The sale of houses costing Rs 4 crore and above increased 27 percent in the first half of this year, indicating a significant growth in the luxury housing market in India.
The luxury housing market in India, as per the latest research by real estate consultant CBRE, is on a trajectory of robust sales growth. The total sales of over 8,500 luxury units, a significant increase from nearly 6,700 units in 2023, is a testament to the market’s potential.
Out of the top seven cities, Delhi-NCR, Mumbai, and Hyderabad accounted for roughly 84% of the total sales of luxury homes.
Mumbai and Delhi-NCR, two of the top cities in the luxury housing market, have shown a 14% increase in sales each, with Mumbai selling 2,500 units and Delhi-NCR selling 3,300 units. This stability in sales is a positive sign for the market’s future.
Hyderabad saw 1,300 units sold last year, an annual increase of 44%.
According to the research, Pune saw sales of 1,100 units during this period, representing a 450 percent year-over-year gain.
“The luxury housing segment, particularly for properties priced at Rs 4 crore and above, is set to thrive as buyers seek homes that align with their affluent lifestyles,” said Anshuman Magazine, Chairman and CEO — India, South-East Asia, the Middle East & Africa at CBRE.
A different survey this month stated that the strong economy, rising desire for opulent lifestyles, and the increasing availability of luxury properties contributed to more robust luxury home sales in the real estate sector in H1 2024.
According to a survey by real estate consulting firm Knight Frank, 41% of all dwelling transactions in the first half of 2024 were above Rs 1 crore.
In the same period in 2023, this was 30 percent.
A total of 1,73,241 homes were sold in H1 2024, the highest sales figure in 11 years.
Mumbai, a key player in the luxury housing market, has set a new record with its highest-ever half-yearly sales of Rs 12,300 crore for luxury residences priced at Rs 10 crore and beyond. This significant growth of 8% compared to the previous year’s sales is a cause for excitement in the market.
This represents an 8% gain compared to the Rs 11,400 crore in sales in the first half of 2023, according to India Sotheby’s “International Realty and CRE Matrix” report.
The primary luxury market sales totalled Rs 8,752 crore, the second-highest half-yearly sales value during the previous five years.
Sudarshan Sharma, Executive Director of India Sotheby’s International Realty, believes the increase highlights a rising demand for upscale luxury real estate fueled by the country’s resilient economy and rising elite prosperity.
