Luxury segment housing sales rise by 27pc Y-o-Y in Jan-Jun ‘24 across top seven cities in India
Hyderabad / New Delhi, July 18 (FN Bureau) India’s luxury housing (units priced INR 4 crore and above) segment maintained strong sales momentum, registering a 27 per cent Y-o-Y increase in the Jan-Jun’24 period across top seven cities in the country , according to a report ‘India Market Monitor Q2 20024’ by CBRE South Asia Pvt. Ltd., India’s leading real estate consulting firm. Total sales of luxury units during the Jan-Jun’24 period stood at 8,500 compared to 6,700 units during the corresponding period in last year, the report revealed. Among the leading cities, Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets, accounting for nearly 84 per cent of the total luxury housing sales across the top seven cities.
Pune recorded a noteworthy increase in luxury sales activity, with demand growing nearly six-fold on an annual basis to touch 1,100 units. In terms of quantum luxury residential unit sales, Delhi-NCR topped with sales of 3,300 units, a 13.8 per cent Y-o-Y increase, followed by Mumbai at 2,500 units, recording 13.6 per cent Y-o-Y growth, the report stated. While the sales in Hyderabad stood at 1,300 units, a 44 per cent Y-o-Y increase, Pune registered sales of 1,100 units, marking a 450 per cent Y-o-Y increase during this period. A similar trend prevailed during the Apr-June’24 quarter in the luxury housing segment across the top cities, registering a 40.1 per cent Y-o-Y increase in sales.
Among the cities, Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets during the quarter, while Kolkata saw a notable two-fold increase in luxury residential sales, the report said. The surge in demand for luxury housing has been primarily driven by a growing preference by affluent buyers seeking enhanced amenities and more spacious living areas that complement their multifaceted lifestyle. The rise in NRI and astute investors in the Indian real estate market has considerably contributed to the heightened demand for luxury properties. This trend aligns with the noticeable shift in buyer preferences towards high-end units launched by leading developers, as evidenced by the substantial market share of tier-I developers. This shift is expected to persist, reflecting the evolving expectations of modern homebuyers who are now more discerning and well-informed about developer reputation, execution capability, and financial capability, the report added.