Premium residential market in major cities witnessed significant price appreciation: Report
premium residential market in major cities have witnessed significant price appreciation, led by Gurugram with rise up to 45% followed by Noida, according to Savills India, a global property consulting firm.
While a variety of factors is driving this confidence, the continued price movement serves as evidence of a strong demand base, reflecting the robust sentiment in the market.
Completed projects in most of these cities have witnessed higher appreciation in capital values as compared to under-construction projects.
This preference could be influenced by factors such as reduced uncertainty, immediate availability for use, and the ability to assess the actual quality and features of the property.
«As we step into 2024, the outlook for the premium to luxury residential segment in key urban hubs like NCR and Mumbai remains exceptionally promising.
The doubling of new launches in Gurugram and Noida reflects a growing appetite for luxury residences. This surge not only underscores the resilience of the market but also signifies a growing demand for upscale living experiences,” said Arvind Nandan, Managing Director, Research & Consulting, Savills India.
As the residential market gains momentum and capital values experience a surge in recent months, buyers are motivated to make purchasing decisions, anticipating a continued strengthening of property prices.
Mumbai witnessed an average 9% YOY rise in capital values for completed properties while a 4% YOY increase for under-construction properties.
The micromarkets of Central Mumbai and Navi Mumbai witnessed a significant increase of 12%-25% YOY in capital values on account of newer completions commanding higher prices because of better specifications than the existing
