Luxury property prices rise 53% in New Gram, Sector 150 of Noida sees 43% year-on-year growth

Property prices of premium projects in New Gurugram rose by 53 per cent followed by Sector 150 in Noida by 43 per cent. A report by Savills India states that North Goa has also seen a 28% rise in property prices for villas.

A report by Savills said property prices of premium projects in New Gurugram rose by 53 per cent year-on-year, followed by 43 per cent in Noida's Sector 150.  (Representative Image) (Pixabay)
A report by Savills said property prices of premium projects in New Gurugram rose by 53 per cent year-on-year, followed by 43 per cent in Noida's Sector 150. (Representative Image) (Pixabay)

Also read: Inauguration of Dwarka Expressway: Impact on Gurugram real estate prices

Under-construction projects in the top three cities have seen prices rise by up to 30% year-on-year compared to finished properties as new launches offer new amenities and configurations. The continued price movement indicates strong demand in the premium housing market, the report said.

Dwarka Expressway in Gurugram has seen the highest price hike.

In Gurugram, the average capital values ​​of completed and under-construction properties touched the latest peak with a city-wide increase of 37% and 30% YOY, respectively. New Gurugram and Dwarka Expressway were the top performing micromarkets with annual growth of 53% and 34% respectively in average capital values ​​of properties under construction.

The city as a whole saw an increase of 26% YOY in the average capital prices of residential plots. The Dwarka Expressway micro market recorded the highest price growth with a 43% YOY increase, the report said.

The average rent in the Gurugram market witnessed a city-wide growth of 18% YOY. Dwarka Expressway and Golf Course Road saw the highest increase in fares with 28% and 19% YOY growth respectively, the report said.

Noida's Sector 150 saw the highest price increase.

Average capital values ​​of completed and under-construction properties in Noida saw a YOY increase of 30% to 29% respectively. With 43% YOY growth, the Sector 150 micromarket saw the highest growth in capital values ​​for under-construction properties, the report showed.

Also read: Is Noida getting out of reach of the middle class? The average price of an apartment increases. 1.68 crore

Sector 150 and other micro markets in Noida saw a 12% YOY rent increase, the report showed.

North Goa villa prices have increased by 28% YOY.

Average capital prices of villas in North Goa saw a 28% YOY increase. This increase in prices is due to its increasing popularity as a second home location among home buyers due to high rental yields.

Also read: Goa Real Estate Market: Young professionals are now investing in villa properties due to the attractive rental yield

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

Capital values ​​for under construction properties in Mumbai are higher than ready properties.

The report states that growth in capital values ​​for under-construction properties in Mumbai is higher than for ready-made properties, which saw a 3% YOY increase compared to 5% YOY growth for under-construction properties.

The report noted that micro markets in Central Mumbai and Western Suburbs saw significant capital value growth of 12%-21% YOY due to new launches at prices above the current market average.

Rental prices across Mumbai saw a 3% to 8% YOY increase in prices. The increase in rental prices can be partially attributed to the increase in demand for rental properties due to the increase in redevelopment projects. Properties located near metro stations also saw a substantial increase in rental prices.

Bengaluru saw premium property prices rise by 5-6%

Bengaluru's premium residential market saw capital values ​​grow by 5-6% YOY over the year. Projects under construction saw higher growth with an average of 7.2% YOY compared to around 5.2% YOY in newly completed projects due to strong demand coupled with new projects being launched at higher prices.

Bangalore Central saw the highest increase in capital values ​​of completed projects at 7.5 per cent followed by Bangalore East at 6.2 per cent. Completion of the new metro route in East Bengaluru and strong demand from HNIs in Bengaluru Central have been the main factors driving capital appreciation in these markets, the report said.

In terms of rents, South and North Bengaluru saw a significant increase in rents of around 3% YOY in premium residential developments. Similarly East and Central Bengaluru recorded around 2% YOY growth in premium properties.

Prices of luxury floors in Delhi have increased by 16% annually.

Luxury destinations in Delhi saw a 16% YOY increase in average capital values.

The South East Delhi micro market saw the highest price increase of 27% on a year-on-year basis for luxury floors. It is followed by Southwest Micro Market which registered a YOY growth of 21%. The average capital prices of residential plots witnessed a YOY increase of 25% at the city level. The South Central and Southwest micro markets led the trend, both recording the highest YOY growth of 29%.

At the city level, rent prices in Delhi increased by 31% YOY in H1 2024. The South Central micro market saw the highest YoY growth at 38% followed by the Central Micro market at 36% YOY, the report said.

“In H1 2024, buyer sentiment was upbeat, with investor interest drawn to new launches, while end-users sought move-in ready properties. Older developments in Grade A corridors attracted buyers and tenants. Both saw an increase in demand. Sales momentum was better for villas and apartments with large balconies and green patches,” said Shweta Jain, managing director, residential services, Savills India.

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