New Delhi: The Indian multistorey residential market has experienced a remarkable 87% surge in average apartment prices since 2021, according to new data from Magicbricks. This significant appreciation reflects robust investor confidence and a clear shift in consumer preferences toward larger, lifestyle-oriented homes. While the average covered area of apartments has grown by just 15% during this period, this value appreciation has far outpaced size growth, signaling a fundamental change in market dynamics.
The growth has been particularly strong in key urban centers. Delhi-NCR has emerged as a key growth engine, with Gurgaon and Greater Noida seeing the steepest price increases at 166% and 163%, respectively, fueled by a substantial influx of new multistorey supply. Mumbai continues to be India’s most expensive multistorey market with a 107% price increase, dominated by high-end penthouses and premium high-rises. Other tech hubs like Bengaluru (+105%), Hyderabad (+90%), and Pune (+92%) have also recorded strong price appreciation, underscoring sustained demand from the thriving IT and startup sectors.
In response to these market shifts, developers are strategically expanding supply across India’s residential corridors, particularly within the premium segment. This is evident in the substantial increase in new supply for larger configurations, with 3BHKs seeing a 31% increase, 4BHKs by 90%, and 5BHKs by a massive 95%. This new supply, combined with the price-led growth, is reshaping the Indian housing market. The multistorey segment is now scaling new highs in both value and volume across the country, confirming a robust and dynamic real estate landscape.
