Luxury Real Estate Boom: India's High-End Property Market Sees Unprecedented Growth
Over 8,500 luxury units sold in H1 2024, with Delhi-NCR, Mumbai, and Hyderabad leading the charge. The luxury real estate market in India is expected to continue its upward trend.
Luxury PropertiesReal Estate MarketIndiaDelhi NcrMumbaiHyderabadReal Estate MumbaiJul 19, 2024
The luxury real estate market, which includes properties priced above 4 crore rupees, has been fueled by growing demand from high-end buyers. Delhi-NCR, Mumbai, and Hyderabad have emerged as the top destinations for luxury homebuyers, accounting for a whopping 84% of sales. Delhi-NCR has taken the lead, with a 14% increase in sales, followed closely by Mumbai, which saw a 14% growth.
Hyderabad, on the other hand, witnessed a phenomenal 44% rise in luxury home sales.Pune has also made a significant mark, with a nearly six-fold increase in luxury housing sales. The city saw a staggering 450% growth, with 1,100 units sold, up from just 200 units last year. Chennai and Kolkata saw steady sales, with 100 and 200 luxury units sold respectively. However, Bengaluru failed to register any sales in this category during this period, compared to 200 units last year.
The second quarter alone saw over 40% year-on-year growth in sales, with 4,410 luxury homes being sold. Anshuman Magazine of CBRE attributes this growth to the momentum in the housing market, which is likely to continue for the rest of the year.
With the Indian economy on the rise, the demand for luxury properties is expected to continue its upward trend. The luxury real estate market is likely to remain a hotbed of activity, driven by growing demand from high-end buyers looking for premium properties.
Frequently Asked Questions
How many luxury units were sold in H1 2024?
Over 8,500 luxury units were sold in H1 2024.
Which cities account for the majority of luxury property sales in India?
Delhi-NCR, Mumbai, and Hyderabad account for 84% of luxury property sales in India.
What is the growth rate of luxury home sales in Delhi-NCR?
Delhi-NCR saw a 14% increase in luxury home sales.
How many luxury homes were sold in Pune in H1 2024?
Pune saw a significant 450% growth, with 1,100 luxury homes sold in H1 2024.
Will the luxury real estate market in India continue to grow?
Yes, the luxury real estate market in India is expected to continue its upward trend, driven by growing demand from high-end buyers.
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