Luxury Housing Market Sees Significant Growth in Top Indian Cities
The luxury housing market in India has witnessed a 27% year-over-year increase in sales, driven by growing demand from affluent buyers and NRIs.
Luxury HousingIndian Real Estate MarketNrisAffluent BuyersCbre South Asia Pvt LtdReal Estate NewsJul 19, 2024
Delhi-NCR, Mumbai, and Hyderabad emerged as the leading cities, accounting for nearly 84% of the total luxury housing sales across the top seven cities. Pune recorded a noteworthy increase in luxury sales activity, with demand growing nearly six-fold on an annual basis to touch 1,100 units.
The surge in demand for luxury housing has been primarily driven by a growing preference by affluent buyers seeking enhanced amenities and more spacious living areas that complement their multifaceted lifestyle. Additionally, the aspirational class has been on an upward trend, significantly driving luxury sales. Furthermore, the rise in NRI and astute investors in the Indian real estate market has considerably contributed to the heightened demand for luxury properties.
The overall residential sector in India maintained its robust momentum during the January-June 2024 period, with a total of 1,56,000 units sold and over 1,53,000 new units launched across all categories. Mumbai, Pune, and Bangalore emerged as the leading cities, accounting for a 63% share in total residential sales in India during January-June 2024.
Anshuman Magazine, chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, said, 'We foresee a strong momentum in the housing market for the remainder of the year. This optimism is driven by favourable homebuying sentiments, festive season promotions, and significant land acquisitions by developers. These elements are expected to balance supply and demand dynamics and invigorate market activity.'
The luxury housing segment, particularly for properties priced at Rs 4 crore and above, is set to thrive as buyers seek homes that align with their affluent lifestyles. Capital value growth in this segment is projected to stabilize, with an increasing focus on core project fundamentals such as quality, location, and access to essential infrastructure.
Information CBRE South Asia Pvt. Ltd. is a leading real estate consulting firm that provides strategic advice and execution for property sales and leasing, consulting, and project management services.
CBRE South Asia Pvt. Ltd. is a leading international property consultancy and real estate services firm with a global presence in more than 100 countries. The company provides a range of services, including valuation, advisory, and transaction services, to investors, occupiers, and developers.
Frequently Asked Questions
What is the year-over-year increase in luxury housing sales in India?
The luxury housing market in India has witnessed a 27% year-over-year increase in sales during the January-June 2024 period.
Which cities have emerged as the leading markets for luxury housing sales?
Delhi-NCR, Mumbai, and Hyderabad have emerged as the leading cities, accounting for nearly 84% of the total luxury housing sales across the top seven cities.
What are the key drivers of the surge in demand for luxury housing in India?
The surge in demand for luxury housing has been primarily driven by a growing preference by affluent buyers seeking enhanced amenities and more spacious living areas, as well as the rise in NRI and astute investors in the Indian real estate market.
What is the projected capital value growth in the luxury housing segment?
Capital value growth in the luxury housing segment is projected to stabilize, with an increasing focus on core project fundamentals such as quality, location, and access to essential infrastructure.
What is the role of CBRE South Asia Pvt. Ltd. in the Indian real estate market?
CBRE South Asia Pvt. Ltd. is a leading real estate consulting firm that provides strategic advice and execution for property sales and leasing, consulting, and project management services.
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