Mumbai: India’s leading real estate micro markets have posted exceptional gains in both property prices and rentals between 2021-end and Q2 2025, according to the latest ANAROCK Research findings.
Across 14 high-performing locations, capital values rose between 24% and 139%, while rental rates climbed between 32% and 81%, driven by a mix of infrastructure upgrades, employment clusters, and planned urban development.
The standout performer was Sector-150, Noida, recording a 139% jump in capital values and a 71% surge in rentals. The growth has been underpinned by new township projects, greenfield planning, and sustained investor interest.
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Bengaluru’s Sarjapur Road and Thanisandra also outpaced most markets, with capital appreciation of 79% and 81% respectively, and rental hikes reaching as high as 81%, propelled by IT expansion and upcoming metro connectivity.
In Hyderabad, Gachibowli posted capital growth of 87% and rental growth of 66%, while HITECH City saw property prices rise 70% and rentals climb 58%. Both areas remain in demand due to their concentration of multinational offices, high-end housing, and limited supply of ready-to-move-in units.
Pune’s IT hub Hinjewadi recorded a 40% rise in capital values and 60% in rentals, while Wagholi matched the capital growth but surpassed on rental yields with a 69% rise, driven by affordability and accessibility.
The National Capital Region (NCR) witnessed Sohna Road prices increase by 74% and rentals by 50%, while Noida’s Sector-150 led the nation’s growth charts.
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In the Mumbai Metropolitan Region (MMR), Chembur recorded capital appreciation of 53% and rental growth of 46%, benefiting from improved freeway and metro connectivity. Mulund posted 50% price growth and 32% rental growth, attracting families with larger apartment formats.
Kolkata’s EM Bypass and Rajarhat showed capital appreciation of 25% and 37%, respectively, with rental growth of up to 53%. Chennai’s Perambur and Pallavaram saw price gains between 24% and 26% and rental hikes between 39% and 46%, driven by proximity to key transport links.
Key Growth Drivers Across Real Estate Micro Markets:
- Infrastructure investment – metro expansions, expressways, and airports fuel demand.
- Employment hubs – IT parks and corporate campuses sustain rental demand.
- Planned development – master-planned locations attract both end-users and investors.
- Relative affordability – competitive pricing in peripheral areas boosts absorption.
Looking ahead to 2026, ANAROCK projects national housing price growth of 6–7% and rental growth of 7–10%, with real estate micro markets tied to upcoming infrastructure completions expected to outperform.
Anuj Puri, Chairman – ANAROCK Group, says, “The recovery that began in 2021 was driven by pent-up demand, record-low interest rates, and a structural shift toward homeownership after the pandemic. In the early recovery years, annual rental increases of 12–24% were common in prime employment hubs. By H1 2025, rental growth had moderated nationally to 7–9% — still ahead of consumer inflation, but a lot more sustainable.”
“Capital values followed a similar trajectory of rapid appreciation between 2021-2023, followed by steadier gains as new supply hit the market and buyers became more price sensitive,” says Puri.
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“Notably, infrastructure-led markets (those benefiting from new metro lines, expressways, or new planned tech hubs) continued to defy this cooling trend.”Avg. Capital Values (INR/Sq. Ft.) Cities Micro Markets 2021-end Q2-2025 % Change – 2021 Vs Q2 2025 Bengaluru Sarjapur Rd 6,050 10,800 79% Thanisandra Main Rd 5,345 9,700 81% Hyderabad HITECH City 5,753 9,800 70% Gachibowli 5,010 9,350 87% Pune Hinjewadi 5,710 8,000 40% Wagholi 4,951 6,940 40% NCR Sohna Road 6,600 11,500 74% Sector-150 (Noida) 5,700 13,600 139% MMR Chembur 18,735 28,600 53% Mulund 16,917 25,300 50% Kolkata EM Bypass 7,000 8,780 25% Rajarhat 4,475 6,150 37% Chennai Perambur 6,350 8,000 26% Pallavaram 5,950 7,350 24% Avg. Monthly Rentals Growth for standard 2BHK 1,000 sq. ft home Cities Micro Markets 2021-end Q2-2025 % Change – 2021 Vs Q2 2025 Bengaluru Sarjapur Rd 21,000 38,000 81% Thanisandra Main Rd 20,500 33,800 65% Hyderabad HITECH City 23,000 36,350 58% Gachibowli 22,000 36,600 66% Pune Hinjewadi 17,800 28,500 60% Wagholi 14,200 24,000 69% NCR Sohna Road 25,000 37,500 50% Sector-150 (Noida) 16,000 27,300 71% MMR Chembur 46,000 67,000 46% Mulund 39,500 52,300 32% Kolkata EM Bypass 19,000 29,000 53% Rajarhat 15,000 21,000 40% Chennai Perambur 16,200 22,500 39% Pallavaram 14,900 21,800 46%
Source: ANAROCK Research & Advisory
