Surge in Property Prices: New Gurugram Leads with 53% Increase, Noida and Goa Follow Closely

New Gurugram Leads with 53% Increase

In the past year, property prices in New Gurugram have soared by 53%, making it the top performer among premium projects. Noida’s Sector 150 follows closely with a 43% rise. North Goa has also seen a significant increase, with villa prices up by 28%, according to a report by Savills India.

Under-Construction Projects Show High Appreciation

In major cities, under-construction projects have appreciated up to 30% more than completed properties. These new projects offer modern amenities and configurations, which drive up their value. This trend highlights the strong demand for premium housing.

Gurugram’s Market Performance

Gurugram has seen a remarkable growth in property values. The average prices of completed and under-construction properties have risen by 37% and 30% respectively. In particular, New Gurugram and the Dwarka Expressway area have experienced the highest increases, with under-construction property values growing by 53% and 34%.

Rentals in Gurugram have also increased, with an 18% rise citywide. The highest rental growth was seen in Dwarka Expressway and Golf Course Road, with increases of 28% and 19%.

Noida’s Sector 150 and Rental Trends

In Noida, property prices in Sector 150 have seen the highest growth among under-construction properties, with a 43% year-on-year increase. Overall, Noida’s property values for both completed and under-construction projects have grown by 30% and 29%, respectively. Rentals in Noida have also risen by 12%.

North Goa’s Villa Market

The demand for villas in North Goa has driven a 28% increase in their prices. This trend is fueled by young professionals from cities like Mumbai, Delhi, and Bengaluru moving to Goa for a better work-life balance. Popular areas include Anjuna, Arpora, Baga, Calangute, Candolim, and Vagator.

Mumbai’s Property Dynamics

In Mumbai, under-construction properties have seen a sharper increase in values compared to ready properties, with a 5% rise compared to 3%. Central Mumbai and the Western suburbs have experienced the most significant growth, between 12% and 21%.

Rentals in Mumbai have increased by 3% to 8%, driven by demand for properties near metro stations and redevelopment projects.

Bengaluru’s Steady Growth

Bengaluru’s premium property market has grown by 5-6% over the past year. Under-construction projects have seen a higher growth rate of 7.2%, compared to 5.2% for completed projects. Central Bengaluru has seen the highest growth at 7.5%, followed by East Bengaluru at 6.2%, thanks to the new metro route and strong demand from high-net-worth individuals.

Rentals in South and North Bengaluru have grown by around 3%, while East and Central Bengaluru have seen increases of about 2%.

Luxury Floors in Delhi

In Delhi, luxury floors have increased in value by 16%. The highest growth has been in South-East Delhi, with a 27% rise, followed by South-West Delhi at 21%. Residential plot values have grown by 25%, with South-Central and South-West Delhi leading at 29%.

Rental values in Delhi have seen a substantial 31% increase, with the South-Central area experiencing the highest growth at 38%.

Market Outlook

According to Shveta Jain, Managing Director of Residential Services at Savills India, the first half of 2024 saw strong buyer sentiment, with high demand for both new launches and ready-to-move-in properties. Villas and apartments with large balconies and green spaces were particularly popular among buyers and tenants.

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