Despite a sharp surge in property prices the demand for luxury housing remained strong in 2024. The segment resisted economic slowdown, as the HNIs and UHNIs did not shy away from buying big-ticket luxury properties. This growing affinity of India’s middle and upper-class buyers towards luxury projects puts forward a bigger picture. This premiumization trend reflects a deeper desire for homes that embody status, comfort, and an elevated lifestyle.
As reflected in Knight Frank’s data, the sales of apartments priced between Rs 2 crore and Rs 5 crore have skyrocketed by 400% from 2019 to 2024, with an 82% increase in 2024 alone. Properties in the Rs 1–10 crore bracket have shown the most notable growth, registering a 46% year-on-year increase and a staggering 500% rise since 2019. Meanwhile, the ultra-luxury segment—homes priced above Rs 20 crore—has also seen impressive traction, with sales surging 270% over the same period. This surge is particularly evident in key metropolitan markets such as Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad.
Another report by Anarock showed that the demand for super luxury homes, each price above Rs 40 crore, hit an all-time high in 2024 with sales of 59 units for Rs 4,754 crore across the top seven primary and secondary housing markets. Of at least 59 ultra-luxury properties sold, Mumbai saw 52 units sold at price tags of over INR 40 crore each, followed by three in Delhi-NCR. Both Bengaluru and Hyderabad saw two deals each. The surge in luxury housing in India is driven by rising disposable incomes, an expanding base of HNIs, and evolving homebuyer preferences. As professionals and entrepreneurs experience significant wealth creation, there’s a growing appetite for premium homes that reflect their success and provide an elevated lifestyle.
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Highlighting the surge in the demand for luxury properties in Gurugram, Sandeep Chhillar, Founder and Chairman, Landmark Group, says, “Gurugram has been seeing a shift towards high-end living, driven by world-class infrastructure, seamless connectivity, and evolving lifestyle aspirations. The city’s strategic location, proximity to business hubs, and premium social amenities have made it a magnet for luxury homebuyers and investors. Micro-markets like Dwarka Expressway, SPR, and sectors in New Gurgaon have emerged as preferred destinations for luxury living in Gurugram. We believe this surge isn’t just driven by local demand,
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