News: Noida, Gurugram Lead Home Price Gains Since 2019: Anarock-06-08-2026

Noida and Gurugram have delivered the strongest capital appreciation among India’s major housing markets over the past seven years, ahead of Bengaluru and Hyderabad, according to a report by Anarock Research.

Average residential prices in Noida rose 125%, from Rs 4,795 per sq. ft. in 2019 to Rs 10,780 per sq. ft. in Q2 2026. Gurugram recorded a 117% rise, from Rs 6,150 per sq. ft. to Rs 13,350 per sq. ft. in the same period. Both NCR markets are now costlier on average than Bengaluru, where values grew 90% to Rs 9,450 per sq. ft.

The report puts the outperformance down mainly to large infrastructure investments, including the upcoming Noida International Airport, better connectivity, rapid job creation and sustained demand linked to Global Capability Centres (GCCs). A steady supply of premium and luxury housing supported prices but was not the main driver, it said.

Rental returns rose alongside prices in both cities. Noida’s rental yield moved from 3.2% to 3.9% and Gurugram’s from 3.5% to 4.3%.

Bengaluru had the highest rental yield among major cities at 4.6%, against 3.6% in 2019, a gain of 100 basis points. The report said tech corridors in Bengaluru (4.6%), Pune (3.9%) and Hyderabad (3.6%) show some of the highest yields because of sustained IT and GCC demand, inward migration and limited ready housing stock.

On why Bengaluru trailed on price growth, the report noted that much of its new supply has moved to outer corridors such as Hebbal, Airport Road and Devanahalli, where entry prices are lower and appreciation is more gradual. Traffic congestion, scarce land in core locations and outward expansion have also tempered citywide growth, though demand remains robust.

Hyderabad gained from IT and GCC expansion, rising migration and improving infrastructure. Limited land in established areas such as the Financial District and Kokapet kept supply tight in premium micro-markets and supported prices, the report said.

In Mumbai, average prices climbed nearly 64%, from Rs 17,845 per sq. ft. in 2019 to Rs 29,270 per sq. ft. in Q2 2026, and rental yields improved to 4.3%. The report described it as a mature market with high employment density, inward migration and constrained supply, which helped it on both counts, and said the trend should hold if these structural drivers continue.

Delhi saw 47% capital appreciation over the period, with rental yields rising from 2.2% to 3.2%.