Luxury Housing Boom in India
Delhi-NCR, Mumbai, and Hyderabad Lead the Way
The luxury housing market in India saw a significant increase in sales during the first nine months of 2024. High-end residential units priced at Rs 4 crore and above experienced a 37.8% rise in sales compared to the previous year, according to a CBRE report.
Top Performing Cities
Delhi-NCR, Mumbai, and Hyderabad were the top markets, making up nearly 90% of luxury home sales in the top seven cities. Delhi-NCR led with 5,855 units sold, a 72% increase from 2023. Mumbai followed with 3,820 units, and Pune saw a rise to 810 units from 330 the previous year.
Quarterly Growth
In the July-September 2024 quarter, luxury home sales reached 4,360 units, an 82% increase from Q3 2023. Delhi-NCR sold 2,590 units, a five-fold increase from the previous year. Mumbai and Kolkata also showed significant growth.
Driving Factors
The surge is driven by a shift in buyer preferences towards properties with better amenities and spacious living areas. There is also increased demand from non-resident Indians and domestic investors.
Future Outlook
Anshuman Magazine, Chairman & CEO of CBRE, noted the strong performance and expects sales and new launches to exceed 3,00,000 units for the second consecutive year. The luxury segment’s growth is expected to continue, especially in mid-range markets like Noida, Bengaluru, Pune, and Chennai.
Overall, over 2,25,000 residential units were sold from January to September 2024, with 2,15,000 new units entering the market. Mumbai, Pune, and Hyderabad accounted for 65% of new launches.
Doubts Revealed
Luxury Housing -: Luxury housing refers to high-end homes that are more expensive and have better features than regular homes. These homes often have special amenities like swimming pools, gyms, and beautiful designs.
Delhi-NCR -: Delhi-NCR stands for Delhi National Capital Region. It includes Delhi and nearby areas like Gurgaon, Noida, and Faridabad. It’s a big area where many people live and work.
Mumbai -: Mumbai is a large city on the west coast of India. It’s known as the financial capital of India and is famous for Bollywood, the Indian film industry.
Hyderabad -: Hyderabad is a city in southern India. It’s known for its technology industry and historical sites like the Charminar.
NRIs -: NRIs stands for Non-Resident Indians. These are people who are Indian citizens but live outside India. They often invest in property in India.
CBRE -: CBRE is a company that provides real estate services. They help people buy, sell, and manage properties. Anshuman Magazine is a person who works for CBRE.
