Prices of the premium residential under-construction properties continue to rise in top cities
under-construction properties in major cities — Delhi, Noida, Gurgaon, Bengaluru and Mumbai has increased by upto 53%, led by Gurugram, according to Savills India, a global property consulting firm.
The under-construction projects in these cities have witnessed higher price appreciation up to 30% over the year compared to ready properties as new launches offered newer amenities and configurations.
The second home location, North Goa also witnessed a steep rise of 28% in villa prices over the year owing to rise in ‘work from anywhere’ or remote working and relatively high rental yields.
“In H1 2024, the buyer sentiment was upbeat, with investor interest gravitated towards new launches, while end-users sought ready-to-move-in properties. Older developments in grade A corridors witnessed increased demand from both buyers and tenants,” said Shveta Jain, Managing Director, Residential Services, Savills India.
The heightened demand is further supported by the RBI that maintained interest rates for the sixth consecutive time which is expected to add momentum to the residential market.
The rise in capital values for under-construction properties in Mumbai is sharper than ready properties that saw a 3% YOY rise compared to a 5% YOY increase for under-construction properties.
The micromarkets of Central Mumbai and Western Suburbs (Others) witnessed a significant increase of 12%-21% YOY in capital values on account of new launches at prices higher than the existing market average.
The market witnessed significant
