Luxury Housing Sales Increased By 27% In January-June 2024 in India

Introduction

Luxury housing units have increased in India. Nowadays almost everyone is thinking about a luxury life. That is why they are buying luxury apartments. According to a report by real estate consulting firm CBRE South Asia Private Limited. Ltd., India titled, ‘India Market Monitor Q2 2024. Now the bleeding place is Delhi at number one and Mumbai at number two.

Table of Contents

• What is a Luxury House?
• Luxury Housing Sales is Increasing in India
• Delhi-NCR is Tops Luxury Housing Sales
• Mumbai, Pune, and Hyderabad Maximum Launches of Housing Units

According to a CBRE report, sales of luxury homes registered a growth of 27% from January to June 2024. Now people prefer luxurious houses. Because of living a peaceful life surrounded by state-of-the-art amenities and superior craftsmanship. It has become a top priority for many people who seek comfort. Exclusivity in their living spaces.

This trend is expected to continue as the demand for luxury properties increases in the real estate market. As more people prefer quality living spaces. Developers are responding by creating more luxurious options to meet the growing demand. This shift towards luxury living is reshaping the real estate market. Influencing the design and features of new properties.

What is a Luxury House?

A luxury house is generally a large, high-end property that offers top-of-the-line amenities and features. Such as custom design elements, high-quality materials, and advanced technology. These homes often boast spacious layouts. Extravagant finishes, and premium locations in desirable neighborhoods. Luxury houses are also known for their exclusive features. Like private pools, home theaters, and expansive outdoor living spaces.

They are often designed by renowned architects and interior designers to create a truly unique and luxurious living experience. In addition, luxury houses often come with concierge services and security systems. Smart home technology to enhance convenience and comfort for residents. These properties are sought after by affluent buyers looking for the ultimate in luxury living.

Also Read: Important Things to Check When Buying a Luxury House

Luxury Housing Sales is Increasing in India

The luxury unit sales for the period of January to June 2024 totaled 8,500. Showing a significant increase from 6,700 units during the same period last year. Delhi-NCR, Mumbai, and Hyderabad have emerged as the leading cities. Contributing to almost 84% of the total luxury housing sales across the top seven cities. Furthermore, Pune has registered a significant increase in luxury sales activity. Demand has grown nearly six-fold on an annual basis to touch 1,100 units.

Growing In terms of luxury residential unit sales. Delhi-NCR topped the list with sales of 3,300 units. It was up 13.8% year-on-year. Mumbai recorded 13.6% YoY growth with 2,500 units. Bengaluru followed closely behind, with 2,200 units sold. Showing a 12.5% increase from the previous year.

The real estate housing market in India is expected to continue to grow as demand for high-end properties remains strong. Increasing disposable income. This growth can be attributed to factors. Such as urbanization and an increased preference for luxury living. Developers are focusing on providing world-class amenities. And unique selling points to attract buyers in this segment.

Delhi-NCR is Tops Luxury Housing Sales

Delhi-NCR topped the list with around 3,300 units sold. There are around 2,500 units in Mumbai. Around 1,300 units have been sold in Hyderabad. Pune recorded sales of 1,100 units. Indicating a 450% Y-o-Y growth during the period, the report showed. This growth is primarily driven by the affordable housing segment in these cities. The report highlighted that the demand for residential properties in tier-II cities like Jaipur and Lucknow has increased significantly.

The luxury housing segment in top cities experienced an impressive 40.1% year-on-year increase in sales during the April-June 2024 quarter. According to the CBRE report, around 4,410 luxury housing units were sold. Markea significant uptick from the approximately 3,150 units sold during the same quarter last year.

Mumbai, Pune, and Hyderabad Maximum Launches of Housing Units

The highest number of housing units launched in Mumbai, Pune, and Hyderabad Over the past year. Mumbai has seen the highest number of housing unit launches. followed by Pune and Hyderabad. This trend reflects the growing demand for residential properties in these major cities.

This increase in housing unit launches can be attributed to the growing population and urbanization in these cities. As well as increasing interest from developers to tap into housing demand. The real estate market in Mumbai, Pune, and Hyderabad is expected to be robust in the coming years due to these factors.

We anticipate a robust housing market for the rest of the year. A favorable sentiment towards home buying fuels this positive outlook. Promotions during the festive season, and substantial land acquisitions by developers. These factors are expecting to help balance supply and demand and stimulate market activity,” mentioned Anshuman Magazine, Chairman and CEO of India, South-East Asia, Middle East, and Africa at CBRE.

Conclusion

Luxury housing sales indicate strong demand in the market. This growth can be attributed to factors such as improved economic conditions and favorable government policies to support real estate development. Furthermore, foreign investment inflows and rising disposable income among the affluent population have also contributed to the growth in luxury home sales. Overall, the future of the luxury real estate housing market in India looks promising as demand outstrips supply. For more information, visit openplot.