Luxury living was the talk of the town in 2024. The launch of premium and ultra-luxury projects marked a pivotal moment for India’s luxury housing market, driven by a shift in dynamics favoring affluent buyers and premium living spaces. As India’s economy continues to expand, luxury real estate has become a sought-after asset for those looking to enhance their lifestyle.
Key Cities Leading the Luxury Housing Boom
Various factors contributing to this shift include lifestyle upgrades, with affluent buyers increasingly seeking larger and more exclusive homes that offer not only luxury but also a higher quality of life. This dynamic has paved the way for the luxury real estate market to become more attractive than ever before, with cities like Delhi-NCR, Mumbai, and Bengaluru leading the charge and micro-markets like Gurugram, Noida, and South Mumbai showcasing robust growth.
Luxury Sales Surge between January and September
According to CBRE, the luxury housing market experienced a 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% YoY. Delhi-NCR, Mumbai, and Hyderabad took the lead, accounting for nearly 90% of total luxury home sales across the top seven cities in the country. Total luxury unit sales between January and September 2024 reached around 12,625, a pronounced jump from last year’s 9,160 units sold during the same time. Delhi-NCR saw sales of 2,590 units compared to 480 units in Q3 2023.
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Commenting on this, Rajjath Goel, Managing Director, MRG Group, said, “2024 has been a year of growth for the luxury residential sector, with Gurugram continuing to attract demand driven by both high-net-worth individuals and professionals seeking world-class living. The focus has been on delivering premium homes that combine elegant design, cutting-edge amenities, and sustainability. As we look to 2025, the emphasis will be on expanding luxury offerings to meet the evolving needs of sophisticated homebuyers. With an emphasis on quality and innovation, the sector is poised to redefine modern living and create spaces that cater to the aspirations of the next generation of residents.”
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