India, Aug. 7 -- Move over, Bengaluru and Hyderabad. India's property growth story has a new address. Powered by the Jewar Airport effect, mega infrastructure projects, expanding expressways, and a wave of Global Capability Centres (GCCs), Noida and Gurugram have emerged as the country's biggest winners in capital appreciation.

Over the past seven years, home prices in Noida have jumped 125%, while Gurugram has recorded a 117% rise, outpacing every other major residential market. Meanwhile, Bengaluru continues to dominate on rental returns, with sustained IT hiring, GCC expansion and robust housing demand keeping rental yields among the highest in the country.

For years, Bengaluru and Hyderabad were seen as the engines of India's housin...