FY25 Opens — Election Calm Before the Mandate Reset

FY25 Opens — Election Calm Before the Mandate Reset

FY26 begins with election overhang, sticky home loan rates near 9%, and a quietly resilient HNI cheque flow into Gurgaon and Bengaluru luxury. Our April pulse reads the macro, isolates corridor velocity, and tells you where to wait, where to write.

Key findings

  • Gurgaon Golf Course Extension and Dwarka Expressway saw 14-18% YoY price appreciation on Q4 absorption — premium floors lead.
  • Mumbai South-Central re-rating continues; Worli–Lower Parel ticket-size up 22% YoY on redevelopment supply.
  • Bengaluru ORR commercial yield holds at 8.2% gross — the only sub-7% cap rate compression NOT happening in metros.
  • NRI sentiment cautious — INR at 83.5 / USD; deals deferred, not cancelled.
  • Pre-leased Grade-A commercial in Hyderabad Gachibowli sees first signs of cap-rate compression — early movers locking 8.4%.
  • Plotted developments in South Gurgaon Sectors 84-95 quietly entering Phase II — watch for May launches.

Macro Frame

Rate plateau, election quiet zone, and currency drift. What it means for buy-side timing.

Gurgaon Deep-Dive

Corridor-by-corridor: GCR, GCE, Dwarka Expressway, SPR, NH-48, South Gurgaon plotted.

NCR Beyond Gurgaon

Noida Expressway, Greater Noida West, Faridabad Greater Faridabad, Delhi L-zone updates.

Pan-India Tier-1 Pulse

Mumbai, Bengaluru, Hyderabad, Pune, Chennai — five micro-markets each.

Tier-2 Watchlist + Verdict

Lucknow, Indore, Jaipur, Ahmedabad, Chandigarh — and the EstateVeda Verdict for the month.

EstateVeda Verdict

Wait on Gurgaon mid-market launches until post-election clarity. Write cheques into pre-leased Hyderabad commercial and Mumbai South-Central redevelopment at current entries.

All reports · Research terminal