Luxury Home Sales Surge 53% in 2024, NCR Leads the Market: CBRE
Sales of luxury homes priced at Rs 4 crore and above rose by 53% in 2024, reaching 19,700 units across seven major cities, up from 12,895 units in 2023, according to CBRE. Delhi-NCR led the market with 10,500 units sold, almost doubling the 5,525 units sold in the previous year.
Anshuman Magazine, Chairman & CEO of CBRE for India, South-East Asia, Middle East, and Africa, highlighted the strong fundamentals and robust end-user demand driving the market. He expects this momentum to continue in the coming quarters, with stable sales and new launches. Cities like Noida, Bengaluru, Pune, and Chennai, traditionally known for mid-end developments, are now seeing a shift towards high-end projects, indicating a broader appeal for luxury homes.
Aakash Ohri of DLF Home Developers noted the growing appreciation for homeownership, while Akash Khurana of Krisumi Corporation emphasized the increasing demand for high-end homes with modern amenities and prime locations.
In Mumbai, luxury home sales rose to 5,500 units from 4,200 in 2023. Pune saw an increase to 825 units, while Bengaluru experienced a decline to 50 units from 265. Kolkata’s sales grew to 530 units, Hyderabad to 2,100 units, and Chennai to 275 units, all reflecting the rising demand for premium properties.
The surge in luxury housing is attributed to an increase in affluent buyers and interest from NRIs, viewing Indian real estate as a lucrative investment opportunity.
