Luxury Housing Market Booms: Rs 4 Crore Plus Homes Experience 38% Sales Surge

Delhi-NCR emerged as the leader in luxury residential sales, achieving an impressive 72 per cent YoY growth, while Mumbai closely followed with an 18 per cent increase

The report attributes the surge in sales to growing interest from non-resident Indians (NRIs) and domestic investors seeking premium properties

Source : PTI

Demand for luxury housing in India has skyrocketed, with sales of units priced at Rs 4 crore and above experiencing a 37.8 per cent year-on-year (YoY) increase in the first nine months of 2024, according to a report by real estate consultancy CBRE South Asia. 

The report, ‘India Market Monitor Q3 2024: Residential,’ highlights a growing trend among affluent buyers seeking more spacious homes and enhanced amenities to match their lifestyles.

In the July to September 2024 quarter, luxury housing sales varied across major cities. Delhi-NCR led with 2,590 units sold, a substantial increase from 480 units in Q3 2023. Mumbai followed with 1,280 units, up from 1,040 units last year. However, Hyderabad saw a decline, selling only 200 units compared to 630 units in the same period the previous year. Chennai experienced growth, selling 150 units, up from 75 units in Q3 2023, while Kolkata reported an increase to 80 units from 50. Bengaluru sold 50 units, down from 90 units, and Pune saw a decrease as well, with 12 units sold compared to 27 units last year.

Delhi-NCR emerged as the leader in luxury residential sales, achieving an impressive 72 per cent YoY growth, while Mumbai closely followed with an 18 per cent increase.

The report attributes the surge in sales to growing interest from non-resident Indians (NRIs) and domestic investors seeking premium properties. Buyer preferences have shifted toward high-end homes developed by reputable firms known for their financial stability and strong execution capabilities.

“India’s luxury housing market is witnessing robust growth, driven by strong performance in the first half of 2024 and the festive season boost. We expect sales and new launches to exceed 300,000 units for the second consecutive year,” said Anshuman Magazine, chairman and CEO of CBRE India, South-East Asia, Middle East, and Africa.

In the broader housing market, sales of residential units in India remained strong, with over 225,000 units sold between January and September 2024. This sustained demand encouraged developers to launch new projects, adding approximately 215,000 units to the market. Mumbai, Pune, and Bengaluru dominated, collectively accounting for 64 per cent of total sales during this period. The luxury segment continued to expand, while mid-range projects comprised 44 per cent of overall sales, followed by high-end and affordable housing options.