India's Luxury Housing Boom: High-End Sales Skyrocket to 41% in H1 2024
India's luxury housing market is on fire, with high-end sales surging to 41% of total sales in H1 2024, driven by robust economic growth and increasing demand for luxury lifestyles.
Luxury HousingIndian Real EstateKnight FrankMumbaiDelhi NcrReal Estate MumbaiJul 06, 2024
The report, titled 'India Real Estate Residential and Office (January - June 2024)', reveals that residential sales in the top eight cities of the country, including Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad, have seen an increase of 11% compared to the same period last year. A total of 1,73,241 homes were sold in H1 2024, the highest sales figure in 11 years.
Mumbai, the largest residential market in the country, saw a significant increase in demand for luxury housing, with sales of houses costing more than Rs 1 crore rising by 117% compared to last year. The city accounted for 47,259 house sales in H1 2024, followed by Delhi-NCR and Bengaluru, which saw sales of 28,998 and 27,404 units, respectively. These three cities account for a staggering 59% of total residential sales in the country.
Gulam Zia, Senior Executive Director, Research, Advisory, Infrastructure, and Valuation, Knight Frank India, attributed the growth to the country's stable economic conditions, saying, 'The robust performance in the residential market resulted in the sale of over 1,73,000 units in the first half of 2024, marking a decade-high record. This growth is firmly anchored by the premium category which saw a significant rise moving from 15% in H1 2018 to 34% in H1 2024.' He added that the company expects the sales momentum to remain robust for the rest of the year, driven by the country's continued economic growth.
Information Knight Frank is a leading international property consultant firm with a strong presence in India. The company provides a range of services, including research, advisory, infrastructure, and valuation, to its clients in the real estate sector.
Knight Frank is a global real estate consultancy firm with a presence in over 500 locations across 60 countries. The company has a strong track record of providing innovative and personalized solutions to its clients in the real estate sector.
Frequently Asked Questions
What percentage of total sales did luxury housing account for in H1 2024?
41%
Which city saw the highest sales of luxury housing in H1 2024?
Mumbai
What was the total number of homes sold in H1 2024?
1,73,241
What is the expected trend in luxury housing sales for the rest of 2024?
Robust sales momentum is expected to continue
What is the name of the report published by Knight Frank?
'India Real Estate: Residential and Office (January - June 2024)'
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