Luxury Residential Property Prices Soar by 53% in Top Indian Cities 

Luxury Residential Property Prices Soar by 53% in Top Indian Cities 

Luxury Residential Property Prices Soar by 53% in Top Indian Cities 

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6 July 2024

The cost of luxury residential properties that are still being built in big cities like Delhi, Noida, Gurugram, Bengaluru, and Mumbai went up by as much as 53% in June 2024. This rise surpasses the 44% increase seen in the prices of finished projects.

That’s quite a significant increase in under-construction property prices, especially with the growing housing demand. According to the report by Savills India, premium residential under-construction properties in major cities like Delhi, Noida, Gurugram, Bengaluru, and Mumbai surged by up to 53% in June 2024. Completed projects also saw a rise of 44% in these top five cities, with Gurugram taking the lead.

The ongoing price trend highlights the robust demand in the high-end housing sector. Furthermore, the changing lifestyle choices of buyers are playing a pivotal role, leading to a surge in residential developments in these cities. Major players in the industry are proactively broadening their property offerings to meet this demand, introducing cutting-edge and lavish living spaces that resonate with contemporary requirements.

A realtor from Noida shared some valuable insights. He mentioned that the surge in luxury residences is a result of heightened demand from wealthy buyers seeking upscale properties with modern amenities. There is a notable preference for larger homes and a desire for an aspirational lifestyle. Buyers are increasingly inclined towards living in prestigious locations that exude grandeur and carry significant brand value. The rising number of high networth individuals (HNIs) is a key factor propelling the popularity of luxury residences. Additionally, the upcoming Noida Airport at Jewar has placed the region on the global map, injecting fresh energy into the real estate sector.