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
Senior Living Solutions in South India Get a Boost as Sameera Group Invests in Chennai
Sameera Group and Vedaanta Senior Living partner to develop 1
Luxury Living: Meet the Millennial DINK Couple Who Loves Spending Big on Vacations
Meet Brenton and Mirlanda Beaufils, a millennial DINK couple living the high life in Dallas. They're enjoying their child-free lifestyle, but thinking about starting a family one day.
Phoenix Mills Share Price Falls 3.5%: Is the Real Estate Stock a Buy-on-Dips Opportunity?
Phoenix Mills, a prominent real estate company, saw its share price fall by 3.5% this week after releasing its Q1 results. With a 1:1 bonus issue on the horizon, is this a buying opportunity for investors?
MahaRERA Makes Developers Accountable for Amenities Delivery
MahaRERA's new directive makes it mandatory for developers to disclose detailed information about amenities, including delivery dates, in the sale deed.
Mumbai Property Registrations Surge 13% During Navratri 2024
The Maharashtra region saw a significant increase in property registrations during the Navratri festival, contributing Rs 502 crore to the state exchequer. Homebuyers' sentiment shifted positively, driven by stable interest rates and growing demand for pr
Rising Interest Rates and Prices Impact Real Estate Demand: Hiranandani Group MD
The Indian real estate sector has seen a decline in affordable housing launches and overall sales in the September quarter of 2024, according to Niranjan Hiranandani, managing director of the Hiranandani Group. In an interview in Mumbai, Hiranandani discu