Mumbai Leads the luxury Housing Market Surge in FY 2024-25
Recent data from CREDAI-MCHI indicates a remarkable 18% increase in the total sales value across India’s top seven property markets, reaching Rs 279,309 crore in the first half of FY 2024-25, with Mumbai, Delhi-NCR, and Bengaluru leading the surge.
Luxury HousingReal EstateProperty MarketMumbaiCredaimchiReal Estate MumbaiDec 01, 2024
Recent data from CREDAI-MCHI shows an 18% increase in total sales value across India's top seven property markets, reaching Rs 279,309 crore in the first half of FY 2024-25. This growth occurred despite a 3% decrease in the number of units sold, indicating a shift towards luxury homes. The average price per home has risen to Rs 1.23 crore from Rs 1 crore last year.
Mumbai, Delhi-NCR, and Bengaluru are leading the luxury housing market. The Mumbai Metropolitan Region (MMR) recorded the highest sales value of Rs 114,529 crore with an average ticket size of Rs 1.47 crore. Delhi-NCR and Bengaluru also showed strong performance, with cities like Hyderabad, Chennai, Pune, and Kolkata seeing substantial increases in average ticket sizes, indicating a nationwide demand for premium housing.
The demand for luxury housing is more than a trend; it reflects the evolving aspirations of homebuyers seeking elevated lifestyles. According to the India Market Monitor Q3 2024 – Residential by CBRE South Asia Pvt. Ltd, sales of luxury units priced above Rs 4 crore rose by 37.8% year-on-year during January-September 2024. Delhi-NCR led in luxury unit sales with around 5,855 units sold, a 72% increase, followed by Mumbai with 3,820 units, an 18% increase.
Frequently Asked Questions
What is the total sales value in the top seven property markets in India as of the first half of FY 2024-25?
The total sales value in India's top seven property markets as of the first half of FY 2024-25 is Rs 279,309 crore.
Which region in India recorded the highest sales value in the luxury housing market?
The Mumbai Metropolitan Region (MMR) recorded the highest sales value of Rs 114,529 crore in the luxury housing market.
How has the average price per home in the luxury housing market changed in the past year?
The average price per home in the luxury housing market has risen to Rs 1.23 crore from Rs 1 crore last year.
What percentage of luxury buyers invest in holiday homes and farmhouses?
Approximately 25% of luxury buyers invest in holiday homes, and 20% prefer farmhouses.
What factors are driving the growth in the luxury housing market?
The growth in the luxury housing market is driven by robust demand from NRIs, HNIs, and affluent domestic buyers, as well as a shift in buyer preferences towards unique, high-end projects that offer enhanced lifestyles and experiences.
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