India's Luxury Housing Market Soars: A 2024 Boom

The Indian luxury housing sector saw a 37.8% surge in sales during the first nine months of 2024. Key markets like Delhi-NCR, Mumbai, and Hyderabad drove 90% of these transactions. The trend reflects evolving buyer preferences and increased demand from NRIs and domestic investors.

India's luxury real estate market is experiencing an unprecedented boom, with sales of high-end residential units priced at Rs 4 crore and above rising by a remarkable 37.8 per cent year-on-year. A recent report by CBRE highlights Delhi-NCR, Mumbai, and Hyderabad as the top contributors, accounting for nearly 90 per cent of luxury home sales across the top seven cities.

Between January and September 2024, approximately 12,630 luxury units were sold, compared to 9,165 units during the same period in the previous year. The Delhi-NCR region, leading the surge with 5,855 units sold, recorded a phenomenal 72 per cent increase from 2023 figures. Mumbai followed closely, registering an 18 per cent growth with sales of 3,820 units.

Pune, Kolkata, and Chennai also showed substantial gains, while July-September 2024 marked a peak period with sales jumping 82 per cent year-on-year. This surge is driven by changing buyer preferences and increased investments from NRIs. Experts anticipate this trend to extend into traditional mid-range markets, promising continued growth in the high-end sector.

(With inputs from agencies.)