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India's luxury housing market has witnessed an extraordinary 53% year-on-year growth in 2024, marking a significant boost to the country's real estate sector. According to CBRE's latest market report, this surge is driven by evolving consumer preferences, economic stability, and rising disposable incomes. High-end properties valued at INR 4 crore and above accounted for 9% of total residential sales in the last quarter, with Mumbai and Gurugram leading ultra-luxury transactions at 84%. Industry experts highlight that luxury homes are increasingly seen as both a lifestyle upgrade and a strategic investment. Developers across major cities, including Delhi, Mumbai, and Hyderabad, are focusing on sustainable and technology-integrated housing solutions, signalling strong future growth.
India's luxury housing market continues to thrive, witnessing an impressive 53% year-on-year surge in 2024. This remarkable growth highlights the sectors increasing dynamism, propelled by a combination of evolving consumer preferences and economic stability, as noted in CBRE's latest market report. The expansion reflects a broader transformation within the real estate landscape, particularly across India's top seven metropolitan cities. Advertisement
The demand for premium residences has seen a significant uptrend. Properties priced at INR 4 crore and above constituted 9% of total residential sales in the last quarter of 2024. Mumbai and Gurugram emerged as the frontrunners, collectively accounting for 84% of all ultra-luxury transactions. Experts attribute this rapid acceleration to rising affluence, an expanding base of high-net-worth individuals (HNWIs), and a greater emphasis on premium lifestyles.
Aakash Ohri, Joint Managing Director and Chief Business Officer at DLF, stated that the surge in home demand reflected a fundamental shift in how people perceive homeownership, with greater value placed on having a permanent residence. He pointed out that the luxury housing market in the National Capital Region (NCR) has undergone a significant transformation, with sales in the premium segment climbing to 45% in the first half of 2024 compared to a mere 3% in 2019. While Gurugram has remained a primary choice for luxury homebuyers, demand for high-end high-rises in New Delhi has also gained momentum. DLF ONE Midtown, a luxury high-rise launched in 2022, is now commanding an impressive INR 24,675 per square foot, illustrating the robust demand and confidence in the brand's offerings.
Similarly, Rajat Khandelwal, Group CEO of Tribeca Developers, described 2024 as a milestone year for the company, highlighting the swift sellout of its luxury project, The Edge, in South Mumbai within just a month of its launch. He emphasised that India's luxury real estate market has evolved from a niche sector to a mainstream investment avenue. Over the past four years, the segment has experienced nearly 50% annual growth, largely driven by ultra-high-net-worth individuals (UHNIs), senior corporate executives, and startup founders. These buyers prioritise thoughtfully designed, spacious residences that offer advanced home automation, top-tier security, and world-class amenities. He further noted that luxury real estate has proven to be a lucrative long-term investment, consistently outperforming premium and affordable housing segments. With Mumbai and Gurugram continuing to dominate ultra-luxury transactions, Tribeca plans to expand its Trump-branded super-luxury portfolio across major Indian cities in 2025, raising the bar for luxury and exclusivity.
Kirthi Chilukuri, Founder and Managing Director of Stonecraft Group, also weighed in on the sector's growth, stating that the real estate industry is entering 2025 with renewed momentum, largely influenced by sustainability and technological advancements. Cities like Hyderabad, Mumbai, and Bengaluru remain key hubs for high-end residential and commercial properties, while emerging locations such as Pune and Kochi are becoming attractive investment destinations. He stressed that sustainable development is no longer optional but a necessity, with green-certified projects, energy-efficient materials, and water conservation innovations shaping urban real estate. Additionally, technological advancements, including AI-driven analytics and blockchain-enabled transactions, are enhancing transparency and operational efficiency across the sector.
Overall, residential sales have exceeded 302,900 units in 2024, with approximately 280,000 new project launches, bolstered by festive season demand and sustained buyer interest, according to CBRE's findings. The data underscores the immense appetite for luxury housing in India, fuelled by strong market fundamentals and the aspirations of a rapidly expanding, upwardly mobile class of homebuyers. As demand continues to rise, India's luxury real estate sector is set to redefine urban living with a blend of sophistication, exclusivity, and long-term value creation.
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