Hyderabad, Pune Narrow Bengaluru's Lead on Price, Office Growth

Bengaluru has long held the title of India's IT capital, home to more than 15,000 startups and global giants like Google, Amazon, and Infosys. Over the past decade, the urban landscape has shifted. Better infrastructure, expanding metro networks, and rising startup ecosystems have made other cities more competitive. Property consultant ANAROCK recently released data that puts numbers to that shift.

Hyderabad posted the highest residential price appreciation among major Indian cities between 2019 and the first half of 2024, at 64%. Bengaluru's gain over the same period was 57%. In the first quarter of 2026, Hyderabad's residential prices rose another 6% year-on-year. Bengaluru and Pune saw 8% and 5% annual growth, respectively, according to ANAROCK.

Office rental growth tells a similar story. Hyderabad office rents climbed 25% from 2019 to 2024. The Kokapet micro-market alone recorded 89% capital appreciation. Hyderabad remains one of the southern cities driving Global Capability Centre (GCC) activity. Bengaluru, Chennai, and Hyderabad together accounted for 64% of GCC office leasing in the first quarter of 2025, ANAROCK said.

Pune has emulated Bengaluru's early growth trajectory. New home purchases in Pune grew more than 150% over six years, among the highest in all metro cities. In the first half of 2025, Pune featured among the top land markets with 214 acres transacted, reinforcing continued development momentum. Office rents in Pune rose 20% between 2019 and 2024.

Pune and Hyderabad together account for a meaningful share of the GCC leasing market. A lot of Grade A office supply is under active development to cater to surging demand, ANAROCK noted.

Outside the top three cities, GCCs are actively expanding in Ahmedabad, Kochi, and Coimbatore. In the first half of 2025, Coimbatore, Ahmedabad, and Amritsar emerged as the biggest Tier-2 land deal destinations, with 714 acres, 590 acres, and 520 acres respectively. Tier-2 and Tier-3 cities together accounted for 1,907 acres out of India's 2,898-acre total land deals.

Bengaluru still stands out as India's technology powerhouse. Hyderabad, Pune, Chennai, and several emerging Tier-2 hubs are steadily narrowing the gap with strong job growth, improving infrastructure, and relatively affordable living costs. The data from ANAROCK provides a concrete benchmark for that convergence.