Luxury Property Market Soars: 27% Increase in Sales Across Top Indian Cities
Delhi-NCR, Mumbai, and Hyderabad lead the luxury housing sales surge, with Pune registering a 450% year-on-year increase.
Luxury HomesReal EstateIndiaDelhi NcrMumbaiHyderabadPuneCbreKnight FrankIndia Sothebys International RealtyReal Estate MumbaiJul 20, 2024
Delhi-NCR, Mumbai, and Hyderabad accounted for nearly 84% of the total luxury housing sales across the top seven cities. Sales in Delhi-NCR rose by 14% to 3,300 units, while Mumbai also saw a growth of 14%, reaching 2,500 units. Housing sales in Hyderabad stood at 1,300 units, reflecting a 44% annual increase. Pune registered sales of 1,100 units, marking a 450% year-on-year increase during this period.
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, said Anshuman Magazine, Chairman and CEO of CBRE India.
Another report by Knight Frank revealed that the real estate market witnessed higher luxury housing sales in H1 2024 due to the robust economy and growing demand for luxury lifestyles. The report indicated that housing sales above Rs 1 crore accounted for 41% of total sales in H1 2024, up from 30% during the same period in 2023.
A third report by India Sotheby's International Realty and CRE Matrix stated that sales of luxury homes costing Rs 10 crore and above in Mumbai recorded the highest-ever half-yearly sales at Rs 12,300 crore, marking an 8% growth compared to Rs 11,400 crore in the first half of 2023.
According to Sudershan Sharma, Executive Director at India Sotheby's International Realty, the growth underscores a rising demand for top-end luxury real estate, driven by India's economic resilience and increasing affluence among the elite.
Information
CBRE is a leading global real estate consultancy firm that provides a range of services including commercial property sales, leasing, and property management. Knight Frank is a global real estate consultancy firm that provides research and consultancy services to developers, investors, and occupiers. India Sotheby's International Realty is a luxury real estate brokerage firm that specializes in high-end residential properties.
CBRE - CBRE is a leading global real estate consultancy firm that provides a range of services including commercial property sales, leasing, and property management.
Knight Frank - Knight Frank is a global real estate consultancy firm that provides research and consultancy services to developers, investors, and occupiers.
India Sotheby's International Realty - India Sotheby's International Realty is a luxury real estate brokerage firm that specializes in high-end residential properties.
Frequently Asked Questions
What is the percentage increase in luxury housing sales in India?
27%
Which cities accounted for the majority of luxury housing sales?
Delhi-NCR, Mumbai, and Hyderabad
What is the price range of luxury homes that are in high demand?
Rs 4 crore and above
What is the main driving factor behind the growth of luxury real estate in India?
India's economic resilience and increasing affluence among the elite
What is the total sales value of luxury homes in Mumbai in H1 2024?
Rs 12,300 crore
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