According to a survey released by Savills India on January 3, the price of under-construction properties has increased by almost 55% in the past year.
“Gurugram and Mumbai led the surge in under-construction property values, with increases of up to 55% and 10%, respectively, while Bengaluru and North Goa saw gains of 25% and 16% compared to previous years,” the survey stated.
It further stated that the continuous price movement indicates a robust demand base, which reflects the optimistic market mentality. Buyers were enticed to invest in under-construction properties by the launch of new projects that offered upscale amenities, superior specifications, and staggered payment options.
The survey claims that ready properties have also steadily increased in value throughout major cities, with an average annual increase of up to 25%.
Buyers are becoming increasingly eager to make selections as the residential market picks up steam and capital values have risen in recent months. They expect property prices to continue rising. According to the article, the Reserve Bank of India’s Monetary Policy Committee recently decided to keep interest rates the same, further supporting this view.
“Several important causes, such as strong economic growth and a rising desire for upscale, amenity-rich homes that fit well with contemporary lifestyles, have contributed to the spike in luxury home sales in 2024. The rise in new products with upscale features and adjustable payment plans is indicative of consumers’ changing tastes for convenience and quality. Positive buyer mood and steady interest rates support the luxury residential market’s solid foundations, as evidenced by this increasing trend, according to Shveta Jain, Managing Director, Residential Services, Savills India.
Source: Hindustan Times
