The country’s multistorey residential market has recorded remarkable growth over the last five years, with average apartment prices rising 87% since 2021, according to the data revealed by Magicbricks.
The surge underscores strong investor confidence and changing consumer preferences, as demand shifts from compact units to larger homes and rentals.
According to the data insights, Delhi-NCR has emerged as the country’s most dynamic growth corridor, with Gurgaon (+166%) and Greater Noida (+163%) witnessing the steepest increase in multistorey prices. Mumbai (+107%) continues to remain India’s priciest multistorey market, with demand spilling into luxury high-rises and penthouses. Other tech-driven cities such as Bangalore (+105%), Hyderabad (+90%), and Pune (+92%) have also powered the surge, reflecting the housing demand created by IT and startup hubs.
Consumer preference has decisively shifted towards spacious homes. Demand for 4BHK (+90%) and 5BHK (+95%) multistorey apartments surged sharply, while compact configurations like 1BHK (-51%) and 2BHK (-24%) saw significant declines. This has highlighted the growing appetite for luxury living and lifestyle-driven housing choices.
Further, the rental market has expanded even more dramatically, with multistorey rentals growing 227% in five years. Affordability pressures and mobility requirements have reshaped housing choices, making rentals a prominent part of India’s multistorey landscape. Interestingly, while prices surged, the average cover area of apartments increased only 15%, showing that value appreciation has far outpaced size growth.
At the same time, sales activity has seen some moderation, with new launches dipping 5% and resale transactions declining 3%. This reflects the evolving nature of demand, as the segment is increasingly being driven by luxury buyers and tenants.
The data from Magicbricks confirms a definitive trend: India’s housing market is being reshaped by the rise of multistorey living. From affordability and rental patterns to lifestyle aspirations and investment strategies, the country’s urban narrative is shifting skyward with NCR, Mumbai, and tech cities leading the charge.
