In Mumbai, the capital value for under-construction properties increased by 5% year-on-year, compared to a 3% rise for completed properties. Micromarkets like Central Mumbai and Western suburbs saw notable increases of 12% to 21% year-on-year in capital value, driven by new launches at prices above the existing market average.
There was heightened demand in the luxury segment, especially for larger spaces in bungalows and prime residences in Mumbai. This was fueled by the trend of hybrid working, particularly among professionals in the finance and legal sectors.
Bengaluru’s premium residential market experienced moderate growth in capital value, with under-construction projects seeing a 7.2% year-on-year increase, outpacing the 5.2% rise in newly completed projects. Central Bengaluru led the growth in completed projects at 7.5% year-on-year, followed by East Bengaluru at 6.2%, supported by new metro routes and strong demand from high-net-worth individuals.
Delhi observed a robust 16% year-on-year increase in the average capital value of luxury floors, with South-East Delhi leading at 27% year-on-year growth, followed by South-West Delhi at 21% year-on-year. Residential plots in the city saw a substantial 25% year-on-year growth, mainly driven by South-Central and South-West Delhi with 29% year-on-year increases.
Gurugram recorded significant growth in both completed and under-construction properties, with average capital value rising by 37% year-on-year and 30% year-on-year, respectively, at the city level. New Gurugram and Dwarka Expressway emerged as top performers, experiencing annual growth rates of 53% and 34%, respectively, in under-construction properties. Residential plots in Gurugram saw a 26% year-on-year increase in average capital value, with Dwarka Expressway leading with 43% year-on-year growth.
Noida saw substantial year-on-year increases of 30% and 29% in average capital values for completed and under-construction properties, respectively, with Sector 150 witnessing the highest growth of 43% year-on-year in under-construction properties.
In North Goa, average capital value for villas surged by 28% year-on-year, driven by rising popularity as a second-home destination with high rental yields and increasing demand for gated villas. Coastal locations such as Anjuna, Arpora, and Calangute were particularly favored, with a shift towards smaller villa sizes due to rising land costs.
The market reflects a trend of young professionals from major cities relocating to Goa for better work-life balance, particularly in creative fields and with digital nomadism.