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Business Desk – Luxury Property Market Prices: The demand for luxury homes is continuously increasing in the premium real estate market of the country. Amid strong demand from rich buyers, NRIs and investors, Noida has now left behind even big cities like Mumbai, Delhi, Bengaluru and Gurugram. According to a new report by Savills India, the fastest price rise in under-construction luxury projects has been recorded in Noida.

Prices increased by 28% on Noida-Greater Noida Expressway

According to the report, the average prices of luxury projects being built on Noida-Greater Noida Expressway have increased by 28% in the last one year. Whereas in Sector-150 the prices increased by about 13%, while in other areas of Noida an increase of about 4% was recorded.

Experts say that due to better connectivity, modern infrastructure and projects being developed keeping in mind the future needs, buyers are increasingly moving to Noida.

Delhi leads in ready-to-move luxury homes

When it comes to ready-to-move-in luxury homes, Delhi remains at the forefront. An increase of 10% to 25% was recorded in the prices of premium houses here. The biggest rise was seen in South-Central Delhi, where the prices of luxury floors increased by about 25% in a year. Apart from this, good growth was also recorded in the areas of Central Delhi and South-West Delhi.

Prices also increased in Mumbai, Bengaluru and Gurugram

According to the report, the prices of luxury houses under construction in Mumbai increased by 10% to 15%. In Bengaluru this increase ranged between 3% to 11%. Whereas in Gurugram the increase in prices was relatively less and in most areas it was recorded at around 2%. However, the demand for residential plots in Gurugram remains strong.

Rent of premium houses also increased rapidly

According to the report of Savills India, the rents of luxury houses are also continuously increasing. The highest increase of 22% was recorded in fares on Gurugram’s Dwarka Expressway.

Fares in Delhi have increased by 6% to 14%, in Noida and Bengaluru by 5% to 14%, while in Mumbai by 1% to 12%. According to the report, the premium rental market remains bullish due to increasing demand from corporate employees, NRIs and larger homes.