 "Where to buy real estate? Here are top 10 micro-markets for new supply")
The Indian real estate market has witnessed a surge in new housing supply across major cities in the past five years. According to a new report by ANAROCK Research, Mumbai Metropolitan Region (MMR)'s Dombivli stands out as the most active micro-market in terms of new launches.
Key Findings:
- The MMR region accounted for the highest total new supply, with over 525,000 units launched between 2019 and H1 2024.
- Dombivli, within MMR, emerged as the top micro-market with over 44,990 new units launched.
- Prices in Dombivli have increased by 40% during this period, averaging Rs 9,300 per square foot.
- The new supply in Dombivli includes a mix of affordable, mid-segment, and premium housing options.
- Bengaluru's Sarjapur Road, MMR's Panvel, and Thane West also saw significant new supply.
Top 10 Residential hotspots with Highest New Supply (2019-H1 2024)
Dombivli (MMR) ranks first on the list of the most active residential micro-markets in terms of the number of new units launched in this 5-year period. It saw more than 44,990 new unit launched since 2019, with average property prices hovering around Rs 9,300 per sq. ft. on built-up area as of H1 2024 – a 40% increase. At least 77% of the new supply was in the Rs 40 lakh to Rs 1.5 crore price bracket, and the remaining 23% in the affordable category.
Sarjapur Road (Bengaluru) saw the second highest new supply of approx. 36,150 units, of which 74% was in the mid and premium segments and 18% in the luxury category. Just 8% was affordable housing.
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Panvel (MMR) saw 34,400 units added in the period, of which 64% was in the Rs 40 lakh to Rs 1.5 crore price bracket, 32% in the affordable segment, and 3% within the Rs 1.5 crore to Rs 2.5 crore price band.
Thane West (MMR) ranks 4th with approx. 34,020 new units added with the average price at Rs 13,500 per sq. ft. as of H1 2024 (from INR 10,317 per sq. ft. in 2019) – a 34% price hike. Of the total new supply here, 77% was in the mid and premium segments, 21% in the >Rs 1.5 Cr bracket, and just 2% in the affordable category.
Greater Faridabad (NCR) came in 5th with approx. 32,740 units launched in the period. At least 56% was in the affordable category, 24% in the luxury price bracket, and the remaining 20% in the mid and premium segments. Average property rates here rose from Rs 3,500 in 2019 to Rs 4,700 per sq. ft. in H1 2024 - a 34% jump.
Hinjewadi (Pune) came in 6th with new supply of 25,140 units between 2019 to H1 2024; a whopping 95% was in the mid and premium segments (Rs 40 lakh to Rs 1.5 Cr), just 4% in the affordable segment, and 1% in the luxury category. The area has seen prices appreciate by 39% in the last five years.
New Gurugram (NCR), clocking in 7th, saw approx. 21,125 units launched in the period - 52% in the affordable category, 29% in the luxury segment, and 19% in the mid and premium segments. Average prices here rose by 48% in the last five years – from Rs 6,100 per sq. ft. in 2019 to Rs 9,000 per sq. ft. in H1 2024.
Dwarka Expressway (NCR) ranks 8th with approx. 20,250 units launched between 2019 to H1 2024, of which over 55% was in the affordable category priced <INR 40 lakh, and 33% in the luxury segment.
Tellapur (Hyderabad) ranks 9th with approx. 18,960 new units added and average prices at INR 7,350 per sq. ft. as of H1 2024, up from Rs 4,819 per sq. ft. in 2019 - rising by 53%. Of the total new supply, 66% was in the mid and premium segments, followed by 34% in >Rs 1.5 Cr bracket.
Whitefield (Bengaluru) ranks 10th with approx. 18,600 units launched, of which 66% was in the mid and premium segments and 34% in the luxury category. There was no new affordable housing supply here.