Luxury Home Sales Soar in India's Top Cities: ₹3 to 5 Crore Segment Sees 86% Growth
Sales of apartments costing ₹1 crore and above saw a 30% Y-o-Y growth in 2024. Bengaluru, Mumbai, and Pune collectively contributed around 62% of the total sales. The ₹3 to 5 crore segment witnessed an impressive 86% surge, while the sub-₹50 lakh segment
Luxury HomesReal EstateJll IndiaBengaluruMumbaiReal Estate NewsJan 19, 2025
This contrasts sharply with the decline in sales of apartments in the ₹50 lakh price range, which fell by 14% due to fewer launches of affordable housing projects and rising prices.
Overall, JLL India data showed that sales of apartments across the seven major cities—Mumbai, Delhi-NCR, Bengaluru, Pune, Chennai, Hyderabad, and Kolkata—reached a record high of 3,02,867 units, up 11% from 2,71,818 units in the preceding year.
Bengaluru, Mumbai, and Pune led the way, collectively contributing around 62% of the total sales.
Key Highlights of the Report- Luxury Segment (₹3-5 crore) Sales surged by 86%, reaching 25,833 units from 13,881 units.- Ultra-Luxury Segment (above ₹5 crore) Sales increased by 80%, reaching 15,532 units from 8,641 units.- Mid-Range Segment (₹1-3 crore) Sales rose by 18%, reaching 1,19,990 units from 1,01,451 units.- Affordable Segment (below ₹50 lakh) Sales fell by 14%, dropping to 38,626 units from 45,160 units.- Mid-Range Segment (₹50 lakh to ₹1 crore) Sales were almost flat, with 1,02,886 units in 2024 compared to 1,02,685 units in 2023.
Factors Driving the Growth- Tech Industry Expansion Cities like Bengaluru and Pune saw a significant boost in housing demand due to the continued expansion of the tech industry.- Urban Infrastructure Improved connectivity in Mumbai, especially to suburban locations and sister cities, and redevelopment in core city areas also played a crucial role.- Rising Disposable Income Higher disposable income levels and a growing number of high-net-worth individuals contributed to the demand for luxury homes.- Changing Consumer Preferences Buyers are increasingly looking for larger, tech-enabled, and future-ready homes.
Price Trends- Delhi NCR Recorded the highest price increase of around 20%.- Bengaluru Experienced a significant hike of approximately 14%.- Chennai, Hyderabad, and Kolkata Witnessed around 10% Y-o-Y growth in residential capital values.
Outlook for 2025JLL expects the housing market to continue its strong performance in 2025, driven by rising urbanisation, infrastructure developments, and increasing demand for premium homes.
The report also noted that for the first time, apartments priced above ₹1 crore accounted for more than 50% of annual sales, highlighting a significant shift in the market.
Residential Launches- Record High New residential launches across the top seven cities reached a record high of 302,000 units in 2024, up 3% Y-o-Y.- Leading Cities Bengaluru, Mumbai, and Hyderabad led the launches, accounting for around 60% of the total.- Tech Cities The tech cities of Bengaluru, Chennai, Hyderabad, and Pune, largely driven by the expansion in their commercial office sectors, contributed around 60% of the 2024 launches.
ConclusionThe Indian real estate market is showing strong resilience and growth, particularly in the premium and luxury segments.
The combination of urbanisation, infrastructure improvements, and changing consumer preferences is expected to sustain this positive trend in the coming years.
Frequently Asked Questions
Which segment saw the highest growth in sales in 2024?
The ₹3 to 5 crore segment saw the highest growth in sales, with an 86% Year-on-Year increase.
Why did sales of apartments costing less than ₹50 lakh decline in 2024?
Sales of apartments costing less than ₹50 lakh declined by 14% due to fewer launches of affordable housing projects and rising prices.
Which cities contributed the most to the overall sales growth?
Bengaluru, Mumbai, and Pune collectively contributed around 62% of the total sales growth in 2024.
What factors are driving the demand for luxury homes?
The demand for luxury homes is being driven by the expansion of the tech industry, improved urban infrastructure, rising disposable income, and changing consumer preferences for larger, tech-enabled homes.
What is the outlook for the Indian housing market in 2025?
JLL expects the housing market to continue its strong performance in 2025, driven by rising urbanisation, infrastructure developments, and increasing demand for premium homes.
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