5 Reasons for the Surge in Prices of Under-Construction Properties by Almost 50%

New Delhi:

In the first half of 2024, prices of premium residential under-construction properties in key cities like Delhi, Noida, Gurugram, Bengaluru, and Mumbai have increased by up to 53%, according to property consultancy Savills India. Gurugram has reported the highest increase. Here are the top five reasons behind this surge.

High-End Amenities and Configurations:

 New launches are offering more high-end amenities and better configurations, making under-construction projects up to 30% more expensive than ready properties. Gurugram Leading the Increase: Gurugram has seen the steepest price increase among the cities, reflecting a high demand for premium properties.

Remote Work Trends Boosting North Goa:

 North Goa, a popular second home destination, has experienced a price rise of up to 28% for villa projects due to the adoption of remote-working models and high rental yields.

Positive Buyer Sentiment:

 The first half of 2024 saw an upbeat buyer sentiment with investors showing interest in new launches and end-users preferring ready-to-move-in properties. Older developments in Grade-A corridors have also seen increased demand from both buyers and tenants.

Stable Interest Rates:

 Stable interest rates have supported the increased demand for real estate, making it easier for buyers to invest in premium properties.

Summary:

 Premium residential under-construction properties have seen a significant price surge in major Indian cities, with Gurugram leading at a 53% increase. The demand for new, high-end amenities, stable interest rates, and positive buyer sentiment are key factors driving this trend. North Goa also benefits from the rise in remote work, leading to a notable price increase.