Luxury Home Sales Surge 38% in Top 7 Indian Cities in Q1-Q3 2024
According to CBRE, sales of homes priced at Rs 4 crore and above have surged by 38% in the top seven cities in India during the first three quarters of 2024. This trend is attributed to the growing demand for premium and luxury properties, driven by risin
Luxury HomesReal EstateCbreHighend PropertiesIndian CitiesReal Estate NewsOct 17, 2024
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.
Frequently Asked Questions
Which cities saw the highest increase in luxury home sales?
Delhi-NCR and Pune recorded the highest increases in luxury home sales, with Delhi-NCR selling 5,855 units and Pune selling 810 units in the first three quarters of 2024.
What factors are driving the surge in luxury home sales?
The surge in luxury home sales is driven by factors such as rising disposable incomes, increased access to flexible financing, and a preference for modern, amenity-rich living spaces among younger buyers.
Why did Bengaluru see a decline in luxury home sales?
Bengaluru saw a decline in luxury home sales due to various factors, including changes in market dynamics and possibly a shift in buyer preferences towards other cities or segments.
How is the infrastructure in Gurugram impacting the real estate market?
The infrastructure upgrades in areas like Golf Course Extension Road and Dwarka Expressway in Gurugram are making these regions attractive for luxury home buyers, driving the market forward.
What is the future outlook for luxury home sales in India?
The future outlook for luxury home sales in India is positive, with experts predicting continued growth in high-end and premium segments as more cities develop robust infrastructure and attract high-end buyers.
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