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Housing Boom Spreads Beyond Delhi and Mumbai in India

6th Feb 2025: People are moving just outside India’s two major population centres of Delhi and Mumbai, pushing up house prices upwards in the process.

The research comes from eXp Realty India, which analysed annual property growth across 50 regions of India, and found that in five regions prices have risen by double digits since the start of last year.

Gurugram near Delhi was the fastest growing region of India in 2024, where prices increased by a staggering 16.5% since Q1 of last year. They far outstripped price growth in Delhi itself, which stood at just 1.1% over the same period.

It’s similar to Navi Mumbai, a planned city next to Mumbai, which is the second fastest growing city in all of India, at 14.7%. Mumbai itself has only seen prices rise by 2.0%.

Prices filter out from Mumbai

Prices in Mumbai are roughly double its Navi Mumbai counterpart, at 26,364 rupees per square feet versus 13,808, so it’s more affordable for people to buy in the latter area.

The cost of property broadly reduces as you venture further from Mumbai, as the second highest price in India is in nearby Thane (18,008), followed by Navi Mumbai (13,808).

Other regions close to Mumbai, like Mira Bhayander (13,753), Panvel (12,591) and Kalyan Dombivali (10,042) also have far lower house prices than Mumbai.

Gurugram pricier than Delhi

The situation is different when it comes to Delhi, as the neighbouring Gurugram is more expensive, at 13,808 rupees per square feet, compared to 10,187 in Delhi.

Gurugram is oustripping Delhi due to its growing status as a major corporate and financial hub, attracting a large number of multinational companies as well as high-income earners.

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