Luxury home sales are up 27% in the top seven cities this year
Delhi-NCR, Mumbai, and Hyderabad accounted for nearly 84 percent of total luxury home sales in the top seven cities
NEW DELHI
The real estate sector continued to gain momentum, Rs 4 crore and sales of more expensive homes rose 27 percent in the first half of this year.
According to the latest report by real estate consultancy CBRE, India’s luxury apartment segment has maintained strong sales growth and reached a total of around 8,500 luxury apartments, up from nearly 6,700 units in 2023.
Delhi-NCR, Mumbai, and Hyderabad accounted for nearly 84 percent of the total sales of luxury apartments in the top seven cities.
Delhi-NCR sales rose 14 percent to 3,300 units, but Mumbai grew 14 percent to 2,500 units.
In Hyderabad, 1,300 homes were sold, an increase of 44 percent year-on-year.
Pune recorded sales of 1,100 units, showing an annual growth of 450 percent during the period.
“The luxury residential segment, especially for properties above Rs 4 crore, is booming as buyers look for apartments that suit their affluent lifestyles,” said Anshuman Magazine, India, South East Asia, Middle East and Africa Board Chairman and CEO at CBRE.
Another report from earlier this month found that sales of luxury homes in the real estate market increased in the first half of 2024, thanks to a strong economy and growing demand for luxury lifestyles.
According to a report by real estate consulting firm Knight Frank, in the first half of 2024, 41 percent of the sales of apartments cost more than 1 million rubles.
In the corresponding period of 2023, this figure was 30 percent.
In the first half of 2024, a total of 1,73,241 apartments were sold, which is the highest sales figure in the last 11 years.
A third report this month also showed that sales of luxury apartments in Mumbai costing more than Rs 10 crore were at an all-time high with half-yearly sales of Rs 12,300 crore.
This is 8 percent higher than the 11,400 crore rupees sold in the first half of 2023, according to a report by India Sotheby’s International Realty and CRE Matrix.
Sales of super luxury class reached Rs 8,752 crore, the second best half-yearly sales in the last five years.
According to Sotheby’s International Realty India managing director Sudarshan Sharma, the growth highlights the growing demand for high-quality luxury properties, fueled by India’s economic resilience and the growing wealth of the elite.
The luxury residential segment, especially for properties valued at Rs 4 crore and above, is booming as buyers look for residences that suit their affluent lifestyles,” said Anshuman Magazine, President and CEO, India, Southeast Asia, Middle East. and Africa at CBRE.
