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The luxury housing market in India experienced a significant boom during the first nine months of 2024 with sales of high-end residential units (priced at Rs 4 crore and above) soaring by 37.8 per cent year-on-year, according to a CBRE report.
Delhi-NCR, Mumbai, and Hyderabad emerged as the top markets, accounting for nearly 90 per cent of total luxury home sales across the top seven cities in the country.Approximately 12,630 luxury units were sold between January and September 2024, compared to 9,165 units in the same period last year. The Delhi-NCR region led the surge with 5,855 units sold during the period, marking a remarkable 72 per cent increase from 3,410 units sold in the same timeframe in 2023, the report said. Mumbai followed with sales of 3,820 luxury units, registering an 18 per cent growth, while Pune saw a significant rise with 810 units sold, compared to 330 in the previous year. The momentum in luxury housing was particularly evident in the July-September 2024 quarter, with sales reaching 4,360 units, reflecting an 82 per cent year-on-year jump from 2,390 units in Q3 2023. Delhi-NCR once again led the pack with 2,590 units sold, a more than five-fold increase from just 480 units in the same quarter last year. Mumbai also saw substantial growth, recording sales of 1,280 luxury units, up from 1,040 units in Q3 2023. Kolkata registered a notable 1.6-fold increase, while cities like Chennai and Hyderabad also contributed to the growth. The surge in luxury home sales is largely driven by a shift in buyer preferences towards properties with enhanced amenities and spacious living areas that cater to the evolving lifestyles of affluent individuals. There is also a significant rise in demand from non-resident Indians (NRIs) and savvy domestic investors seeking high-end residences as a stable and lucrative investment, the report said. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said India's luxury housing market is witnessing significant growth, reflected in an increase in sales. "Following strong performance in the first half of 2024 and the seasonal boost during festivals, we expect sales and new launches to exceed 3,00,000 units for the second consecutive year." Overall, the residential sector continued to show strength, with over 2,25,000 units sold across various segments during the January-September 2024 period. Developers responded to the steady demand by introducing new projects, resulting in approximately 2,15,000 new units entering the market during this time, the report said.The luxury housing segment's growth is anticipated to persist, particularly in traditional mid-range markets such as Noida, Bengaluru, Pune, and Chennai, where there is a noticeable shift toward high-end developments, the report said. In the third quarter of 2024, more than 68,400 residential units were sold, accompanied by over 62,000 new unit launches, with Mumbai, Pune, and Hyderabad accounting for 65 per cent of the total launches. Mumbai maintained its market dominance, holding a 32 per cent share of sales, followed by Pune (18 per cent), Bengaluru (15 per cent), and Delhi-NCR (12 per cent).As the luxury real estate market in India continues to evolve, the demand for high-end and premium categories (priced between Rs 1 crore to Rs 4 crore) is expected to remain strong, the report said. (ANI)
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