PREMIUM, RESIDENTIAL PROPERTIES IN DEMAND

Prices of premium residential under-construction properties in places like Delhi, Noida, Gurugram, Bengaluru and Mumbai have increased by up to 53% in the first half of 2024 from a year earlier, according to property consultancy Savills India. Among these cities, Gurugram reported the steepest increase, it said.

Under-construction projects in these cities cost as much as 30% more compared with ready properties, as new launches offered more high-end amenities and better configurations.

North Goa, a second home location for many, also witnessed a step rise in prices up to 28% for villa projects-over the year, owing to wide adoption of ‘work from anywhere’ or remote-working models by companies and relatively high rental yields.

The buyer sentiment was upbeat in the first six months of 2024, with investor interest gravitating to- wards new launches and end-users seeking ready-to-move-in properties, said Shveta Jain, managing director, residential services, at Savills India. “Older developments in Grade-A corridors witnessed increased demand from both buyers and tenants.”

The heightened demand was further supported by stable interest rates. “The recent surge (in demand) is a clear indicator of the robust demand and dynamic growth within India’s prime real estate markets. Both first and second-generation homebuyers are drawn to Gurugram in pursuit of an elevated lifestyle,” said Aakash Ohri, joint managing director and chief business officer of DLF Home Developers.

Post Covid, owing to the surge in latent demand, there has been a series of residential project launches, currently under construction.

Source – Economic Times