Luxury Home Sales Surge in 2024: 86% Growth in ₹3-5 Crore Segment
Apartment sales in the ₹1 crore and above category recorded a robust 30% Year-on-Year growth in 2024, with Bengaluru, Mumbai, and Pune leading the market. Sales in the ₹3-5 crore segment witnessed an impressive 86% increase.
Luxury HomesReal EstateHousing MarketJll IndiaBengaluruReal EstateJan 19, 2025
According to a comprehensive report by JLL India, sales of properties in the ₹3–5 crore category rose by an impressive 86%, while those in the ₹50 lakh range experienced a decline of 14%.
This trend highlights a growing preference for premium and luxury housing segments, driven by increased disposable income and changing consumer preferences.
Overall, JLL India data indicated that sales of apartments across seven major cities—Mumbai, Delhi-NCR, Bengaluru, Pune, Chennai, Hyderabad, and Kolkata—reached a record high of 3,02,867 units in 2024, marking an 11% increase from the previous year's 2,71,818 units.
Bengaluru, Mumbai, and Pune collectively contributed to around 62% of the total sales, underscoring their dominant positions in the real estate market.
Key Highlights - Premium Segment (₹3-5 crore) Sales surged by 86% year-on-year, reaching 25,833 units from 13,881 units.- Luxury Segment (Above ₹5 crore) Sales grew by 80%, jumping to 15,532 units from 8,641 units.- ₹1 Crore and Above Apartment sales in this category recorded a 30% year-on-year growth, indicating a rise in home purchase affordability and demand for high-end properties.- ₹50 Lakh and Below Sales declined by 14%, falling to 38,626 units from 45,160 units, primarily due to fewer launches of affordable housing projects and rising prices.- ₹50 Lakh to ₹1 Crore Sales remained relatively flat, with 1,02,886 units sold in 2024 compared to 1,02,685 units in the previous year.- ₹1 Crore to ₹3 Crore This segment saw an 18% increase, with 1,19,990 units sold in 2024, up from 1,01,451 units in 2023.
Market Factors Several factors have contributed to the robust growth in the luxury and premium housing segments.
The continued expansion of the tech industry in cities like Bengaluru and Pune has significantly influenced housing demand.
Additionally, favorable weather conditions in these regions have made them more attractive for both residents and investors.
In Mumbai, improved connectivity to suburban locations and sister cities, along with redevelopment in core city areas, has driven housing sales.
The confidence of investors and end-users in the long-term prospects of the residential sector in these cities has also played a crucial role.
Price Trends Residential prices in the top seven cities witnessed a steady rise in Q4 2024.
Delhi-NCR led the pack with a 20% year-on-year price increase, followed by Bengaluru with a 14% hike.
Chennai, Hyderabad, and Kolkata also saw around 10% growth in residential capital values.
Outlook Looking ahead, JLL expects the housing market to continue its strong performance.
Rising urbanization levels, infrastructure developments, and evolving consumer lifestyle preferences are set to drive demand for premium and luxury homes.
According to Samantak Das, Chief Economist and Head of Research and REIS, India, JLL, for the first time ever, apartments priced above ₹1 crore accounted for more than 50% of annual sales.
This trend is driven by the increasing number of high-net-worth individuals and higher disposable income levels.
Residential Launches New residential launches across the top seven cities reached a record high in 2024, with around 302,000 housing units launched.
Bengaluru alone accounted for a significant portion of these launches, contributing to the highest annual residential supply.
Mumbai, Bengaluru, and Hyderabad collectively led the market with around 60% of the total launches.
The tech cities of Bengaluru, Chennai, Hyderabad, and Pune, driven by the continued expansion of their commercial office sectors, played a pivotal role in this growth, contributing around 60% of the 2024 launches.
Conclusion As the real estate market continues to evolve, the surge in sales of luxury and premium homes in the ₹3-5 crore segment and above highlights a significant shift in consumer preferences and disposable income levels.
The robust growth in these segments, coupled with favorable market conditions and infrastructure developments, is expected to sustain the momentum in the coming years.
Frequently Asked Questions
What was the growth rate of sales in the ₹3-5 crore segment in 2024?
The sales of properties in the ₹3-5 crore segment surged by 86% in 2024, according to JLL India.
Which cities contributed the most to the growth in luxury home sales?
Bengaluru, Mumbai, and Pune collectively contributed around 62% of the total luxury home sales in 2024.
How did the prices of residential properties change in 2024?
Residential prices in the top seven cities witnessed a year-on-year increase ranging from 5% to 20%, with Delhi-NCR recording the highest price increase of 20%.
What factors contributed to the growth in luxury home sales?
The continued expansion of the tech industry, favorable weather conditions, improved connectivity, and redevelopment in core city areas, along with rising disposable incomes, contributed to the growth in luxury home sales.
What is the outlook for the real estate market in 2025?
JLL expects the housing market to exhibit a strong performance in 2025, driven by rising urbanization levels, infrastructure developments, and evolving consumer preferences for premium homes.
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