Residential Real Estate Market in India: Mumbai and Hyderabad Take the Lead
India's residential real estate market witnesses a surge in premium and luxury segments, with Mumbai and Hyderabad contributing significantly to the growth.
Residential Real EstateIndiaMumbaiHyderabadLuxury PropertiesReal Estate MumbaiJul 13, 2024
According to a report by JLL, Mumbai and Hyderabad have emerged as the leaders in residential property launches, jointly accounting for 43% of new units. Mumbai alone contributed 23% of the total with 36,477 units, followed by Hyderabad at 19% with 31,005 units. Bengaluru and Delhi NCR also made significant contributions to the growth.
The post-pandemic buyer preferences have led developers to focus on high-value projects, catering to the increasing demand for luxury and premium properties. As a result, residential sales have reached an all-time high, with 155,000 units sold in H1 2024, a 22% increase from the same period in 2023. Bengaluru and Mumbai have led the charge in terms of sales, with other cities also showing promising growth.
The growth of the residential real estate market in India can be attributed to various factors, including the increasing demand for luxury and premium properties, the emergence of new micro-markets, and the improving infrastructure in major cities. As the market continues to evolve, it will be interesting to see how developers and policymakers respond to the changing buyer preferences and market trends.
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JLL is a leading international property consultancy, providing expert advice on commercial, residential, and industrial property. With a presence in over 80 countries, JLL offers a comprehensive range of services, including agency and markets, consulting, corporate finance, and more.
JLL is a global real estate services firm specializing in commercial property and investment management, providing services for corporations and financial institutions in over 80 countries.
Frequently Asked Questions
What was the growth percentage of India's residential real estate market in H1 2024?
The market witnessed a 5% increase over H1 2023.
Which cities led the charge in residential property launches?
Mumbai and Hyderabad jointly accounted for 43% of new units.
What was the growth percentage of premium and luxury segments in H1 2024?
The premium segment witnessed 170% growth, while the luxury segment saw 116% growth.
What was the total number of units sold in H1 2024?
A total of 155,000 units were sold, a 22% increase from H1 2023.
Which cities led the sales charts in H1 2024?
Bengaluru and Mumbai led the charge in terms of sales.
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