In the midst of growing housing demand, under-construction property prices have seen a remarkable surge. According to a report by Savills India, prices of premium residential under-construction properties in major cities like Delhi, Noida, Gurugram, Bengaluru, and Mumbai increased up to 53% in June 2024. Completed projects have also increased by 44% in the top five cities, with Gurugram leading the way.
This continued price movement indicates strong demand in the premium housing segment. In addition, buyers’ evolving lifestyle
Commenting on this, Sanjeev Arora, Director, 360 Realtors, said, “The growth of luxury residences is due to an increase in demand from affluent buyers looking for high-end properties with all the modern amenities. There is an increased preference towards bigger homes and aspirational lifestyle. Going further, the buyers also want to reside in iconic addresses that inspire awe and possess brand value. The number of high net-worth individuals (HNIs) is also steadily increasing and has become a driving force behind the growing popularity of luxury residences. Further, the upcoming Noida Airport
Nayan Raheja of Raheja Developers said, “The sector’s rapid expansion has reshaped the dynamics of Indian real estate over time. The significant growth observed in Delhi-NCR’s premium housing segment indicates a preference for spacious properties with ample outdoor areas for relaxation. This surge has increased investor confidence. Also, product quality and amenities have also improved as developers, incentivized by higher returns, are likely to invest in better quality construction and enhanced amenities, leading to an overall improvement in the living standards in the region.”
After Gurugram (13-53%), Noida (19-43%) saw the second-highest increase in the price in both under-construction and completed projects. In completed projects, Delhi saw the fourth-highest jump in property prices at 3-27%, followed by Bengaluru and Mumbai. The RBI has strengthened this heightened demand by maintaining the interest rates for the sixth consecutive time, which is anticipated to add momentum in the residential market
“The new launches in Delhi-NCR reflect a growing appetite for luxury residences. This growth has strengthened the market sentiments and prompted strategic planning from developers. With massive infrastructural developments, Gurgaon has contributed to the luxury housing segment. Meanwhile, the upcoming Jewar Airport has further solidified Noida’s realty growth trajectory. As buyers demand more spacious living spaces, the trend boasts Delhi-NCR as a highly desirable residential destination and is anticipated to maintain its status in the coming years,” said Neeraj Sharma, Managing Director, Escon Infra Realtors.
Pawan Sharma, MD, Trisol RED, said, “Driven by rapid urbanization, significant infrastructural developments, and the rising affluence of the population, Delhi-NCR is poised for a real estate boom. The focus on luxury, convenience, and lifestyle transforms the housing market, positioning the premium residential properties as highly lucrative investments. As the region evolves, the demand for high-end homes is expected to stay robust, cementing the Delhi-NCR’s reputation as a premier
The sustained price growth in under-construction and completed properties across major Indian cities underscores a robust demand for premium housing. As developers continue to innovate and expand their offerings, the emphasis on luxury, convenience, and modern lifestyle amenities is reshaping the Delhi-NCR real estate market.
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