Luxury housing sales rose 27 percent Y-o-Y in the January-June 2024 period across top seven cities showcasing sustained strong sales momentum across the segment, according to a report by CBRE, a real estate consultancy firm.
In terms of quantum luxury residential unit sales, Delhi-NCR topped with sales of 3,300 units, a 13.8 percent Y-o-Y increase, followed by Mumbai at 2,500 units, recording 13.6 percent Y-o-Y growth.
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Total sales of luxury units, priced at and above Rs 4 crore, during the first half of 2024 stood at 8,500 compared to 6,700 units during the same period last year. Among the leading cities in absolute terms, Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets, accounting for nearly 84 percent of the total luxury housing sales across the top seven cities, the report said.
The report also highlighted that luxury house sales saw around a six-fold jump in Pune. Pune registered sales of 1,100 units as compared to 200 units in H1 2023, marking a 450 percent Y-o-Y increase during this period.
As many as 1,300 luxury homes were sold in Hyderabad between January and June 2024 as compared to 900 units during the same period a year ago, marking a 44 percent Y-o-Y increase.
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Anshuman Magazine, Chairman and CEO – India, South-East Asia, Middle East & Africa, CBRE, said that the luxury housing segment, particularly for properties priced at Rs 4 crore and above, is set to thrive as buyers seek homes that align with their affluent lifestyles.
“Capital value growth in this segment is projected to stabilise, with an increasing focus on core project fundamentals such as quality, location, and access to essential infrastructure. Moreover, the ongoing mega infrastructure projects across the country, including transportation networks, highways, airports, and metro systems, are poised to bolster real estate growth. These developments are likely to unlock new markets, establish satellite cities, and stimulate growth in peripheral areas, making luxury housing an attractive investment,” Magazine said.
A similar trend prevailed during the Apr-June 2024 quarter in the luxury housing segment across top cities, registering a 40.1 percent Y-o-Y increase in sales. The quarter witnessed total sales of 4,410 luxury housing units compared to 3,150 units during the same quarter last year.
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The surge in demand for luxury housing has been primarily driven by a growing preference by affluent buyers seeking enhanced amenities and more spacious living areas that complement their multifaceted lifestyle.
Reacting to the findings, Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Home Developers Ltd, said that the recent surge in luxury housing in major cities is a clear indicator of the robust demand and dynamic growth within India’s prime real estate markets.
“Gurugram, leading this trend, highlights the city’s increasing appeal among homebuyers. Ever since COVID, owing to the surge in latent demand, there has been a significant increase in luxury housing projects. Our past projects, such as The Arbour, DLF Privana South, and DLF Privana West, with a total inventory of close to 3,000 units, were sold out in the pre-launch phase within days,” he said.
