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Gurugram under-construction prices up 55%; North Goa villas see 16% hike

Gurugram under-construction prices up 55%; North Goa villas see 16% hike

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Gurugram and North Goa have experienced a significant surge in real estate prices, as revealed by a recent Savills India report. Under-construction residential projects in major cities have seen an average price increase of 55%. Gurugram leads with a 55% rise, followed by Mumbai at 10%, Bengaluru at 25%, and North Goa at 16%.

The price hike is driven by several factors, including the introduction of high-end amenities, flexible staggered payment plans, and growing demand for luxury homes fueled by robust economic growth and changing lifestyle preferences.

In Gurugram, under-construction properties saw a 55% rise, with New Gurugram performing exceptionally well. Ready-to-move properties recorded a 24% increase, particularly in areas like Golf Course Road and Dwarka Expressway. Rentals grew moderately by 9% year-over-year, with Golf Course Road and Dwarka Expressway witnessing the highest increases of 12% and 11%.

In North Goa, villas experienced a 16% increase in capital values, with emerging areas like the Peri-Coastal Belt and North Hinterland registering 22%-23% growth. Locations such as Anjuna, Arpora, and Candolim saw a 19% rise, driven by demand for gated villas and proximity to beaches. Eco-conscious developments in areas like Assagao and Siolim, featuring modern amenities and green spaces, have become increasingly popular among high-net-worth individuals and second-home buyers.

Capital Values Trend

Key Trends Driving Price Hikes:

  • High-End Amenities: Developers offering modern amenities and quality specifications attract premium buyers.
  • Staggered Payment Plans: Flexible payment options are encouraging investments in under-construction projects.
  • Growing Demand for Luxury Homes: Robust economic growth and lifestyle preferences drive the surge in sales.
Rental Values Trend

Regional Highlights

Gurgaon

  • Under-Construction Properties: A remarkable 55% increase, with New Gurugram leading the charge.
  • Ready-to-Move Properties: Capital values rose by 24% in areas like Golf Course Road and Dwarka Expressway.
  • Rentals: Moderate growth of 9% YoY, with Golf Course Road and Dwarka Expressway recording 12% and 11%, respectively.

North Goa:

  • Villas: Capital values surged by 16%, with emerging micro markets such as the Peri-Coastal Belt and North Hinterland registering 22%-23% growth.
  • Popular Areas: Locations like Anjuna, Arpora, and Candolim saw prices increase by 19% due to demand for gated villas and proximity to beaches.
  • Eco-Conscious Developments: Green living and modern amenities in areas like Assagao and Siolim appeal to HNIs and second-home buyers.

Delhi:

  • Capital Values: Modest 3%-13% appreciation in completed developments, with luxury independent floors seeing a 9% rise.
  • South-Central and South-East Micro-Markets: Notable growth in rentals and floor prices, driven by demand for spacious, terrace-equipped homes.

Mumbai:

  • Under-Construction Properties: A 10% YoY increase, fueled by demand for prime residences and bungalows.
  • Rental Values: 1%-3% growth, with properties near metro stations seeing higher appreciation due to enhanced connectivity.

Bengaluru:

  • Premium Market: Under-construction properties recorded a 25% rise, while completed projects saw 19% growth.
  • Metro Influence: Areas like East and Central Bengaluru benefitted from metro route expansions, driving 31% growth in capital values.
  • Rentals: Increased by 10%, with East and North Bengaluru experiencing 20% and 19% growth, respectively.

Noida:

  • Capital Values: 1%-24% appreciation across micro markets, with the Noida-Greater Noida Expressway leading.
  • Rentals: Significant growth of 22% YoY in the Noida-Greater Noida Expressway micro market.
Future Outlook

The Indian luxury residential market remains robust, driven by:

  • Economic Growth: Positive buyer sentiment and stable interest rates.
  • Evolving Preferences: Modern, amenity-rich homes aligned with urban lifestyles.
  • Strong Fundamentals: Continued demand for quality and convenience ensures sustained growth in both capital and rental values.

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SKJ Landbase

SKJ Landbase is a new-age Technology-driven Real Estate services company. It is the confluence of expert minds across all aspects of real estate development and technology, who have united for a mission of transforming real estate. With over 2 decades of collective experience in real estate, SKJ Landbase looks at the sector in a holistic manner. It works across the spectrum, with Home Buyers, Channel Partners, Contracting Firms, Consultants, Vendors & Suppliers, and Independent Professionals in the field to ensure that each one of them experiences transparency and efficiency in their interactions within the sector.

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