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Why is the demand for houses costing more than Rs 1 crore increasing and the prices are also touching the sky?

Sagar Patel

By Sagar Patel

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There is an increase in demand for luxury homes in the country.

According to a new report by Savills India, prices of premium under-construction residential properties in major cities such as Delhi, Noida, Gurugram, Bengaluru and Mumbai have increased by 53 per cent in June 2024. Gurugram remained at the forefront of this growth. The report notes that prices of completed projects in major cities have also increased by 44 per cent. According to a report by Savills India, this growth reflects the strong demand in the premium real estate market. Apart from this, the residential market is expected to get a boost with the Reserve Bank of India (RBI) keeping interest rates stable for the seventh consecutive time. Noida and North Goa have also seen a significant increase in prices, while prices of under-construction projects in Mumbai and Bengaluru have also increased.

Demand for facilities is increasing

According to Amit Modi, Director, County Group, there has been an increase in the demand for larger residential spaces in the last few years, due to which not only the demand for larger apartments has increased but also the demand for more residential facilities has increased. After the Corona epidemic, people expect a quality life in their homes, which is why developers are building houses with top-notch amenities. Rising cost of land is also a reason for the increase in rates.

Confidence is increasing

Sanjay Sharma, Director, SKA Group, says that there has been a significant increase in the prices of premium projects in Noida. This shows that people’s confidence in investing in real estate is increasing in these areas. People are moving towards luxury and a quality lifestyle. The prices of under-construction projects in Noida have increased by 30% due to the state-of-the-art amenities and modern setup of the new projects. These positive signs encourage us and point towards a bright future for the real estate sector.

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Getting good response

Yash Miglani, MD, Migson Group, says that the increasing demand for premium residential projects across the board shows that the region remains attractive for investment. The preference of our clients is moving towards apartments with larger and lush green areas, which inspires us to innovate in new projects. The enthusiastic response from buyers for new launches and ready-to-move properties shows that the premium real estate market remains stable.

That’s why demand is increasing.

Salil Kumar, Director, Sales and Marketing, CRC Group, says that property prices for high-end projects in Noida have increased by 43%, this increase shows how new housing property launches have experienced the ups and downs in the market. Post Corona, there has been a rise in demand for larger homes. Most buyers in this category have experienced the most premium facilities in the world. Hence, they also want similar facilities in their homes, due to which their expectations have increased. Due to the rise in land prices, developers are increasingly focusing on luxury residential projects that offer top-quality amenities to justify these costs. This demand for more facilities and amenities has significantly increased the prices of under-construction properties.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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