Luxury Housing Boom: 41% of Total Sales in H1 2024 in India
India's real estate market witnesses surge in luxury housing sales in H1 2024 due to robust economy and growing demand for luxury lifestyles
Luxury HousingReal Estate MarketIndiaKnight FrankResidential SalesReal Estate NewsJul 07, 2024
The top eight cities of the country, including Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad, have seen an increase of 11 per cent in residential sales compared to the same period last year. A total of 1,73,241 homes were sold in H1 2024, the highest sales figure in 11 years. Mumbai is the largest residential market in the country, with 47,259 houses sold in H1 2024. Demand for houses costing more than Rs 1 crore in the country's financial capital has increased by 117 per cent compared to last year.
The report also highlights that budget homes accounted for 27 per cent of total residential sales in the first six months of 2024, down from 32 per cent in the same period of 2023. Gulam Zia, Senior Executive Director, Research, Advisory, Infrastructure, and Valuation, Knight Frank India, stated that the premium category has seen a significant rise, moving from 15 per cent in H1 2018 to 34 per cent in H1 2024. He added that the sales momentum is expected to remain robust for the rest of the year, driven by stable economic conditions.
Information
Knight Frank is a leading international property consultant firm that provides a comprehensive range of property services across various sectors, including residential, commercial, and industrial.
Knight Frank is a global real estate consultancy firm with over 500 offices in more than 60 countries. The firm provides a wide range of services, including valuation, consultancy, and research, to clients across various sectors.
Frequently Asked Questions
What percentage of total sales did luxury housing account for in H1 2024?
41 per cent
What is the highest sales figure in the last 11 years?
1,73,241 homes
Which city is the largest residential market in the country?
Mumbai
What is the percentage increase in demand for houses costing more than Rs 1 crore in Mumbai?
117 per cent
What is the expected sales momentum for the rest of the year?
Robust
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