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According to international property consultant Savills, premium residential values in Mumbai, Bengaluru, Delhi, Gurugram, and Noida will rise significantly through 2022.
Demand for rental properties has also increased as professionals have returned to their workplaces. End-users are considering renting larger homes in residential complexes with superior facilities in the context of a hybrid work model.
Demand for the premium luxury residential property in Delhi NCR, Mumbai, and Bengaluru will likely remain robust in the first two quarters of 2023.
“The market movement has benefited from investors seeking medium to long-term investment opportunities in both under-construction and secondary spaces while relying on end users,” said Shveta Jain, Managing Director of Residential.
Under-construction projects in these cities saw greater capital value appreciation than completed projects. This reflects buyers’ preference for new launches with better amenities and larger units.
A preference for high-quality housing will likely keep demand for premium housing stable in 2023. Investor interest was also prominent for leisure locations for both rental and capital gratitude opportunities.
Developers have been seen making a beeline for land parcels ranging between 2,000 square metres and 3 acres in locations such as Goa, Alibaug, and Kasauli to capitalize on the new growing demand for second homes.
The renewed focus on homeownership propelled many new launches in Delhi NCR. Gurugram has seen phenomenal growth in the real estate market, with housing sales more than tripling between January and September 2022,” said Amarjit Bakshi, CMD, Central Park.
The real estate market has recovered after a two-year lull, with developers reporting a significant increase in property demand and sales. In terms of real estate growth, affordable housing has been a driving force. Demand for mid and affordable residential real estate markets is steadily improving, bolstered by renewed buyer and developer confidence.