Under-construction properties sees 55% price surge in last one year: Savills India

In the past year, the price of under-construction properties has increased by almost 55%, according to a survey released by Savills India on January 3.

Gurugram and Mumbai led the surge in under-construction property values, with increases of up to 55% and 10%, respectively, while Bengaluru and North Goa saw gains of 25% and 16% compared to previous years," the report stated.

It further stated that the continuous price movement indicates a robust demand base, which reflects the optimistic market mentality.

Buyers were attracted to invest in under-construction properties by the launch of new projects that offered upscale amenities, superior standards, and staggered payment options.

The survey claims that ready properties have also steadily increased in value throughout major cities, with an average annual increase of up to 25%.

Buyers are growing increasingly eager to make selections as the residential market picks up steam and capital values have risen in recent months, expecting property prices to continue to rise. According to the article, the Reserve Bank of India's Monetary Policy Committee recently decided to keep interest rates the same, which further supports this view.

The surge in luxury home sales in 2024 has been driven by several key factors, including robust economic growth and a growing appetite for exclusive, amenity-rich properties that align with modern lifestyles. The increase in new launches with high-end amenities and flexible payment options reflects the evolving preferences of buyers seeking quality and convenience. This upward trend underscores the strong fundamentals of the luxury residential market, bolstered by positive buyer sentiment and stable interest rates," Shveta Jain, Managing Director, Residential Services, Savills India noted.