Underconstruction Property Prices Jump 53% In Delhi, Mumbai, Gurgaon, Bengaluru, Mumbai: Report

Prices of the premium residential under-construction properties in major cities like Delhi, Noida, Gurugram, Bengaluru and Mumbai have increased by up to 53 per cent in June 2024, led by Gurugram, according to a report by global property consulting firm Savills India.

The completed projects have got dearer by up to 44 per cent in the top-5 cities, led by Gurugram.

“The continued price movement indicates strong demand in the premium housing market,” Savills said in the report.

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, it added.

After Gurugram (13-53 per cent), Noida (19-43 per cent) saw the second-highest increase in the price in both underconstruction and completed projects, followed by North Goa (16-36 per cent). In the underconstruction projects, Mumbai followed, with a price rise of 1-21 per cent, followed by Bengaluru (5.2 per cent to 11.5 per cent).

In the completed projects, after North Goa, Delhi saw the fourth-highest jump in property prices at 3-27 per cent, followed by Bengaluru (3.2-7.5 per cent) and Mumbai (1 per cent-7 per cent), according to the Savills India report.

Shveta Jain, managing director (residential services) of Savills India, said, “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. The velocity of sales was better for villas and apartments with large balconies and green patches.”

The 4-bedroom format also garnered more attention in the luxury segment, applicable to both primary and secondary markets. The increase in new launches in Gurugram and Delhi also reflects a growing appetite for luxury residences. Interestingly, discerning buyers also sought green buildings, reflecting a growing demand for upscale, sustainable living beyond traditional amenities, she added.