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Premium residential values soar across Mumbai, Bengaluru, Delhi-NCR in 2022, says a report by Savills India

December 31, 2022: Premium residential values in Mumbai, Bengaluru, Delhi, Gurugram and NOIDA have witnessed considerable growth throughout 2022. The demand side growth in premium residential segment has been evident despite the RBI increasing the benchmark lending rates by 225 bps in the year 2022. Demand in the rental market has also gained momentum as professionals have returned to their work locations. In the backdrop of hybrid work model, end-users are considering renting larger homes in residential complexes offering superior facilities.

Under construction projects in these cities witnessed higher appreciation in capital values as compared to the completed projects. This reflects buyers’ preference for new launches with better amenities and spacious units. Affinity for quality homes is likely to keep the demand steady for premium housing segment in 2023.

The key trends these cities witnessed through the year –

Price trends



  • The city witnessed an increase of 1% Y-o-Y in average capital values for completed properties and an increase of 3% Y-o-Y in average capital values for under-construction properties
  • Navi Mumbai and Thane micromarkets witnessed a significant increase of 3%-8% Y-o-Y on account of consistent demand for completed as well as under-construction properties
  • The city is witnessing higher interest from Non-Resident Indians to liquidate their properties, especially in the micro markets of South Mumbai and Central Mumbai


  • The capital values in 2022 for both completed and under-construction premium housing projects increased in the range of 4-8% Y-o-Y in different micro markets
  • Of all the micro markets in the city, Central Bengaluru has the highest average capital values at around INR 19,000 and INR 15,500 for completed and under-construction projects respectively
  • South Bengaluru, meanwhile, registered the highest Y-o-Y increase in premium housing prices at 8% in 2022 


  • With 2% Y-o-Y growth, the city continues to witness increase in average capital value for land parcels in 2022. South Central region with 8% Y-o-Y growth saw the biggest hike.
  • The average capital value for floors in premium housing segment remained constant across all micro markets of Delhi in 2022


  • Capital values of completed and under-construction projects increased by 15% & 22% Y-o-Y respectively in 2022
  • With 30% Y-o-Y increase, Dwarka Expressway registered the highest growth in capital values for under-construction projects in 2022
  • The price hike of plots is significant with 32% Y-o-Y growth in 2022. Dwarka Expressway with 50% Y-o-Y increase registered the maximum growth in plotted development
  • Under construction projects across all micro markets witnessed higher appreciation in capital values as compared to completed projects


  • Capital values witnessed an increase in the range of 9-17% Y-o-Y in 2022 across micro markets
  • Completed projects in NOIDA saw a steady growth in capital values at 12% Y-o-Y. 
  • Under construction projects saw a steady growth of 14% Y-o-Y in 2022 as compared to 10% in 2021. 

Rental trends

Rental Values Trend
CityY-o-Y Increase as of 2022
Source: Savills India Research


  • During 2022, Mumbai witnessed an increase of 4% Y-o-Y in average rental values. The market gained momentum as end-users considered renting larger homes in the backdrop of hybrid working coming into play.
  • All micro markets witnessed an increase in rental values in the range of 1%-9%. The micro market of South Mumbai, Navi Mumbai and Thane witnessed the maximum increase of 7%-9% Y-o-Y.
  • The micro markets of Western Suburbs Prime, Central Mumbai and South Mumbai witnessed increased traction in the rental properties, especially for 2 BHK configuration.


  • Although the growth has been significant for affordable and mid segment, the premium residential segment also witnessed a noticeable 4% Y-o-Y increase in rental prices across the city.
  • Much like capital values, South Bengaluru micro market recorded the highest rental growth of around 5% in 2022. 
  • The rental range for premium 3BHKs in the city stood at INR 67,000 – 115,000 per month as of 2022. However, luxury properties in select pockets (Koramangala, MG Road etc.) command a much higher rental value as compared to the average rentals in the city.


  • Delhi witnessed an overall increase of 11% in rental values in 2022
  • Of all micro markets, South Central region with 14% Y-o-Y reported highest rise in the rental values


  • Golf Course Road witnessed highest growth in rental values with an increase of 14% Y-o-Y followed by Dwarka Expressway with 12% Y-o-Y increase


  • NOIDA-Greater NOIDA Expressway witnessed highest growth in rental values with 15% Y-o-Y increase

New launches across key cities 

  • Delhi witnessed a sizeable number of launches in 2022 at approximately 1,540 units.
  • Gurugram saw a substantial increase in launches from 1,402 units in 2021 to 3,758 units in 2022
  • NOIDA witnessed the launch of 921 units in 2022 when compared to 1,450 units in 2021
  • Bengaluru witnessed over 4,000 unit launches in 2022, which is almost thrice as compared to 2021 launches. 

Shveta Jain, Managing Director, Residential Services, Savills India said, “Activity in the premium to luxury residential segment in NCR, Mumbai and Bengaluru is likely to remain robust in the first two quarters of 2023. The market movement, while being reliant on end users, has also benefited from investors seeking medium to long-term investment opportunities in both under construction and secondary spaces. Investor interest was also prominent for leisure locations offering both rental and capital appreciation opportunities. To capitalise on the new growing demand for second homes, developers have been seen making a bee line for land parcels ranging between 2,000 sq metres and 3 acres in locations such as Goa, Alibaug, Kasauli etc. The heightened demand is leading to both paucity of supply and increase in values for clear title land parcels.”