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India's luxury housing market, defined as properties priced at INR 4 crore and above, has witnessed a remarkable 37.8% year-on-year growth from January to September 2024, with total sales reaching 12,625 units. Key markets like Delhi-NCR, Mumbai, and Hyderabad accounted for nearly 90% of these sales. A similar trend continued in the July to September quarter, where sales surged by 82% year-on-year, with significant contributions from Kolkata. The rising demand is attributed to affluent buyers seeking spacious living with enhanced amenities and the increasing involvement of NRIs and domestic investors in luxury properties.
According to CBRE South Asia Pvt. Ltd., India's luxury housing market, defined as units priced at INR 4 crore and above, has experienced remarkable growth, with sales rising approximately 37.8% year-on-year during the January to September 2024 period. Total luxury unit sales reached 12,625 during this timeframe, compared to 9,160 units in the same period last year. The Delhi-NCR, Mumbai, and Hyderabad regions emerged as key markets, contributing nearly 90% of the overall luxury housing sales across the top seven cities. Pune also saw a significant uptick in luxury sales, with 810 units sold during the same period. Advertisement
In terms of volume, Delhi-NCR led the market with sales of 5,855 units, reflecting a substantial 72% year-on-year increase, followed by Mumbai with 3,820 units sold, which represents an 18% year-on-year growth.
A similar trend was observed in the luxury housing sector during the July to September 2024 quarter, with an impressive 82% year-on-year increase in sales. Approximately 4,360 luxury housing units were sold during this quarter, compared to around 2,390 units in the same quarter last year. Cities like Delhi-NCR and Mumbai dominated the sales landscape, together accounting for about 90% of total transactions. Additionally, Kolkata experienced a remarkable 1.6-fold increase in luxury residential sales.
The rising demand for luxury housing can largely be attributed to affluent buyers' growing preference for enhanced amenities and more spacious living environments that align with their diverse lifestyles. Moreover, the expanding aspirational class has played a significant role in boosting demand for luxury properties. The increasing presence of Non-Resident Indians (NRIs) and savvy domestic investors in the Indian real estate market has further intensified the demand for luxury residences.
This trend reflects a notable shift in buyer preferences towards high-end units launched by leading developers, as demonstrated by the significant market share held by tier-I developers. This shift is expected to continue, mirroring the evolving expectations of modern homebuyers who are now more selective and informed about developers' reputations, execution capabilities, and financial stability.
The sector has also maintained robust performance in terms of absolute figures, with over 225,000 units sold during this period. Steady demand has prompted developers to launch new projects and additional phases, contributing approximately 215,000 units to the market. Mumbai, Pune, and Bengaluru together accounted for 64% of total sales between January and September 2024.
Driven by a strong market presence, Mumbai, Pune, and Hyderabad together accounted for 64% of the total unit launches from January to September 2024. Mid-range projects represented about 44% of total sales during the first nine months of 2024, followed by high-end and affordable projects.
In the July-September 2024 quarter, sales surpassed approximately 68,400 units, accompanied by over 62,000 new unit launches. The combined share of apartment launches in Mumbai, Pune, and Hyderabad reached 65%. Similarly, these three cities also comprised 65% of total sales for the same quarter. Mumbai led the sales with a 32% share, followed by Pune at 18%, Bengaluru at 15%, and Delhi-NCR at 12%.
The ongoing boom in India's luxury housing market underscores a shift in buyer preferences towards high-end units from reputable developers. With strong sales performance and continued demand, the market is set for sustained growth, positioning key cities like Mumbai, Pune, and Hyderabad as leaders in luxury real estate.
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