Sales of Luxury Homes Surge 38%, Fuelled by Delhi-NCR and Mumbai

The demand for luxury homes priced at ₹4 crore and above has witnessed an extraordinary surge, growing by 37.8% year-on-year in the first nine months of 2024. This robust growth highlights the evolving aspirations of affluent Indian buyers seeking opulent, well-equipped homes with state-of-the-art amenities that elevate their lifestyles, according to a report by CBRE South Asia.

In terms of sales volume, Delhi-NCR emerged as the leader, recording sales of approximately 5,855 units, a 72% year-on-year growth. Mumbai followed with 3,820 units sold, marking an 18% growth compared to the same period last year. This remarkable performance underscores the sustained demand for premium living spaces in India’s top metropolitan regions. Developers are capitalising on this trend by launching high-end residential projects tailored to the needs of luxury buyers. A significant share of these buyers is investing in holiday homes, farmhouses, and villas. Data from Anarock shows that 25% of luxury homebuyers prefer holiday homes, while 20% opt for farmhouses to accommodate remote work and long-term investments. Mumbai continues to dominate the ultra-luxury segment. Of the 25 ultra-premium properties sold across top cities this year, Mumbai accounted for 21 units worth ₹2,200 crore, representing 84% of the market share. South Mumbai, in particular, is seeing a transformation, blending heritage and modernity in luxury projects.

Recent data from CREDAI-MCHI reveals that total sales value across India’s top seven property markets rose by 18% to ₹279,309 crore in the first half of FY 2024-25, despite a 3% dip in units sold. The average price per home increased to ₹1.23 crore from ₹1 crore in the previous year, reflecting the growing inclination towards high-value properties. City-specific performances were also notable. Bengaluru saw a 44% rise in average ticket size to ₹1.21 crore, with a 44% jump in sales value. NCR experienced a 55% increase in sales value, while Hyderabad, Chennai, Pune, and Kolkata also showcased growth in the premium housing segment. he consistent rise in luxury housing sales highlights an emerging preference for premium living, driven by high-net-worth individuals, NRIs, and affluent domestic buyers. Developers are responding with innovative projects that blend exclusivity, functionality, and modern design, catering to this discerning clientele.