Luxury Housing Sales Surge 27% in Major Indian Cities: CBRE Report

Sales of luxury housing units, each costing Rs 4 crore and above, rose 27 percent to around 8,500 units during the January-June period across seven major cities on high demand, real estate consultant CBRE reported.

In its 'India Market Monitor Q2 2024' report released on Thursday, CBRE emphasized that India's luxury housing segment maintained strong sales momentum, seeing a 27 percent annual rise in sales from January to June 2024.

Total sales of luxury units during the January-June period reached 8,500, compared to about 6,700 units in the same period last year, the consultant noted. Delhi-NCR, Mumbai, and Hyderabad stood out, accounting for nearly 84 percent of total sales across the top seven cities, with Pune showing a six-fold increase in demand to about 1,100 units annually.

Sales in Delhi-NCR rose by 14 percent yearly to 3,300 units, while Mumbai's luxury home sales increased by 14 percent to 2,500 units. Hyderabad clocked 1,300 units sold, up 44 percent annually, and Pune registered a 450 percent year-on-year spike to 1,100 units.

Chennai and Kolkata maintained flat sales at 100 and 200 units respectively. Bengaluru saw no sales in this price category, unlike 200 units last year. Anshuman Magazine, CBRE’s Chairman & CEO for India, Southeast Asia, the Middle East, and Africa, anticipates strong market momentum for the rest of the year driven by festive promotions and favorable home buying sentiments.

Magazine indicated that luxury housing will remain desirable as buyers seek properties aligned with their affluent lifestyles. Projected capital value growth in this segment is expected to stabilize with a focus on quality, location, and essential infrastructure. Ongoing mega infrastructure projects in transportation, highways, airports, and metro systems are also expected to bolster real estate growth across the nation.

(With inputs from agencies.)