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Residential projects under construction in India's major cities recorded remarkable price growth in 2024, with Gurugram's New Gurugram micro-market seeing a 55% year-on-year increase, according to Savills India. Other hotspots included Bengaluru (25% appreciation), North Goa (16%), and Mumbai (10%). Noida's premium segments also showed robust growth, with up to 16% increases in some areas. The luxury housing market flourished, with Gurugram adding 16,140 new units, a 150% jump. Rising construction and land costs, coupled with strong demand for spacious homes, fueled the trend. Stable interest rates from the RBI further bolstered buyer confidence, indicating sustained momentum in India's real estate market.
Residential projects under construction in major Indian cities have seen remarkable price increases, with appreciation rates reaching up to 55% over the past year, according to Savills India. This trend indicates robust market demand and positive sentiment. Gurugram emerged as the leader in luxury property value growth, particularly in its New Gurugram micro-market, where under-construction properties saw a 55% year-on-year increase. Other notable performers in Gurugram included Golf Course Road and Dwarka Expressway, with appreciation rates of 22% and 16% respectively. Advertisement
Other major cities also recorded significant growth. Bengaluru's under-construction luxury properties appreciated by 25%, while North Goa saw a 16% increase. Mumbai's under-construction luxury projects experienced a 10% year-on-year rise, though completed properties in the city showed more modest growth at 1%. In Delhi, luxury independent floors registered a 9% increase in average capital values.
The Noida region demonstrated strong performance as well, with the Noida Others micro-market showing a 16% year-on-year increase, while the NOIDA-Greater NOIDA Expressway area recorded a 12% appreciation. The luxury segment also saw substantial growth in new launches. Gurugram led with approximately 16,140 new luxury units, representing a more than 150% increase in 2024. Bengaluru's premium segment grew by 72% with 10,160 new units, while Noida saw a 34% increase with about 2,730 new luxury units.
Several factors contributed to these price increases, including rising construction costs, higher land acquisition expenses, and strong demand for spacious properties with terrace areas, particularly in Delhi. Ready-to-move-in properties across major cities also saw steady appreciation, with increases up to 25% over the year.
Market experts note that the current trend of rising capital values is encouraging buyers to make purchasing decisions sooner rather than later, as they anticipate further price increases. This buyer sentiment is reinforced by the Reserve Bank of India's Monetary Policy Committee's decision to maintain stable interest rates. The combination of strong demand, price appreciation, and stable interest rates suggests continued momentum in the residential real estate market.
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