The premium residential market in the major cities saw a price appreciation in the range of 5 percent to 53 percent on across Delhi, Gurugram, Mumbai, Goa and Bengaluru in H1 of 2024 as compared to the year-ago period, according to a report by Savills India, a global property consulting firm.
The report stated that property prices in premium projects in New Gurugram region were up by 53 percent year-on-year (YoY) followed by Noida Sector 150 at 43 percent. Villa prices in North Goa also witnessed a 28 percent YoY increase.
The under-construction projects in Delhi NCR, Mumbai and Bengaluru have witnessed higher price appreciation up to 30 percent over the year compared to ready properties as new launches offered newer amenities and configurations. The continued price movement indicates strong demand in the premium housing market, the report highlighted.
Mumbai
The micro-markets of Central Mumbai and Western Suburbs (Others) witnessed a significant increase of 12 percent-21 percent YoY in capital values on account of new launches at prices higher than the existing market average.
The market witnessed significant traction in demand for the luxury segment. Larger spaces in bungalows and prime residences were preferred due to the increasing trend of hybrid working, especially by professionals in the financial services industry as well as in legal domain.
Delhi
Delhi witnessed an increase of 16 percent YoY in the average capital value of luxury floors. The micro-market of Southeast Delhi witnessed the highest price appreciation of 27 percent on an annual basis for luxury floors. This is followed by the Southwest Delhi which registered a YoY growth of 21 percent. The average capital values of residential plots witnessed a YOY growth of 25 percent at the city level.
Gurugram
The average capital values of completed and under-construction properties hit a fresh peak with 37 percent and 30 percent YoY growth registered at city level respectively. New Gurugram and Dwarka Expressway regions were the top performing micro-markets with an annual growth of 53 percent and 34 percent respectively in average capital values of under construction properties.
The city overall witnessed an increase of 26 percent YOY in the average capital value of residential plots. The Dwarka Expressway micromarket registered the highest price growth, with a 43% YOY increase.
Noida
Average Capital values of completed and under-construction properties in Noida witnessed a significant YoY increase of 30 percent and 29 percent respectively. With 43 percent YoY growth, Noida’s sector 150 witnessed the highest growth in capital value for under-construction properties.
Bengaluru
Bengaluru’s premium residential market witnessed a growth of 5-6 percent YoY in capital values over the year. The under-construction projects saw higher growth averaging 7.2 percent YOY compared to about 5.2 percent YoY increase in newly completed projects as new projects were being launched at higher prices.
Central Bengaluru has witnessed the highest growth in capital values in completed projects at 7.5 percent followed by 6.2 percent in East Bengaluru.
Shveta Jain, Managing Director, Residential Services, Savills India said that in H1 2024, the buyer sentiment was upbeat, with investor interest gravitated towards new launches, while end-users sought ready-to-move-in properties.
“The velocity of sales was better for villas and apartments with large balconies and green patches. 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,” Jain said.
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