India’s real estate landscape is undergoing a significant shift, with Hyderabad emerging as the frontrunner in capital appreciation over the past four years. According to investment banker Sarthak Ahuja, Hyderabad has seen an 80% surge in housing prices since 2020, outpacing traditional real estate powerhouses like Delhi and Mumbai. Noida follows closely with a 70% rise, while Gurgaon records a 60% increase, largely driven by hotspots like Dwarka Expressway and Golf Course Road.
Hyderabad Tops Realty Charts as Legacy Cities Lag Behind
In contrast, legacy markets such as Delhi and Bangalore saw average gains of 45%, and Mumbai trailed with a 40% rise. Cities like Chennai and Kolkata underperformed, showing sub-20% and below-25% appreciation respectively. Pune fared slightly better, nearing the 30% mark. Ahuja clarifies that while certain localities in each city have tripled in value, his analysis focuses on overall city averages.
Hyderabad’s rise is further supported by Knight Frank’s 2024 report, which notes a 6% annual average price growth in the city, with areas like Medchal-Malkajgiri experiencing up to 14% growth. Although the exact 80% citywide jump is not confirmed, Hyderabad consistently ranks among India’s top-performing property markets.
Noida Challenges Hyderabad as Emerging Real Estate Leader
Noida’s ascent is especially notable. PropEquity data reveals that new project prices surged 152% from 2019 to 2024, suggesting nearly 100% appreciation over the past four years—potentially challenging Hyderabad’s top spot depending on measurement criteria.
Meanwhile, Mumbai and Bengaluru showed steady, moderate growth, reflecting market maturity rather than dynamism. Chennai and Kolkata lag well behind the national metro average of 50%. Ahuja’s analysis reveals a dynamic transformation in Indian real estate, where emerging markets like Hyderabad and Noida are now leading the charge, displacing long-dominant cities and reshaping investment patterns in the country.
Summary:
Hyderabad leads India’s real estate boom with an 80% price surge since 2020, followed by Noida and Gurgaon. Legacy cities like Delhi, Mumbai, and Bangalore show modest gains, while Chennai and Kolkata lag. Noida’s 152% price jump in new launches signals a shift toward emerging markets driving the country’s property growth.
