Greater Faridabad in the National Capital Region (NCR) complete the top five list of India’s most active micro market in terms of new real estate projects developed between 2019 and the first half of 2024 (H1 2024).

In terms of price appreciation over the five years, Bengaluru’s Bagaluru is followed by Kokapet in Hyderabad, Whitefield in Bengaluru, Dwarka Expressway in NCR and Bengaluru’s Sarjapur Road.

DOMBIVLI IS MOST ACTIVE MICRO MARKET

The MMR has witnessed the launch of 5,25,000 units 2019 and H1 2024, with Dombivli leading the way with 44,990 new units. Prices in Dombivli have surged by 40 per cent, with an average square foot costing Rs 9,300. The increasing demand in Dombivli is accounted by the fact that the area has developed as a balanced mix of affordable, mid-segment, and premium homes. While around 77 per cent of the new units are in the price range of Rs 40 lakh-1.5 crore, the remaining 23 per cent are categorised as affordable homes.

Sarjapur Road in Bengaluru has seen around 36,150 new units come up in the five-year period. Of these, 74 per cent are premium and mid segments homes, 18 per cent are luxury homes and 8 per cent belong to the affordable category, the report says.

Panvel in MMR has seen 34,400 units being added in the given period, of which 64 per cent belongs to the Rs 40 lakh-1.5 crore price range, 32 per cent in the affordable segment, and 3 per cent priced Rs 1.5-2.5 crore. Thane West in MMR is the fourth-most active micro market in new real estate, with 34,020 new units coming up at an average price of Rs 13,500 per square feet.

The only NCR area in the top five is Greater Faridabad, with around 32,740 units launched between 2019 and the first half of 2024, according to the report. Nearly 56 per cent of new real estate in Greater Faridabad can be categorised as affordable, 24 per cent as luxury, while mid and premium segments comprise the rest. The average growth in property prices in the area is 34 per cent, from Rs 3,500 in 2019 to Rs 4,700 per square feet in H1 2024.

Hinjewadi in Pune, New Gurugram in NCR, Dwarka Expressway in NCR, Tellapur in Hyderabad and Whitefield in Bengaluru complete the top 10 list of India’s most active micro market, in terms of new real estate projects between 2019 and the first half of 2024, according to the Anarock Research report.

BENGALURU LEADS APPRECIATION RACE

Bengaluru localities occupy three of the top five positions in terms of price appreciation over the past five years.

Price appreciation has been the highest in the Bagaluru area, at nearly 90 per cent. The area has seen around 17,065 new units come up, and average home costs increased to around Rs 8,151 per square feet in H1 2024 from Rs 4,300 per square feet in 2019, the research report says.

Kokapet in Hyderabad has seen a price appreciation worth around 89 per cent, from Rs 4,750 per square feet in 2019 to Rs 9,000 per square feet in H1 2024.

Bengaluru’s Whitefield is third on the list, with prices surging at a rate of 80 per cent, from Rs 4,765 per square feet in 2019 to Rs 8,600 per square feet in the first half of 2024, the report says.

Dwarka Expressway in NCR has seen a price appreciation of around 79 per cent over the past five years, and is at number four on the list. Prices in the area have increased to more than Rs 9,600 per square feet in H1 2024 from Rs 5,359 per square feet in 2019.

Sarjapur Road in Bengaluru completes the top five list of price appreciation in real estate. Prices have surged by 58 per cent on an average in five years, from Rs 5,870 per square feet in 2019 to Rs 9,300 per square feet in H1 2024, the report says.

The only NCR area in the top 10 is New Gurugram, at the ninth spot. Average prices here saw a 48 per cent increase, from Rs 6,100 per square feet in 2019 to Rs 9,000 per square feet in the first half of this year.

HYDERABAD RECORDS HIGHEST SURGE

In terms of cities, Hyderabad tops with prices surging by around 64 per cent in the five-year period. Bengaluru follows, with a 57 per cent increase. NCR and MMR have experienced price appreciation in the range of 48 per cent, while Kolkata has the lowest price surge at 25 per cent, the report says.