Gurgaon under-construction prices up 55%; North Goa villas see 16% hike
Gurgaon 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%.
- During 2024, Mumbai witnessed an average 1% YOY rise in capital values for completed properties while a 10% YOY increase for under-construction properties.
- The market witnessed significant traction in demand for the luxury segment. Larger spaces in bungalows and prime residences were preferred due to the increasing trend of hybrid working, especially by professionals in the financial services industry as well as in legal domain.
- During 2024, Mumbai witnessed an increase of 1%-3% YOY in average rental values.
- The rise in rental values was partly attributed to pent-up demand for rental properties due to the redevelopment of dilapidated buildings in the city.
- Properties located near metro stations saw a substantial increase in rental values due to their convenient connectivity to business hubs and entertainment districts.
- Bengaluru’s premium residential market witnessed growth in under construction projects averaging 25% YOY compared to about 19% YOY rise across completed projects.
- East and Central Bengaluru noted a steep YOY growth of 19-22% across completed projects in December 2024. The strong preference for ready-to-move-in properties, along with the appeal of Central Bengaluru and the completion of the new metro route in Eastern Bengaluru, has been the major driving factors behind capital appreciation.
- Central Bengaluru micromarket recorded a remarkable annual increase of 31% in average capital values. Notably, East, South and North Bengaluru have also emerged as key hotspots, witnessing significant YOY floor price increases of 24%, 21% and 20% respectively. This is primarily due to the high demand for luxury floors, coupled with rising input costs.
- The city witnessed an increase in average rental value by 10% YOY in H2 2024.
- The East and North micromarkets experienced the highest growth in average rentals, with YOY increases of 20% and 19%, respectively.
- The rental market for premium housing in Central Bengaluru remains strong, with rents significantly higher than the average rents of other micromarkets.
- The increase in average capital values over the year of luxury independent floors in Delhi was recorded at 9% at the city level. Rising construction and land acquisition costs, coupled with strong demand for spacious floors with terraces, were the primary drivers behind the price hike.
- The South Central micromarket has seen the highest growth, with independent floor prices rising by 13% YOY. Following closely, the South West and South East micromarkets also recorded notable growth, with a 12% YOY increase in floor prices.
- The rise in average capital values of plots in Delhi remained relatively moderate in 2024, especially when compared to the significant 23% annual increase observed in 2023.
- Delhi witnessed an overall increase of 4% in average capital values of plots, indicating a more stabilized growth pattern.
- The South West and South Central regions experienced the most notable gains, with plot values rising by 8% and 6% YOY, respectively. The South East micromarket recorded a 4% YOY increase in plot values, continuing its steady growth trajectory.
- The increase in average rental values moderated to 9% in 2024, compared to the 26% annual growth recorded in 2023.
- The South East micromarket witnessed the highest growth with a 13% YOY increase, followed by the Central 1 and South Central micromarkets, which observed annual hikes of 11% and 10%, respectively.
- The average capital value of properties in Gurugram continued to witness strong growth in 2024.
- Residential plots saw a 22% increase in quoted capital values, on average, at the city level.
- Completed properties experienced a 20% rise in quoted capital values, while under-construction properties reached a new peak, with average capital values rising by 25% at the city level.
- New Gurugram remains the top-performing micromarket for under-construction properties, recording the highest annual appreciation of 55% in average capital values.
- Golf Course Road and Dwarka Expressway, with YOY increases of 22% and 16% respectively, also saw strong growth in average capital values for under-construction properties.
- Golf Course Road led the market for ready-to-move properties, recording a 24% YOY increase in average capital values. This was followed by New Gurugram and the GCER & SPR micromarkets, which saw YOY increases of 21% and 19%, respectively, in the quoted capital values of completed properties.
- The increase in average rentals remained moderate, with a 9% YOY growth at the city level, reflecting a more stabilized and steady growth pattern.
- Dwarka Expressway and Golf Course Road recorded the highest increases in average rentals, with 12% and 11% YOY growth, respectively.
- Average capital values of completed and under-construction properties in NOIDA increased in the range of 1%-24% on YOY basis across micromarkets.
- The NOIDA-Greater NOIDA Expressway and NOIDA Others micromarkets saw the highest growth in capital value for completed properties, registering a 24% YOY increase.
- NOIDA Others, with a 16% YOY increase, remains the top-performing market in the under-construction properties category. The NOIDA-Greater NOIDA Expressway micromarket follows closely, securing the second position with a 12% YOY increase.
- The NOIDA-Greater NOIDA Expressway micromarket experienced significant rental growth in 2024, with a 22% YOY increase.
- The NOIDA Others and Sector 150 micromarkets followed, recording 16% and 12% YOY increases in average rental values, respectively.
- Average capital values for villas in North Goa witnessed a steep rise of 16% YOY. This increase in prices is attributed to its rising popularity among homebuyers as a second home location owing to high rental yields, a growing preference for modern housing, and the appeal of remote work combined with flexible working arrangements and quality of life as well as a demographic shift towards younger, lifestyle-focused buyers.
- The price increase is primarily contributed by the growth witnessed in emerging locations in the micromarkets of Peri-Coastal Belt and the North Hinterland that registered an increase of 22%-23% YOY.
- Homebuyers continued to prefer gated villas in locations along the North Beach District, such as Anjuna, Arpora, Baga, Calangute, Candolim and Vagator, thereby signifying the strength that lies in its Portuguese neighbourhoods, famous restaurants & hotels, and proximity to the popular sea beaches. This has led to a 19% YOY increase in prices in these locations.
- The market is witnessing a significant demand for second homes from Tier I cities (namely Delhi, Bengaluru and Mumbai) as well as Tier II cities (namely Chandigarh, Kanpur and Indore).
- Homebuyers in Goa are increasingly prioritizing green living. With more consciousness towards eco-friendly living, the market is witnessing a rise in gated amenities (including better security and more green spaces) fitted with modern facilities in Assagao, Siolim, Anjuna and Candolim. Such developments appeal to HNIs seeking luxurious yet environmentally responsible lifestyles.
Frequently Asked Questions
How do I check a builder's track record?
Look at delivered projects, delivery delays, the RERA record and buyer reviews. A builder with a clean, on-time record lowers your risk sharply.
What red flags should I watch for when buying?
Unclear title, missing approvals or RERA, pending dues, a builder with delays, and prices far below the market. If something feels rushed, slow down and verify.
What is the difference between capital appreciation and rental yield?
Appreciation is the rise in the property value over time; rental yield is the annual rent as a share of the price. Most Indian homes give modest yield and rely on appreciation.
How much should I keep as a buffer beyond the price?
Set aside for stamp duty, registration, GST where it applies, interiors, and a contingency. A buffer of a meaningful share above the base price is prudent.
Is a home loan pre-approval useful?
Yes, a pre-approved loan tells you your budget, speeds up booking and strengthens your negotiating position with sellers. Get it before you shortlist seriously.
How do I choose between two similar projects?
Compare the builder record, RERA status, carpet area, real amenities, connectivity and total cost, not just the headline price. Visit both before deciding.
What matters most when investing in property?
Location, connectivity, the builder record and clean title matter more than a flashy brochure. Buy where jobs and infrastructure are growing, and hold patiently.
How do I judge if an area will grow?
Look at planned roads, metro and airports, new job hubs and steady end-user demand. Infrastructure and employment are the strongest long-term drivers.
Is under-construction or ready better for investment?
Under-construction can cost less and appreciate more but carries delay risk; ready homes are safer with immediate rent. Match the choice to your risk appetite.
What are the risks of property investment?
Delays, illiquidity, title issues and market cycles. You reduce them by buying clean title from credible builders in well-located, well-connected areas.
How long should I hold a property?
Property rewards patience; holding beyond the long-term capital gains period also lowers your tax. A multi-year horizon usually beats quick trading.
Does infrastructure really lift property prices?
Yes, new expressways, metro lines and airports are among the strongest long-term drivers of nearby property value, which is why buyers track them closely.
What stamp duty and registration charges apply in Gurgaon?
Stamp duty and registration vary by state and are usually a few percent of the property value, with a small rebate for women buyers in many states. Confirm the current Gurgaon rate before you budget.
How much home loan can I get to buy in Gurgaon?
Most buyers get a loan for 75-90% of the value, tied to income and credit score. Our home loan by salary guide shows the ranges.
What documents do I need to buy property in Gurgaon?
Identity and address proof, PAN, income papers for a loan, and the property title chain, approvals and latest tax receipts. Keep both sides KYC ready for registration.
How do I check if a project is RERA-registered?
Search the state RERA portal by project or builder name for the registration number and approved plan. Our RERA check guide explains it.
