Luxury Housing Market Sees Significant Upsurge in India's Top Cities
Luxury housing sales in India's top 7 cities witness a 27% surge in the first half of 2024, driven by strong demand. Delhi-NCR, Mumbai, and Hyderabad lead the way.
Luxury HousingReal EstateCbreIndiaDelhi NcrMumbaiHyderabadPuneReal Estate PuneJul 18, 2024
Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets, 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 around 1,100 units.
Sales in Delhi-NCR rose 14% annually to 3,300 units, while Mumbai saw a growth of 14% to 2,500 units. Housing sales in Hyderabad stood at 1,300 units, up 44% annually. In Chennai and Kolkata, sales of luxury housing units remained flat at 100 units and 200 units, respectively. Bengaluru did not witness any sale in this price category during the January-June 2024 period.
Anshuman Magazine, Chairman & CEO - India, South-East Asia, the Middle East & Africa at CBRE, expressed optimism about the housing market, citing favourable home buying sentiments, festive season promotions, and significant land acquisitions by developers. He predicted that the luxury housing segment would thrive, driven by demand for high-end properties that align with affluent lifestyles.
The ongoing mega infrastructure projects across the country, including transportation networks, highways, airports, and metro systems, are also expected to bolster real estate growth. These developments are likely to unlock new markets, establish satellite cities, and stimulate growth in peripheral areas, making luxury housing an attractive investment.
Information
CBRE is a leading global real estate consultant that provides a range of services, including advisory, transactions, and management. The company has a strong presence in India, with offices in major cities across the country.
Frequently Asked Questions
What was the growth rate of luxury housing sales in India's top 7 cities in the first half of 2024?
The luxury housing sales in India's top 7 cities witnessed a 27% surge in the first half of 2024.
Which cities led the luxury housing sales in India?
Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets, accounting for nearly 84% of the total luxury housing sales across the top seven cities.
What was the total sales of luxury units during the January-June period in 2024?
The total sales of luxury units during the January-June period stood at around 8,500 units.
What is the expected growth trajectory of the luxury housing segment in India?
The luxury housing segment is expected to thrive, driven by demand for high-end properties that align with affluent lifestyles.
What are the factors driving the growth of the luxury housing market in India?
Favourable home buying sentiments, festive season promotions, significant land acquisitions by developers, and ongoing mega infrastructure projects are driving the growth of the luxury housing market in India.
Related News Articles
EVM Hacking Row: Thackeray and Shinde Engage in Fierce Battle for Maharashtra's Future
The EVM hacking row in Mumbai has sparked a fierce battle between Thackeray and Shinde, with the future of Maharashtra hanging in the balance.
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
Godrej Properties Raises Rs 1,275 Crore through Non-Convertible Debentures
Godrej Properties, one of India's leading real estate developers, has raised Rs 1,275 crore through the issue of non-convertible debentures (NCDs) on a private placement basis.
Realty Stock Surges as Company Reports Massive 824% QoQ Net Profit Increase
A leading real estate company, which develops residential, commercial, and industrial projects, has caught investors' attention after declaring an impressive 824% quarter-on-quarter (QoQ) increase in net profits for Q2FY25.
Bo Belmont: The Real Estate Investor Who Acquired Kanye West's Malibu Mansion
On November 20, 2024, a report by TMZ revealed that real estate investor Bo Belmont, through his company Belwood Investments, has acquired the Malibu home previously owned by Kanye West. This acquisition has sparked significant interest in the real estate
Mumbai Coastal Road Project Makes Major Progress with Final Girder Launch
The Mumbai Coastal Road Project (MCRP) reaches 94% completion with the final girder for the Bandra Worli Sea Link bow-string bridge successfully launched.