India's Luxury Housing Market Sees Unprecedented Growth in H1 2024
Indian cities like Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad witness a surge in luxury housing sales, with 41% of total sales in H1 2024.
Luxury HousingReal EstateIndiaKnight FrankResidential SalesReal Estate PuneJul 06, 2024
The report highlights 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.
Interestingly, 27% of total residential sales in the first six months of 2024 were budget homes, while the figure was 32% in the same period of 2023. Mumbai, the largest residential market in the country, saw 47,259 houses sold in H1 2024, with demand for houses costing more than Rs 1 crore increasing by 117% compared to last year.
Delhi-NCR and Bengaluru followed closely, with 28,998 units and 27,404 units sold, respectively. These three cities account for 59% of total residential sales. Gulam Zia, Senior Executive Director, Research, Advisory, Infrastructure, and Valuation, Knight Frank India, attributed the growth to the premium category, which saw a significant rise from 15% in H1 2018 to 34% in H1 2024.
The report suggests that the economic conditions will remain stable, with the Indian economy continuing to grow, and expects sales momentum to remain robust for the rest of the year.
Information
Knight Frank is a leading global property consultancy firm that provides strategic and innovative advice to investors, developers, and occupiers of real estate. With a presence in over 500 offices across 60 countries, Knight Frank has been a trusted advisor to the real estate industry for over 125 years.
Knight Frank is a global property consultancy firm that provides strategic and innovative advice to investors, developers, and occupiers of real estate. The firm has a strong presence in India, with offices in major cities like Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad.
Frequently Asked Questions
What percentage of total sales in H1 2024 were luxury housing sales?
41% of total sales in H1 2024 were luxury housing sales.
Which cities saw an increase in residential sales in H1 2024?
Cities like Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad saw an increase in residential sales in H1 2024.
What was the total number of homes sold in H1 2024?
A total of 1,73,241 homes were sold in H1 2024.
Which city saw the highest demand for houses costing more than Rs 1 crore?
Mumbai saw the highest demand for houses costing more than Rs 1 crore, with a 117% increase compared to last year.
What is the expected sales momentum for the rest of the year?
The report expects sales momentum to remain robust for the rest of the year, driven by stable economic conditions and growing demand for luxury lifestyles.
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