Luxury Housing In India Sees 53% Growth In 2024
January 16, 2025
Listen to this News
Driven by shifting buyer preferences and increased interest from NRIs, India’s luxury housing market (homes priced at Rs four crore and above) experienced remarkable growth in 2024. According to CBRE South Asia Pvt Ltd’s report, India Market Monitor Q4 2024 – Residential, luxury housing sales soared to 19,700 units across the top seven cities, marking a 53 per cent year-on-year (Y-o-Y) increase.
Key Highlights from the CBRE Report
- Sales Growth: Luxury housing sales increased by 53 per cent Y-o-Y, with Delhi-NCR, Mumbai, and Hyderabad contributing over 90 per cent of sales.
- New Launches: A total of 24,180 luxury units were launched in 2024, marking a 52 per cent Y-o-Y growth. Delhi-NCR led in new launches, followed by Mumbai and Hyderabad.
- Regional Demand: Pune saw significant growth, with 825 units sold in 2024, compared to 400 units in 2023. Chennai also recorded increased sales of 275 units, up from 165 in 2023.
Delhi-NCR: The Epicentre of Luxury Housing
Delhi-NCR emerged as the strongest luxury housing market in India, witnessing a remarkable 90 per cent Y-o-Y growth with 10,500 units sold in 2024, compared to 5,525 units in 2023. The region’s proximity to key business hubs, superior infrastructure, and demand for premium living spaces cemented its position as a leading destination for high-end real estate.
Mumbai and Hyderabad Among Top Performers
Affluent buyers seeking spacious homes with premium amenities drove the demand for luxury housing. An expanding upper-middle class and heightened interest from NRIs further boosted this segment. Leading developers have introduced high-end properties designed to cater to evolving preferences, cementing the premiumisation trend in the market.
Rising Demand for Premium Living
The rate cut comes in response to decelerating economic growth and easing inflation. The government projects a 6.4 per cent growth rate for the fiscal year ending in March, hindered by weak manufacturing and slower corporate investments. Inflation decreased to 5.22 per cent in December and is expected to decline further, providing the RBI with flexibility for monetary easing.
India’s Residential Market Performance in 2024
India’s residential market recorded over 300,000 housing unit sales for the second consecutive year. Developers launched 281,600 units, with mid-segment projects dominating at 40 per cent of sales. High-end and affordable segments also saw notable contributions. Mumbai, Pune, and Bengaluru collectively accounted for 64 per cent of total residential sales.
Outlook for 2025
The momentum in luxury housing is expected to continue, supported by robust demand and steady new launches. Despite global economic uncertainties, India’s premium real estate market is poised for sustained growth.
Source: timesproperty.com
Read all Thane Real Estate Latest News
To Know About Thane Real Estate Development Contact Us at 022 2580 6868
