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.
Related News Articles
Century Textiles Acquires 10-Acre Land in Mumbai for ₹1100 Crore, Expects ₹14,000 Crore in Revenue
Century Textiles plans to develop the land through its real estate subsidiary Birla Estates, expecting ₹14,000 crore in revenue from the project.
Protecting the Environment: A Battle for Open Spaces and Strict Regulations
The Supreme Court has upheld the right to open spaces in Navi Mumbai, while the Bombay High Court has struck down the Centre’s move to grant post-facto Coastal Regulation Zone (CRZ) clearances. Both decisions reinforce our constitutional rights to a healt
Mahindra Lifespaces Snatches 8.2 Acre Plot in Bengaluru for Mega Rs 10 Billion Project
Mahindra Lifespace Developers, a prominent real estate developer listed on the stock exchange, has made a significant land acquisition in North Bengaluru. The company, through its subsidiary Anthurium Developers, has secured an 8.2-acre plot for a whoppin
Property Box Transforms the Real Estate Landscape with Suma Kanakala as Brand Ambassador
The Property Box Podcast, hosted by Suma Kanakala, is set to provide valuable insights into the real estate market in Telugu, making it easier for listeners to understand and navigate the industry.
Vivek Oberoi: Entrepreneur and Actor With Six Diverse Business Ventures
Vivek Oberoi, the renowned Bollywood actor, has diversified his portfolio into various business ventures, including real estate, fitness, and more. Discover the companies he owns and the industries he's impacting.
CREDAI-Pune Metro Convenes First General Body Meet and Welcomes New Leadership Team
CREDAI-Pune Metro recently held its first General Body Meet and installation ceremony, marking the beginning of a new era under the leadership of Mr. Prafulla Taware. The event underscores the organization's commitment to fostering growth and transparency in the real estate sector in Maharashtra.