real estate news

Luxury Home Sales Surge 38% in Top 7 Indian Cities in Q1-Q3 2024

2024-10-17 · GeoSquare

Sales of luxury homes, priced at Rs 4 crore and above, have seen a significant surge of 38% in the first three quarters of 2024 across seven major Indian cities, as reported by CBRE. This robust growth is a testament to the shifting preferences of homebuyers, who are increasingly gravitating towards premium and luxury properties.

Real estate consultant CBRE noted that the total sales of luxury homes, each priced at Rs 4 crore and above, rose to 12,630 units in January-September 2024, up from 9,165 units in the same period last year.

Delhi-NCR, the National Capital Region, recorded the highest sales in this price bracket, with 5,855 units sold as compared to 3,410 units in the year-ago period. Mumbai, another major city, saw a steady increase in sales, rising to 3,820 units from 3,250 units.

Pune, on the other hand, witnessed a more than doubling of sales, with 810 units sold in the first three quarters of 2024, up from just 330 units in the same period last year. This significant growth is attributed to the city's rapid urbanization and the influx of young professionals.

However, not all cities experienced positive growth. Bengaluru saw a decline in luxury home sales, dropping to 35 units from 240 units. Similarly, Hyderabad saw a marginal fall in sales, with 1,540 units sold compared to 1,560 units in the previous year. Chennai, however, saw an increase in sales, with 185 units sold as against 130 units last year.

Kolkata also reported a notable increase, with sales of luxury homes rising to 380 units from 240 units in the year-ago period. This growth is indicative of the city's evolving real estate market, which is becoming more attractive to high-end buyers.

Anshuman Magazine, Chairman & CEO, India, South-East Asia, Middle East & Africa, CBRE, foresees a continued trend of heightened demand in the high-end and premium segments. He believes that traditional mid-range markets like Noida, Bengaluru, Pune, and Chennai are increasingly gravitating towards luxury developments.