Under-construction premium residential projects in Bengaluru, NCR, and Mumbai have experienced a striking price appreciation, with values rising by up to 55% year-on-year (YoY), as per a Savills India report. Gurgaon led the trend with the sharpest price hike, ranging from 5% to 55%, followed by Bengaluru, which recorded a 25% YoY increase for under-construction properties. Completed projects in Bengaluru saw a relatively modest 19% YoY price growth.
Bengaluru’s central micro-market witnessed a 31% annual surge in average capital values, while east, south, and north Bengaluru experienced increases of 24%, 21%, and 20% respectively. Factors such as robust demand for luxury properties and escalating input costs are driving these hikes. Flexible payment plans have also made under-construction homes more attractive to buyers.
Rental markets are equally dynamic, with Bengaluru recording a 10% YoY rise in average rental values in the second half of 2024. The east and north micro-markets led with rental increases of 20% and 19% YoY, while central Bengaluru rents remain notably higher than other areas. On a national scale, Bengaluru follows Noida’s 12-22% YoY rental surge, surpassing Delhi and Gurgaon’s 10-13% and 5-12% increases, respectively.
In addition, North Goa’s second-home market has gained traction among buyers from Bengaluru, Delhi, Mumbai, and tier-II cities like Chandigarh and Kanpur, reflecting evolving investment patterns.
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