Demand For Luxury Properties Surges In India

The luxury real estate market in India continues to soar. In a new report from real estate consultant CBRE sales of luxury housing units have surged by an incredible 27% in the first half of 2024.

Luxury properties, defined as homes priced over 4 crore rupees, have captivated buyers like never before. In the first half of 2023, 6,700 luxury homes were sold.

Fast forward to 2024, and that number has skyrocketed to over 8,500. Delhi-NCR, Mumbai, and Hyderabad are the hotspots, accounting for a staggering 84% of these sales.

Delhi-NCR leads the pack with a 14% increase, reaching 3,300 units. Mumbai isn't far behind with a 14% growth as well, selling 2,500 units. Hyderabad saw a phenomenal 44% rise, totaling 1,300 luxury homes sold.

Pune has also made a significant mark, witnessing a nearly six-fold increase in luxury housing sales, skyrocketing to 1,100 units from just 200 units last year – that's a staggering 450% growth.Meanwhile, Chennai and Kolkata saw steady sales with 100 and 200 luxury units sold respectively.

Surprisingly, Bengaluru didn't register any sales in this category during this period, compared to 200 units last year.

Meanwhile, in the second quarter alone, luxury housing segment across top cities saw over 40% year-on-year growth in sales with 4410 luxury homes being sold.

Anshuman Magazine of CBRE says that this momentum in the housing market is likely to continue for the rest of the year.