What is the price tag for 2BHK in India's top cities? Explore costs across diverse zones

Property price trends: Are you considering purchasing a 2BHK property? It's essential to understand the diverse pricing trends across India's top cities to make an informed decision, say experts. From Mumbai's bustling real estate market to the affordable options in NCR and the emerging opportunities in Bengaluru, Pune, Kolkata, Chennai, and Hyderabad, there's a wide array of choices to explore.

“Defying the prevalent logic, property prices will continue to grow at an accelerated pace in the Indian property market. While the market has seen a steep jump in the past 2 years, the juggernaut is not going to abate soon. The propulsion in the market will be driven by a healthy economic outlook and growth in jobs coupled with strong homeownership sentiment,” Aman Gupta, Director, RPS Group told Republic.

“The market is marked by healthy supply and demand. Partly the rise in prices can also be attributed to a jump in raw material prices such as steel, cement, aluminium, bricks etc. This might be the opportune time to own a property as any slowdown in price growth is far-fetched in the next 18–24 months,” Gupta added.

Mumbai

In Mumbai, the residential market shows diverse pricing trends across different zones. The Mumbai Central Suburbs boast an average budget range of Rs 1.6 to Rs 2.5 crore for 2BHK units, with an average capital value of Rs 22,000 per square foot (sq ft), according to the latest Anarock report. Notably, the market saw a surge in sales during the second half of 2023, with 81,000 homes sold, marking a 48 per cent increase compared to the previous year's corresponding period.

Moving towards the Mumbai Western Suburbs, the average budget range for 2BHK units lies between Rs 1.8 to Rs 2.6 crore, with an average capital value of Rs 24,500 per sq ft. South Central Mumbai emerges as a high-end residential hub, with an average budget range of Rs 3.3 to Rs 4.5 crore for 2BHK units, accompanied by a higher average capital value of Rs 39,000 per sq ft.

On the outskirts, both the Peripheral Central Suburbs and Peripheral Western Suburbs offer more affordable options, with 2BHK units ranging from Rs 40 lakh to Rs 55 lakh and Rs 42 lakh to Rs 58 lakh, respectively. These areas present an average capital value of Rs 6,100 per sq ft and Rs 6,500 per sq ft, respectively, making them attractive for budget-conscious buyers.

Navi Mumbai and Thane, emerging as satellite cities, offer relatively more affordable options compared to central Mumbai. Navi Mumbai features 2BHK units with a budget range of Rs 90 lakh to Rs1.2 crore and an average capital value of Rs 8,800 per sq ft. Meanwhile, Thane presents a similar budget range of Rs 95 lakh to Rs 1.40 crore for 2BHK units, with a slightly higher average capital value of Rs 11,200 per sq ft. These areas provide a blend of affordability and accessibility, attracting homebuyers seeking a balance between cost and amenities.

National Capital Region

In the National Capital Region (NCR) also, the residential market across various zones exhibits distinct pricing dynamics. In Gurgaon, the average budget range for 2BHK units falls between Rs 90 lakh to Rs 1.3 crore, with an average capital value of Rs 7,660 per sq ft. Notably, the market saw a modest increase in sales during the second half of 2023, with 32,000 homes sold, marking an 8 per cent rise compared to the same period in the previous year.

Moving towards Noida, the average budget range for 2BHK units lies between RS 85 lakh to Rs 1.20 crore, with an average capital value of Rs 6,300 per sq ft. Greater Noida emerges as a more affordable option, with 2BHK units ranging from Rs 40 lakh to Rs 60 lakh, accompanied by an average capital value of Rs 4,500 per sq ft.

In neighbouring Ghaziabad, residential options are also relatively affordable, with a budget range of Rs 45 lakh to Rs 65 lakh for 2BHK units, coupled with an average capital value of Rs 4,050 per sq ft. Faridabad, another satellite city in the NCR, offers budget-friendly housing options, with 2BHK units priced between Rs 42 lakh to Rs 55 lakh, featuring an average capital value of RS 3,850 per sq ft.

Bengaluru

In the city, Central Bengaluru presents a relatively higher average budget range for 2BHK units, ranging from Rs 1.5 to Rs 2 crore, with an average rate of Rs 12,900 per sq ft. The market witnessed notable activity in the second half of 2023, with 33,300 homes sold, marking a substantial 36 per cent increase compared to the same period in the previous year, according to Anarock report.

Moving towards East Bengaluru, the average budget range for 2BHK units is more moderate, ranging from Rs 65 lakh to Rs 1 crore, with an average rate of Rs 6,300 per sq ft. North Bengaluru follows a similar trend with 2BHK units priced between Rs 60 lakh to Rs 95 lakh and an average rate of Rs 6,480 per sq ft.

In South Bengaluru, the residential market offers relatively more affordable options, with 2BHK units ranging from Rs 55 lakh to Rs 65 lakh, at an average rate of Rs 5,750 per sq ft. West Bengaluru also presents affordable housing options, with 2BHK units priced between Rs 55 lakh to Rs 70 lakh and an average rate of Rs 6,050 per sq ft.

These varied zones cater to different segments of homebuyers, offering a range of budget options and amenities. Whether one seeks a central location with higher-end properties or more affordable options in the outskirts, Bengaluru's real estate market provides choices to suit various preferences and budgets.

Pune

Central Pune stands out with an average budget range for 2BHK units between Rs 1.3 to Rs 1.8 crore, coupled with an average capital value of Rs 17,000 per sq ft. Notably, the market witnessed a surge in activity during the second half of 2023, with 46,000 homes sold, marking a notable 50 per cent increase compared to the same period in the previous year.

Moving towards East Pune, the average budget range for 2BHK units is relatively more affordable, ranging from Rs 58 lakh to Rs 75 lakh, with an average capital value of Rs 6,550 per sq ft. Similarly, North Pune offers budget-friendly housing options with 2BHK units priced between Rs 55 lakh to Rs 70 lakh and an average capital value of Rs 5,900 per sq ft.

In South Pune and West Pune, the residential market presents relatively similar budget ranges for 2BHK units, ranging from Rs 60 lakh to Rs 75 lakh. South Pune features an average capital value of Rs 6,650 per sq ft, while West Pune stands slightly higher at Rs 7,950 per sq ft.

Kolkata

Central Kolkata presents a moderate average budget range for 2BHK units, spanning from Rs 90 lakh to Rs 1.10 crore, accompanied by an average capital value of Rs 14,500 per sq ft. Despite a relatively stable market, Central Kolkata witnessed a modest increase in sales during the second half of 2023, with 11,000 homes sold, marking a 6 per cent rise compared to the same period in the previous year, as per Anarock.

Moving towards the outskirts, Kolkata East offers more affordable housing options with a budget range of Rs 40 lakh to Rs 50 lakh for 2BHK units, featuring an average capital value of Rs 4,930 per sq ft. Similarly, Kolkata North, South, and West provide budget-friendly housing options with 2BHK units priced between Rs 35 lakh to Rs 55 lakh, accompanied by average capital values ranging from Rs 4,300 to Rs 4,880 per sq ft. These zones cater to homebuyers seeking affordability.

Chennai

In Chennai, the central part of the city stands out with a relatively higher average budget range for 2BHK units, ranging from Rs 1.6 to Rs 2 crore, coupled with an average rate of Rs 17,800 per sq ft. Notably, the market in Central Chennai witnessed a surge in sales during the second half of 2023, with 10,300 homes sold, marking a notable 41 per cent increase compared to the same period in the previous year.

Moving towards the outskirts, North Chennai offers more affordable housing options, with a budget range of Rs 50 lakh to Rs 65 lakh for 2BHK units, featuring an average rate of Rs 5,500 per sq ft. Similarly, South Chennai and West Chennai provide budget-friendly options with 2BHK units priced between Rs 55 lakh to Rs 80 lakh and Rs 60 lakh to Rs 75 lakh, respectively, accompanied by average rates ranging from Rs 5,800 to Rs 6,550 per sq ft. These zones cater to different segments of homebuyers, offering a mix of affordability and amenities across Chennai.

Hyderabad

In Hyderabad also, the residential real estate market exhibits diverse pricing trends across different zones. Central Hyderabad emerges as a prominent hub with an average budget range for 2BHK units spanning from Rs 1 to Rs 1.5 crore, accompanied by an average rate of Rs 8,000 per sq ft. Notably, the market in Central Hyderabad witnessed a surge in sales during the second half of 2023, with 33,900 homes sold, marking a notable 46 per cent increase compared to the same period in the previous year.

Moving towards the outskirts, East Hyderabad offers relatively more affordable housing options, with a budget range of Rs 55 lakh to Rs 70 lakh for 2BHK units, featuring an average rate of Rs 4,750 per sq ft. Similarly, North Hyderabad, South Hyderabad, and West Hyderabad provide budget-friendly options with 2BHK units priced between Rs 55 lakh to Rs 65 lakh, Rs 45 lakh to Rs 55 lakh, and Rs 65 lakh to Rs 90 lakh, respectively.