Indian Luxury Housing Market Sees Robust Growth with 27% Increase in Sales
The luxury housing segment in India has witnessed a significant surge in sales, with a 27% year-on-year increase in sales across top seven cities between January and June 2024.
Luxury HousingIndian Real EstateCbre South AsiaDelhi NcrMumbaiHyderabadPuneReal Estate PuneJul 18, 2024
Delhi-NCR, Mumbai, and Hyderabad emerged as the leading markets, accounting for nearly 84% of the total luxury housing sales across the top seven cities. Pune recorded a noteworthy increase in luxury sales activity, with demand growing nearly six-fold on an annual basis to touch around 1,100 units.
The report highlighted that Delhi-NCR topped the list with sales of around 3,300 units, a 13.8% year-on-year increase, followed by Mumbai at around 2,500 units, recording 13.6% year-on-year growth. Hyderabad saw a 44% year-on-year increase in sales, with around 1,300 units sold, while Pune registered sales of 1,100 units, marking a 450% year-on-year increase during this period.
The surge in demand for luxury housing has been driven primarily by a growing preference among affluent buyers seeking enhanced amenities and more spacious living areas that complement their multifaceted lifestyle. The aspirational class has been on an upward trend, significantly driving luxury sales. Furthermore, the rise in NRI and astute investors in the Indian real estate market has considerably contributed to the heightened demand for luxury properties.
The report added that the Indian housing market maintained its robust momentum during the Jan-Jun'24 period, with a total of 156,000 units sold, and over 153,000 new units launched across all categories. Mumbai, Pune, and Bengaluru emerged as the leading cities, accounting for an impressive 63% share in total residential sales in India during Jan-Jun'24.
Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, 'We foresee a strong momentum in the housing market for the remainder of the year. This optimism is driven by favourable home-buying sentiments, festive season promotions, and significant land acquisitions by developers. These elements are expected to balance supply and demand dynamics and invigorate market activity.'
Information
CBRE South Asia is a leading real estate consulting firm that provides comprehensive services in investment, valuation, and property management. The firm has a strong presence in India and is known for its expertise in the real estate sector.
Frequently Asked Questions
What is the year-on-year increase in luxury housing sales in India?
27% increase in sales across top seven cities between January and June 2024.
Which cities accounted for nearly 84% of the total luxury housing sales?
Delhi-NCR, Mumbai, and Hyderabad.
What is the primary driver of the surge in demand for luxury housing?
Growing preference among affluent buyers seeking enhanced amenities and more spacious living areas.
What is the projected growth in the luxury housing segment?
Capital value growth in this segment is projected to stabilise, with an increasing focus on core project fundamentals.
Which cities led the sales in the April-June '24 quarter?
Mumbai, Pune, and Delhi-NCR accounted for the maximum share in sales.
Related News Articles
Unpacking Gujarat's Residential Market: Trends, Challenges, and Opportunities
Gain insights into Gujarat's residential market from industry experts, including Mr. Paras Pandit, CMD of Sheetal Infrastructure, at the Realty+ Conclave 2024.
Mumbai's Residential Market Set to Soar: ₹2 Lakh Crore in Sales by 2030
Mumbai's residential market is expected to exceed ₹2 lakh crore in sales by 2030, driven by improved connectivity and infrastructure development, reports JLL. The city's residential sales value is anticipated to surpass ₹1.35 lakh crore in 2024.
Murder of Former Minister Baba Siddique Sheds Light on SRA Project Controversies
Mumbai: The police are investigating multiple angles in the murder of former minister Baba Siddique, including disputes related to the Slum Rehabilitation Authority (SRA) projects. Siddique had significant interests in real estate through his close associ
Douglas Elliman Reports Growth Amid Market Challenges
The real estate market shows promise for future profitability. The management's emphasis on ROI and careful agent growth suggests a sustainable approach to business expansion.
Top 15 Real Estate Developers in India Double Market Share in Five Years
Godrej Properties CEO Gaurav Pandey highlights the market share growth of top developers and predicts further consolidation in the real estate sector.
Investing in Dubai Real Estate: A Guide for Indian Buyers
Many upper-middle-class Indians are keen on investing in Dubai real estate due to high rental yields, no tax payment requirement, and appealing lifestyle benefits. However, it’s crucial to consider factors like FEMA limits, hidden costs, and reputable dev