Luxury Housing Boom: Delhi-NCR Sees Record Sales of 3300 Units Priced at Least Rs 4 Crore
The luxury housing segment has seen a significant surge in sales, with Delhi-NCR emerging as the top market, followed by Mumbai and Hyderabad. Pune has witnessed a staggering 450% growth in luxury unit sales.
Luxury HousingIndian Real EstateCbreDelhi NcrMumbaiHyderabadPuneReal Estate PuneJul 18, 2024
Delhi-NCR has emerged as the top market for luxury housing, with sales of 3,300 units, an increase of 13.8% on-year. Mumbai followed closely, with sales of 2,500 units, recording a 13.6% on-year growth. Hyderabad, with sales of 1,300 units, saw a significant 44% growth. However, the most impressive growth was witnessed in Pune, which saw a staggering 450% growth in luxury unit sales.
The April-June quarter also saw a significant surge in luxury housing sales, with a 40.1% on-year growth. The quarter witnessed total sales of 4,410 luxury housing units, compared to 3,150 units during the same quarter last year.
The growing demand for luxury housing can be attributed to the increasing preference of affluent buyers for enhanced amenities and more spacious living areas. The aspirational class is also on an upward trend, driving the sales of luxury units. Additionally, investments by NRIs and astute investors in the Indian real estate market have contributed to the heightened demand for luxury properties.
CBRE's Chairman & CEO, Anshuman Magazine, believes that the surge in demand for luxury housing is a sign of a growing preference for quality and location. He also emphasizes the importance of core project fundamentals, such as access to essential infrastructure, in driving real estate growth. The ongoing mega infrastructure projects across the country are expected to unlock new markets, establish satellite cities, and stimulate growth in peripheral areas, making luxury housing an attractive investment.
The overall housing market also saw a significant growth, with 156,000 units sold in the January-June period. Over 153,000 new units were launched across all categories, with Mumbai, Pune, and Bengaluru leading the list. In the April-June quarter, 70,100 units were sold, and over 69,600 new units were launched, with Mumbai, Pune, and Delhi-NCR jointly dominating the market.
Information
CBRE South Asia is a leading real estate consulting firm that provides comprehensive and integrated services to clients across the region.
CBRE is a leading global commercial real estate services and investment firm. The company has a strong presence in India, with offices in Mumbai, Delhi-NCR, Bengaluru, Chennai, and Hyderabad.
Frequently Asked Questions
What is the growth rate of luxury housing sales in Delhi-NCR?
Delhi-NCR saw a 13.8% on-year growth in luxury housing sales.
Which city witnessed the highest growth in luxury unit sales?
Pune witnessed a staggering 450% growth in luxury unit sales.
What is driving the demand for luxury housing in India?
The growing demand for luxury housing can be attributed to the increasing preference of affluent buyers for enhanced amenities and more spacious living areas.
How many units were sold in the overall housing market in the January-June period?
A total of 156,000 units were sold in the January-June period.
What is the impact of mega infrastructure projects on the real estate market?
The ongoing mega infrastructure projects across the country are expected to unlock new markets, establish satellite cities, and stimulate growth in peripheral areas, making luxury housing an attractive investment.
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