Soaring Prices of Under-Construction Properties in India's Big Cities: What's Driving the Boom?
Premium residential under-construction properties in Delhi, Noida, Gurugram, Bengaluru, and Mumbai have seen a significant surge in prices, driven by growing demand and evolving lifestyle preferences.
Under Construction PropertyIndian Real EstateLuxury HousingDelhi NcrMumbaiBengaluruGurugramNoidaReal Estate MumbaiJul 05, 2024
The continued price movement indicates strong demand in the premium housing segment. Buyers' evolving lifestyle preferences are acting as a catalyst, bringing an influx of residential properties to these cities. Key industry leaders are strategically expanding their portfolios to cater to this demand, introducing innovative and luxurious living spaces that align with modern-day needs.\
Industry experts attribute the growth of luxury residences to an increase in demand from affluent buyers looking for high-end properties with modern amenities. The number of high net-worth individuals (HNIs) is also steadily increasing, driving the popularity of luxury residences. Furthermore, the upcoming Noida Airport at Jewar has brought the region into the international limelight, adding a new vigour to the region's real estate.
After Gurugram (13-53%), Noida (19-43%) saw the second-highest increase in prices 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's decision to maintain interest rates for the sixth consecutive time is anticipated to add momentum in the residential market.
The new launches in Delhi-NCR reflect a growing appetite for luxury residences, strengthening market sentiments and prompting 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.
Delhi-NCR is poised for a real estate boom, driven by rapid urbanization, significant infrastructural developments, and the rising affluence of the population. The focus on luxury, convenience, and lifestyle is transforming the housing market, positioning premium residential properties as highly lucrative investments.
Frequently Asked Questions
What is driving the surge in under-construction property prices in India's big cities?
Growing demand and evolving lifestyle preferences are driving the surge in under-construction property prices in India's big cities.
Which city saw the highest increase in under-construction property prices?
Gurugram saw the highest increase in under-construction property prices, with a surge of 13-53%.
What is contributing to the growth of luxury residences in India?
The growth of luxury residences in India is attributed to an increase in demand from affluent buyers looking for high-end properties with modern amenities.
How is the upcoming Noida Airport at Jewar impacting the real estate market?
The upcoming Noida Airport at Jewar has brought the region into the international limelight, adding a new vigour to the region's real estate.
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