New Gurugram witnesses 53% increase in luxury property prices, rates in Noida's Sector 150 up by 43% y-o-y

Property prices of premium projects in New Gurugram were up by 53% y-o-y followed by Noida's Sector 150 at 43%, a report by Savills has said. (Representational photo)

Property prices of premium projects in New Gurugram were up by 53% followed by Noida's Sector 150 at 43%. North Goa also witnessed a 28% increase in property prices of villas, a report by Savills India has said.

The under-construction projects in the top three cities have witnessed price appreciation of up to 30% 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 showed.

Dwarka Expressway in Gurugram witnesses highest price growth

In Gurugram, the average capital values of completed and under-construction properties hit a fresh peak with 37% and 30% Y-O-Y growth registered at city level respectively. New Gurugram and Dwarka Expressway were the top performing micro markets with an annual growth of 53% and 34% respectively in average capital values of under construction properties.

The city overall witnessed an increase of 26% Y-O-Y in the average capital values of residential plots. The Dwarka Expressway micro market registered the highest price growth, with a 43% Y-O-Y increase, the report showed.

Average rentals in the Gurugram market witnessed an increase of 18% Y-O-Y at the city level. Dwarka Expressway and Golf Course Road saw the highest rise in rentals with 28% and 19% Y-O-Y growth, respectively, the report showed.

Noida’s Sector 150 witnesses highest price growth

The average capital values of completed and under-construction properties in Noida witnessed a Y-O-Y increase of 30% to 29% respectively. With 43% Y-O-Y growth, the sector 150 micro market witnessed the highest growth in capital values for under-construction properties, the report showed.

Sector 150 and other micro markets in Noida witnessed a 12% Y-O-Y rental growth, the report showed.

Prices of North Goa villas go up by 28% Y-O-Y

The average capital values for villas in North Goa witnessed an increase of 28% Y-O-Y. This increase in prices is attributed to its rising popularity among homebuyers as a second home location owing to high rental yields.

The market is witnessing a trend of young professionals, especially from major cities like Mumbai, Delhi and Bengaluru, moving to Goa. These professionals often work in creative fields or are digital nomads seeking a better work-life balance. Homebuyers preferred gated villas along the coastal belt locations, such as Anjuna, Arpora, Baga, Calangute, Candolim and Vagator, the report showed.

Capital values for under construction properties in Mumbai higher than ready properties

The report noted that the increase in capital values for under-construction properties in Mumbai is sharper than ready properties that saw a 3% Y-o-Y rise compared to a 5% Y-O-Y increase for under-construction properties.

The micro markets of Central Mumbai and Western suburbs witnessed a significant increase of 12%-21% Y-O-Y in capital values on account of new launches at prices higher than the existing market average, the report showed.

Rental values across Mumbai witnessed an increase in prices by 3% to 8% Y-O-Y. The rise in rental values can partly be attributed to pent-up demand for rental properties due to an increase in redevelopment projects. Properties located near metro stations also witnessed substantial increase in rental values.

Bengaluru witnesses growth of 5-6% in premium property prices

Bengaluru’s premium residential market witnessed a growth of 5-6% Y-O-Y in capital values over the year. The under-construction projects saw higher growth averaging 7.2% Y-O-Y compared to about 5.2% Y-O-Y increase in newly completed projects as new projects were being launched at higher prices along with strong demand.

Central Bengaluru witnessed the highest growth in capital values in completed projects at 7.5% followed by 6.2% in East Bengaluru. The completion of the new metro route in Eastern Bengaluru and strong demand from HNIs in Central Bengaluru have been the major driving factors for capital appreciation in these markets, the report said.

In terms of rentals, South and North Bengaluru saw a significant growth of around 3% Y-O-Y in rentals in premium residential developments. Similarly, East and Central Bengaluru recorded a growth of around 2% Y-O-Y in premium properties.

Luxury floors in Delhi witness price increase of 16% Y-o-Y

Luxury floors in Delhi witnessed an increase of 16% Y-O-Y in the average capital values.

The micro market of South-East Delhi witnessed the highest price appreciation of 27% on an annual basis for luxury floors. This is followed by the South-West micromarket which registered a Y-O-Y growth of 21%. The average capital values of residential plots witnessed a Y-O-Y growth of 25% at the city level. The South-Central and South-West micro markets led this trend, with both recording the highest Y-O-Y growth rates at 29%.

The rental values in Delhi increased by 31% Y-O-Y in H1 2024 at the city level. The South-Central micro market witnessed the highest annual growth in rentals at 38% followed by the Central micro market that observed a 36% Y-O-Y increase, the report 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," said Shveta Jain, Managing Director, Residential Services, Savills India.

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