Luxury Flats Above Rs 5 Crore Witness 80% Growth in 2024: Top 7 Cities Lead the Surge
In 2024, around 302,000 housing units were launched, marking the highest annual residential supply across India's top 7 cities. The luxury segment, priced above Rs 5 crore, saw an impressive 80% growth compared to 2023.
Luxury FlatsHighend HousingReal EstateResidential SalesJllReal EstateJan 20, 2025
Dr.
Samantak Das, Chief Economist and Head of Research and REIS, India at JLL, noted an exceptional growth of 86% in the premium segment (Rs 3-5 crore) and 80% in the luxury segment (Rs 5 crore and above) compared to 2023.
This surge is driven by a combination of factors, including the rise in high-net-worth individuals (HNWI), increased disposable incomes, and an evolving buyer preference for larger, tech-enabled, and future-ready homes.
Breaking Down the Numbers
- Rs 3-5 crore segment Sales grew by 86%, contributing to 9% of the total sales in 2024, compared to just 5% in 2023.- Above Rs 5 crore segment The luxury market saw an 80% growth, with 5% of total sales in 2024, compared to 3% in 2023.
Around 302,000 housing units were launched during 2024, marking the highest annual residential supply across the top 7 cities.
On a yearly basis, 2024 launches increased marginally by around 3% year-over-year (Y-o-Y).
Mumbai, Bengaluru, and Hyderabad led the annual launches, contributing 60% of the total.
The tech cities of Bengaluru, Chennai, Hyderabad, and Pune, driven by the expansion in their commercial office sectors, together contributed around 60% of the 2024 launches.
Growth in Sales and Supply
Driven by this all-time high sales in 2024, the average annual sales during the post-pandemic years (2022-2024) have surpassed the average annual sales during the last decade (2010-2019) by around 63%.
A total of 72,930 units were sold during Q4 2024, a marginal dip of around 3% compared to the same period last year.
Bengaluru, Mumbai, and Pune accounted for around 64% of the quarterly sales.
Demand for high-value (Rs 3 crore and above) homes has seen sustained growth, accounting for 14% of the quarterly sales volume.
Frequently Asked Questions
What is the reason behind the 80% growth in luxury flats priced above Rs 5 crore in 2024?
The 80% growth in luxury flats priced above Rs 5 crore in 2024 is driven by a combination of factors, including the rise in high-net-worth individuals (HNWI), increased disposable incomes, and an evolving buyer preference for larger, tech-enabled, and future-ready homes.
Which cities contributed the most to the residential launches in 2024?
Mumbai, Bengaluru, and Hyderabad led the annual launches, contributing 60% of the total. The tech cities of Bengaluru, Chennai, Hyderabad, and Pune, driven by the expansion in their commercial office sectors, together contributed around 60% of the 2024 launches.
How did the average annual sales during the post-pandemic years (2022-2024) compare to the last decade (2010-2019)?
The average annual sales during the post-pandemic years (2022-2024) have surpassed the average annual sales during the last decade (2010-2019) by around 63%. This indicates a significant increase in housing demand post-pandemic.
Which city saw the highest price increase in residential capital values in Q4 2024?
Delhi NCR recorded the highest price increase of around 20% in residential capital values in Q4 2024, followed by Bengaluru with a significant hike of approximately 14%. Chennai, Hyderabad, and Kolkata also witnessed around 10% Y-o-Y growth in residential capital values.
What percentage of the total sales in 2024 were contributed by high-value homes (Rs 3 crore and above)?
High-value homes (Rs 3 crore and above) accounted for 14% of the total sales volume in Q4 2024, showing sustained growth in demand for these properties.
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