Luxury Housing Market Booms: Delhi-NCR Leads the Way with 27% Sales Growth
The increased demand for luxury properties in India can be attributed to the growing presence of NRI and astute investors in the real estate market.
Luxury HousingIndian Real EstateDelhi NcrMumbaiHyderabadReal Estate PuneJul 18, 2024
The demand for luxury housing has been driven by affluent buyers seeking enhanced amenities and more spacious living areas. The aspirational class has been on an upward trend, significantly driving luxury sales. The rise in NRI and astute investors in the Indian real estate market has also contributed to the heightened demand for luxury properties.
In terms of quantum of luxury residential unit sales, Delhi-NCR topped the list with sales of around 3,300 units, a 13.8% Y-o-Y increase, followed by Mumbai at around 2,500 units, recording 13.6% Y-o-Y growth. While the sales in Hyderabad stood at around 1,300 units, a 44% Y-o-Y increase, Pune registered sales of 1,100 units, marking a 450% Y-o-Y increase during this period.
The luxury housing segment across the top cities registered a 40.1% Y-o-Y increase in sales during the April-June 2024 quarter, with total sales of around 4,410 luxury housing units compared to around 3,150 units during the same quarter last year. Among the cities, Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets during the quarter, while Kolkata saw a notable two-fold increase in luxury residential sales.
Mumbai, Pune, and Hyderabad witnessed maximum launches of housing units, capturing a significant cumulative share of 64% in January to June 2024. This indicates a strong market dominance by these cities when it comes to introducing new residential projects.
The mid and high-end housing categories are expected to remain the primary drivers of India's residential market. These segments are currently being redefined, with the price range of ₹1 to 1.5 crore becoming an ideal choice for many homebuyers. In addition, buyers seeking homes to complement their affluent lifestyle are likely to boost the demand for premium ( ₹2 to ₹4 crore) and luxury housing ( ₹4 crore and above).
Low-density housing and plotted developments are expected to maintain their appeal within the high-end / premium residential categories. Concurrently, a trend towards urban peripheries for these housing segments is anticipated.
Frequently Asked Questions
What is the growth rate of luxury housing sales in the January to June 2024 period?
27% increase in sales compared to the same period last year
Which city topped the list of luxury residential unit sales?
Delhi-NCR with sales of around 3,300 units, a 13.8% Y-o-Y increase
What drove the demand for luxury housing in India?
The growing presence of NRI and astute investors in the real estate market, as well as affluent buyers seeking enhanced amenities and more spacious living areas
Which cities witnessed maximum launches of housing units?
Mumbai, Pune, and Hyderabad, capturing a significant cumulative share of 64% in January to June 2024
What is the expected trend in the Indian residential market?
The mid and high-end housing categories are expected to remain the primary drivers of India's residential market, with a trend towards urban peripheries for these housing segments
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