Luxury Housing Segment Sees Robust Growth in Delhi-NCR
The luxury housing segment in Delhi-NCR has witnessed a significant surge in demand, with sales of units priced above Rs 4 crore recording a 27% growth in the first half of 2024.
Luxury HousingDelhi NcrReal EstateCbreIndiaReal EstateJul 18, 2024
The total sales of luxury units between January and June stood at 8,500, compared to 6,700 in the corresponding period the previous year. The Delhi-NCR region was followed by Mumbai, which recorded sales of 2,500 units, and Hyderabad, which registered sales of 1,300 units. Pune witnessed sales of 1,100 luxury units, recording a 450 per cent year-on-year growth, with demand growing nearly six-fold on an annual basis.
The overall housing market in India recorded a total of 156,000 units being sold in the January-June period. Sales of luxury housing in the top cities registered a 40.1 per cent year-on-year growth in the April-June quarter. Delhi-NCR emerged as a prominent market in the June quarter as well, followed by Mumbai and Hyderabad. Kolkata also saw a notable two-fold increase in luxury residential sales.
The aspirational class is driving the sales of luxury units, and NRI investments are also leading to a surge in demand. The mega infrastructure projects across the country, including transportation networks, highways, airports, and metro systems, are poised 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 South Asia is a leading real estate consulting firm that provides comprehensive services to its clients. The firm has a strong presence in India and the South Asia region, and its reports are widely followed by industry stakeholders.
CBRE is a global commercial real estate services and investment firm that has been operational for over 100 years. The firm provides a range of services, including property sales, leasing, and management, to its clients.
Frequently Asked Questions
What was the growth rate of luxury housing units priced above Rs 4 crore in Delhi-NCR?
The growth rate was 27 per cent.
Which city witnessed the highest sales of luxury units after Delhi-NCR?
Mumbai witnessed the highest sales of luxury units after Delhi-NCR.
What is driving the demand for luxury housing in India?
The aspirational class and NRI investments are driving the demand for luxury housing in India.
What is the total number of units sold in the overall housing market in India in the January-June period?
The total number of units sold was 156,000.
What is the expected impact of mega infrastructure projects on real estate growth?
The mega infrastructure projects 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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