Premium Home Sales Jump 58% in H1: Who's Buying ₹1.5-3 Cr Homes?

What actually happened?

In the first half of 2024, sales of homes priced between ₹1.5 crore and ₹3 crore saw a massive 58% year-on-year jump.

This surge in the mid-premium segment was primarily driven by strong demand in southern metros like Bengaluru and Chennai.

What it means for buyers

For potential buyers, this trend means more developer attention and likely new project launches in the ₹1.5-3 crore range.

However, rising demand could also put upward pressure on prices in this segment and the underlying land costs.

• Expect more choices as developers target this price band.
• Competition for good projects in prime localities may increase.
• Resale values for existing homes in this bracket may appreciate faster.

What to watch next

The key question is whether this demand is sustainable beyond the current cycle and if it will spill over into adjacent price segments.

Watch for new supply announcements from developers and land deal activity in key cities to gauge the trend's momentum.