🏢 India’s Multistorey Market Soars: Apartment Prices Up 87%, Rentals Surge 227% in Five Years
India’s real estate sector has witnessed an incredible transformation in recent years. The multistorey residential market experienced a remarkable boom, driven by changing buyer preferences, strong investor confidence, and evolving urban lifestyles.
According to the latest Magicbricks data, apartment prices jumped 87% since 2021, while rentals skyrocketed by 227%. Let’s explore what’s fueling this market surge and how it’s reshaping India’s urban housing landscape.
📊 Delhi-NCR Leads Price Growth
The Delhi-NCR region has emerged as the fastest-growing residential market in India. Gurgaon and Greater Noida grabbed headlines with massive price increases—Gurgaon’s prices surged 166%, and Greater Noida followed at 163% over the past five years.
These areas offer excellent infrastructure, connectivity, and business opportunities, making them attractive for homebuyers and investors alike.
Meanwhile, Mumbai remains the priciest multistorey market, with apartment prices increasing 107%. High demand for luxury high-rises and penthouses keeps the Mumbai real estate market thriving.
The city continues to attract affluent buyers seeking premium properties.
💼 Tech Hubs Power Housing Demand
Apart from Delhi-NCR and Mumbai, tech-driven cities play a significant role in driving this growth. Bangalore’s prices rose by 105%, Hyderabad’s by 90%, and Pune’s by 92%.
The growing IT industry and startup ecosystem create strong housing demand. Professionals and entrepreneurs prefer multistorey apartments for their modern amenities, better security, and easy access to work hubs.
This shift highlights how urbanization and technology sectors continue to fuel residential demand in India. As businesses expand, more people seek ready-to-move, high-standard housing near work locations.
🏡 Bigger Homes Take the Spotlight
One key trend stands out: buyers now prefer larger homes over smaller ones. The demand for 4BHK apartments increased by 90%, and 5BHK apartments grew by 95% in supply.
In contrast, the supply of 1BHK apartments dropped by 51%, and 2BHK units fell by 24%.
This clear shift shows that families value space, comfort, and luxury more than ever. People now seek apartments that reflect their evolving lifestyle needs rather than settling for compact living.
💸 Multistorey Rentals Surge Dramatically
The rental market expanded even faster than sales, with a staggering 227% growth in multistorey rentals over five years.
Affordability pressures and increased job mobility force many professionals to rent rather than buy.
Especially in tech hubs and metro areas, rental apartments offer flexibility and access to modern infrastructure without the burden of ownership.
Interestingly, while apartment prices skyrocketed, the average carpet area only grew by 15%. This shows that price appreciation far outpaces size expansion, indicating strong market demand and a willingness to pay for location and amenities.
🚀 Evolving Market Dynamics
Despite rising prices and rentals, new apartment launches dipped by 5%, and resale transactions fell by 3%. This slowdown reflects the market’s maturity.
Instead of volume-driven growth, luxury and lifestyle-driven purchases now dominate.
Investors increasingly focus on high-end projects, while end-users prioritize convenience, space, and security. These evolving trends point toward a more sustainable and stable market in the future.
🌟 Conclusion: A Skyward Shift in Urban Living
India’s multistorey residential market is booming like never before. With price hikes, rental growth, and shifting consumer preferences, the sector is redefining urban lifestyles.
Delhi-NCR, Mumbai, Bangalore, Hyderabad, and Pune lead this transformation, driven by economic opportunities and rising aspirations.
As more people seek larger homes and convenient rentals, developers and investors must adapt to meet these demands. The multistorey market’s rise isn’t just about numbers—it reflects India’s fast-changing urban story, one apartment at a time.
