Premium residential values in Mumbai, Bengaluru, Delhi, Gurugram and Noida have witnessed considerable growth throughout 2022. The demand-side growth in the premium residential segment has been evident despite the RBI increasing the benchmark lending rates by 225 bps in the year 2022, according to a report by real estate consulting firm Savills India.
It said demand in the rental market has also gained momentum as professionals have returned to their work locations. Against the backdrop of the hybrid work model, end-users are considering renting larger homes in residential complexes offering superior facilities.
“Under-construction projects in these cities witnessed higher appreciation in capital values as compared to the completed projects. This reflects buyers’ preference for new launches with better amenities and spacious units. Affinity for quality homes is likely to keep the demand steady for premium housing segment in 2023,” Savills India said in a statement.
Mumbai
The city witnessed an increase of 1 per cent y-o-y in average capital values for completed properties and an increase of 3 per cent y-o-y in average capital values for under-construction properties. “Navi Mumbai and Thane micromarkets witnessed a significant increase of 3 per cent-8 per cent Y-o-Y on account of consistent demand for completed as well as under-construction properties,” Savills India said in the statement.
Bengaluru
The capital values in 2022 for both completed and under-construction premium housing projects increased in the range of 4-8 per cent y-o-y in different micro markets. Of all the micro markets in the city, Central Bengaluru has the highest average capital values at around Rs 19,000 and Rs 15,500 for completed and under-construction projects, respectively.
Delhi
With 2 per cent y-o-y growth, the city continues to witness increase in average capital value for land parcels in 2022. South Central region with 8 per cent y-o-y growth saw the biggest hike. The average capital value for floors in premium housing segment remained constant across all micro markets of Delhi in 2022.
Gurugram
Capital values of completed and under-construction projects increased by 15 per cent and 22 per cent Y-o-Y, respectively, in 2022. With a 30 per cent y-o-y increase, Dwarka Expressway registered the highest growth in capital values for under-construction projects in 2022. The price hike of plots is significant with 32 per cent y-o-y growth in 2022. Dwarka Expressway with 50 per cent y-o-y increase registered the maximum growth in plotted development.
Noida
Capital values witnessed an increase in the range of 9-17 per cent y-o-y in 2022 across micro markets. Completed projects in Noida saw a steady growth in capital values at 12 per cent y-o-y. Under-construction projects saw a steady growth of 14 per cent y-o-y in 2022 as compared to 10 per cent in 2021.
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