Driven by shifting buyer preferences post the pandemic and a surge in interest from NRIs, the demand for luxury housing is soaring like never before. However, which of India’s top cities – including Delhi-NCR, Mumbai, and Hyderabad – has witnessed the most significant growth in premium homes?
The findings of CBRE South Asia Pvt Ltd’s latest report – ‘India Market Monitor Q4 2024 – Residential’ — highlight that Delhi-NCR, Mumbai, and Hyderabad have emerged as the key markets, collectively contributing over ~90% of the luxury housing unit sales across the top seven cities in 2024.
As per the report, India’s luxury housing segment (units priced at Rs 4 crore and above) recorded a ~53% Y-o-Y sales growth in CY 2024 across the top seven cities. The segment also recorded significant unit launches, registering ~52% Y-o-Y growth during the year.
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In CY 2024, total luxury housing sales touched ~19,700 units, recording ~53% Y-o-Y growth. Delhi-NCR led the market, reflecting a strong 90% Y-o-Y growth, followed by Mumbai, recording a 32% Y-o-Y increase. Moreover, Pune witnessed significant demand in the luxury housing segment, recording ~825 units sales in 2024.
The number of new launches in 2024 in the luxury segment reached ~24,180, recording a ~52% Y-o-Y increase. In line with the trajectory of luxury housing unit sales, Delhi-NCR led the new launches, followed by Mumbai and Hyderabad. Additionally, Chennai observed a substantial uptick in new luxury unit launches in 2024 compared to 2023.
The rising demand for luxury housing is largely driven by a growing number of affluent buyers seeking spacious homes with premium amenities that cater to their multifaceted lifestyles. Furthermore, this demand has been bolstered by the aspirations of an expanding upper-middle class, alongside a surge in interest from NRIs, who view Indian real estate as a lucrative opportunity.
A significant factor in this trend is the shift in buyer preferences towards luxury properties introduced by leading developers, with tier-I developers dominating the market. As these expectations continue to shape the luxury housing market, the premiumisation of offerings is expected to remain steadfast.
India’s overall residential market performance in CY 2024
India’s residential real estate market demonstrated positive activity throughout CY 2024,
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