Under-construction property prices jump 31%

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The prices of property under construction usually does not see much fluctuatuation. But this year these have risen by almost 31% in 13 major cities on higher demand, according to real estate portal Magicbricks. In a statement, the portal said “In 2023, residential prices increased consistently, making relatively affordable under-construction properties more attractive for investment and home ownership.”

The demand for the under-construction property incraesed by 7.8% in the Jan-March period from the previous quarter, it said in its PropIndex report.

As a result, prices experienced a corresponding uptick, growing 1.7 per cent QoQ (quarter-on-quarter) and a significant 30.6 per cent YoY (year-on-year).

Noida (7.1 per cent QoQ), Greater Noida (6.1 per cent QoQ), Bengaluru and Mumbai (5.7 per cent QoQ each) witnessed the most substantial price increments in under-construction properties, it added.

Luxury sales zooming

Meanwhile, sales of luxury homes have been rising consistently over the past few years and 2023 has been no exception. According to property consultaant JLL India, sales of luxury houses, priced at Rs 50 crore and above, rose 51 per cent in value terms to Rs 4,319 crore during the last calendar year on strong demand.

At least 45 homes, priced Rs 50 crore and above, were sold in 2023 for Rs 4,319 crore. During 2022, at least 29 homes valuing Rs 2,859 crore were sold in this price category.

The propoerties include both apartments as well as bungalows in primay and resale market. JLL said that luxury transactions include both bungalows and apartments. It encompasses both primary market and resale transactions.

Mumbai saw most transactions, mostly in Malabar Hill and Worli micro markets. In Delhi-NCR, Golf Links and Vasant Vihar were costliest submarkets. Gurugram, part of Delhi-NCR also witnessed a couple of luxury apartment sales.