Under-construction Properties See 55% Price Surge in the Last Year: Report
Gurugram and Mumbai have witnessed a significant rise in the value of under-construction properties, with increases of up to 55% and 10%, respectively. Other cities like Bengaluru and Hyderabad also saw notable price appreciation in this segment.
Real EstateUnderconstruction PropertiesProperty PricesGurugramMumbaiReal Estate MumbaiJan 05, 2025
The cities of Gurugram and Mumbai have led this surge, with property prices jumping by as much as 55% and 10%, respectively.
This trend has also been observed in other metropolitan areas, including Bengaluru and Hyderabad, where the real estate market has shown steady growth.
The report highlights the increasing demand for under-construction properties, driven by various factors such as improved infrastructure, government policies, and a shift in buyer preferences.
In Gurugram, the price hike is attributed to the city's rapid urbanization and the development of new commercial and residential areas.
The availability of high-quality, well-connected projects has attracted a significant number of buyers, leading to this unprecedented price appreciation.
Similarly, Mumbai has seen a surge in property values due to the ongoing infrastructure projects, such as the Metro and the coastal road, which have enhanced the city's connectivity.
The demand for under-construction properties in Mumbai has been further fueled by the availability of affordable housing options in the suburban areas, making it an attractive choice for first-time buyers and investors alike.
In contrast, Bengaluru and Hyderabad have seen more moderate but consistent price appreciation.
Bengaluru, known for its robust IT sector, has witnessed a steady increase in demand for residential properties, particularly in the eastern and western parts of the city.
The introduction of new metro lines and the expansion of existing infrastructure have contributed to this growth.
Hyderabad, on the other hand, has benefited from the city's rapid industrialization and the development of new IT parks, which have attracted a large influx of professionals and businesses.
The report also notes that the rise in property prices has been accompanied by a shift in buyer preferences.
Millennials and young professionals are increasingly opting for under-construction properties, driven by the promise of modern amenities and better quality of life.
These buyers are also attracted to the potential for capital appreciation, as properties tend to appreciate in value during the construction phase.
However, the report cautions that the market remains highly competitive, and buyers should conduct thorough research before making any investment.
It is essential to work with reputable developers and to consider factors such as location, accessibility, and future development plans.
The real estate market is dynamic, and prices can fluctuate based on various economic and regulatory factors.
In conclusion, the recent surge in under-construction property prices reflects the growing confidence in the real estate market and the increasing demand for modern, well-connected housing options.
As the market continues to evolve, it is crucial for buyers and investors to stay informed and make well-informed decisions to maximize their returns.
Frequently Asked Questions
Which cities have seen the highest increase in under-construction property prices?
Gurugram and Mumbai have seen the highest increases in under-construction property prices, with Gurugram leading at a 55% hike and Mumbai at 10%.
What factors are driving the increase in under-construction property prices?
The increase in under-construction property prices is driven by factors such as improved infrastructure, government policies, and a shift in buyer preferences towards modern amenities and better quality of life.
How has the demand for under-construction properties changed in Bengaluru and Hyderabad?
Bengaluru and Hyderabad have seen moderate but consistent price appreciation in under-construction properties, driven by the expansion of the IT sector, new metro lines, and industrialization.
What advice does the report give to potential buyers and investors?
The report advises buyers and investors to conduct thorough research, work with reputable developers, and consider factors such as location, accessibility, and future development plans before making any investment.
What is the overall trend in the real estate market for under-construction properties?
The overall trend in the real estate market for under-construction properties is a growing confidence and increasing demand for modern, well-connected housing options, with prices showing significant appreciation in major cities.
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