Luxury Real Estate Boom: India Sees Unprecedented Growth in High-End Properties
Sales of luxury homes in India surge by 27% in H1 2024, with Delhi-NCR, Mumbai, and Hyderabad leading the way.
Luxury Real EstateIndiaProperty MarketCbreHousing SalesReal Estate NewsJul 19, 2024
Delhi-NCR, Mumbai, and Hyderabad have emerged as the top destinations for luxury homebuyers, accounting for a staggering 84% of the total sales. Delhi-NCR has taken the lead, with a 14% increase in sales, reaching 3,300 units. Mumbai has followed closely, with a 14% growth, selling 2,500 units. Hyderabad has seen a phenomenal 44% rise, with 1,300 luxury homes sold.
Pune has also made a significant impact, witnessing a nearly six-fold increase in luxury housing sales, from just 200 units last year to 1,100 units this year. Chennai and Kolkata have seen steady sales, with 100 and 200 luxury units sold respectively. However, Bengaluru has surprisingly not registered any sales in this category during this period, compared to 200 units last year.
The second quarter of 2024 has seen an even more impressive growth, with the luxury housing segment across top cities witnessing over 40% year-on-year growth in sales, with 4,410 luxury homes being sold. Anshuman Magazine of CBRE has expressed optimism about the sustained momentum in the housing market for the rest of the year.
CBRE is a commercial real estate services and investment firm that provides strategic advice and execution for property sales and leasing, with a presence in over 100 countries globally.
CBRE is a leading global real estate services and investment firm that has been providing strategic advice and execution for property sales and leasing for over 100 years. With a presence in over 100 countries, CBRE offers a wide range of services, including property management, valuation, and research.
Frequently Asked Questions
What is the growth rate of luxury home sales in India in H1 2024?
The sales of luxury homes in India have surged by 27% in the first half of 2024.
Which cities account for the majority of luxury home sales in India?
Delhi-NCR, Mumbai, and Hyderabad account for 84% of luxury home sales in India.
What is the total number of luxury homes sold in H1 2024?
Over 8,500 luxury homes were sold in H1 2024.
Which city has seen the highest growth in luxury home sales?
Hyderabad has seen a phenomenal 44% rise in luxury home sales.
What is the forecast for the housing market for the rest of the year?
According to Anshuman Magazine of CBRE, the momentum in the housing market is likely to continue for the rest of the year.
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