India's Luxury Housing Market Sees 27% Growth in Jan-Jun 2024
Luxury housing sales surge in top seven cities, with Delhi-NCR, Mumbai, and Hyderabad leading the way. Pune sees a significant 450% YoY increase in luxury sales.
Luxury HousingIndiaReal EstateCbreDelhi NcrMumbaiHyderabadPuneReal Estate PuneJul 19, 2024
Delhi-NCR, Mumbai, and Hyderabad emerged as the top markets, accounting for nearly 84% of the total luxury housing sales across the top seven cities. Pune recorded a notable increase in luxury sales activity, with demand growing nearly six-fold on an annual basis to touch 1,100 units.
In terms of quantum luxury residential unit sales, Delhi-NCR topped with sales of 3,300 units, a 13.8% YoY increase, followed by Mumbai at 2,500 units, recording 13.6% YoY growth. Hyderabad saw sales of 1,300 units, a 44% YoY increase, while Pune registered sales of 1,100 units, marking a 450% YoY increase during this period.
The surge in demand for luxury housing has been driven by a growing preference for enhanced amenities and more spacious living areas that complement the multifaceted lifestyle of affluent buyers. Additionally, 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 overall residential sector has also maintained its robust momentum during the January-June 2024 period, with a total of 1,56,000 units sold and over 1,53,000 new units launched across all categories. Mumbai, Pune, and Bangalore emerged as the leading cities, accounting for a 63% share in total residential sales in India during January-June 2024.
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, driven by favourable homebuying sentiments, festive season promotions, and significant land acquisitions by developers.”
Frequently Asked Questions
What was the YoY increase in luxury housing sales in India during the January-June 2024 period?
27%
Which cities accounted for nearly 84% of the total luxury housing sales across the top seven cities?
Delhi-NCR, Mumbai, and Hyderabad
What was the notable increase in luxury sales activity in Pune during the January-June 2024 period?
Nearly six-fold on an annual basis to touch 1,100 units
What has driven the surge in demand for luxury housing in India?
Growing preference for enhanced amenities and more spacious living areas, aspirational class, and rise in NRI and astute investors
What is the forecast for the housing market in India for the remainder of the year?
Strong momentum driven by favourable homebuying sentiments, festive season promotions, and significant land acquisitions by developers
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