As many as 19,700 luxury housing units, priced ₹4 crore and above, were sold across the top seven cities in CY 2024, registering around 53% Year-on-Year growth. Delhi-NCR led with 10,500 sales, followed by Mumbai with 5,500 units, CBRE said in a report.
In the 2023 calendar year, 12,895 housing units were sold, each priced at ₹4 crore and above.
Delhi-NCR recorded the maximum sales of luxury homes at 10,500 units in 2024, compared to 5,525 units in the preceding year.
Delhi-NCR, Mumbai, and Hyderabad emerged as the key markets, collectively contributing around 90% of the luxury housing unit sales across the top seven cities.
Delhi-NCR led the market, reflecting a strong 90% Year-on-Year growth, followed by Mumbai, recording a 32% year-on-year increase. Moreover, Pune witnessed significant demand in the luxury housing segment, recording around 825 units sales in 2024.
Here’s why the luxury housing segment received traction
The rising demand for luxury housing is largely driven by a growing number of affluent buyers seeking spacious homes with premium amenities that cater to their multifaceted lifestyles. Furthermore, this demand has been bolstered by the aspirations of an expanding upper-middle class, alongside a surge in interest from NRIs, who view Indian real estate as a lucrative opportunity, CBRE noted.
A significant factor in this trend is the shift in buyer preferences towards luxury properties introduced by leading developers, with tier-I developers dominating the market. As these expectations continue to shape the luxury housing market, the premiumisation of offerings is expected to remain steadfast, it added.
The residential real estate market is driven by strong fundamentals underpinned by robust end-user demand.
“We expect this momentum to continue, with sales and new housing unit launches to remain steady in the coming quarters. Furthermore, cities traditionally associated with mid-end developments, such as Noida, Bengaluru, Pune, and Chennai, are increasingly witnessing a shift towards high-end projects, marking an exciting evolution in the residential market,” said Anshuman Magazine, Chairman and CEO – India, South-East Asia, Middle East & Africa, CBRE.
New housing launches in the luxury segment record a 52% increase
The number of new launches in the luxury segment in 2024 reached around 24,180, recording a 52% year-over-year increase. In line with the trajectory of luxury housing unit sales, Delhi-NCR led the new launches, followed by Mumbai and Hyderabad. Additionally, Chennai observed a substantial uptick in new luxury unit launches in 2024 compared to 2023.
CBRE noted that CY 2024 recorded sales of around 3 lakh housing units. Developers launched over 2.8 lakh new residential units to meet the rising demand during the year. Mid-segment projects dominated sales with a 40% share, followed by high-end and affordable segments. Mumbai, Pune, and Bengaluru accounted for around 64% of the total sales in 2024.
