NEW DELHI, Jan 15: Luxury homes, each costing Rs 4 crore and above, were in much demand last year with sales rising 53 per cent to 19,700 units across seven major cities, according to CBRE.
In the 2023 calendar year, the sales of housing units, each priced Rs 4 crore and above, stood at 12,895 units.
Sales of luxury homes in this price category were maximum in Delhi-NCR at 10,500 units during 2024 as compared to 5,525 units in the preceding year.
Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, said, “The residential real estate market is driven by strong fundamentals underpinned by robust end-user demand. We expect this momentum to continue, with both sales and new housing unit launches to remain steady in the coming quarters.”
Furthermore, Magazine noted that many cities traditionally associated with mid-end developments, such as Noida, Bengaluru, Pune, and Chennai, are increasingly witnessing a shift towards high-end projects.
Commenting on the report, Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Home Developers, said, “The surge in housing demand underscores a fundamental shift in people’s perception of homeownership, where the value of having a place to call home has become more apparent.”
The luxury housing market in Delhi-NCR has seen an impressive transformation, he added.
Akash Khurana, President and CEO of Krisumi Corporation, said “The luxury housing segment in India is growing rapidly, driven by the increasing demand for high-end homes that offer modern amenities, unmatched comfort, and prime locations.”
The sharp rise in sales of premium properties in the NCR region reflects its potential for long-term growth and investment, he added.
As per the CBRE data, sales of homes costing Rs 4 crore and above in Mumbai rose to 5,500 units last year from 4,200 units in 2023.
In Pune, sales grew to 825 units from 400 units, but declined in Bengaluru to 50 units from 265 units.
Housing sales in Kolkata in this price category increased to 530 units from 310 units, while demand in Hyderabad grew to 2,100 units from 2030 units.
Sales of luxury homes in Chennai rose to 275 units in 2024 from 165 units in the preceding year, the CBRE data showed.
The consultant attributed the rising demand for luxury housing mainly to growing number of affluent buyers seeking spacious homes with premium amenities.
“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,” it added. (PTI)
Follow our WhatsApp channel
