In the first nine months of 2024, the luxury homes sales increased by 37.8%. This surge was seen across leading 7 cities of India, according to the reports by real estate advisory firm.
Approximately 12,625 units were sold for Rs. 4 cr and more this year as compared to previous year’s sales which were 9160 units.
The top seven cities included Pune, Bengaluru, Kolkata, Chennai, Mumbai, Delhi NCR and Hyderabad. Out of these urban areas, Mumbai, Delhi NCR and Hyderabad together made the sales of 90%. It was noted that Delhi NCR recorded the highest sale with 5855 units being sold with an astounding YOY increase of 72%.
A similar incline was noticed in the 3rd quarter of 2024. This was as the luxury home sales stood at 4360 units with a yearly increase of 82%.
As per reports, the surge was due to the choices of affluent buyers for spacious living areas, enhanced amenities contributing to a varied and sophisticated lifestyle.
Increase in the aspirational class and a rise in domestic investors and NRI’s preference to invest in the Indian real estate market also led to the growth of transactions through sales.
The Chairman and Chief Executive Officer of Anshuman magazine quoted that they expect the sales through new launches to transcend 300000 units in the next year following a strong performance in the first half of 2024.
The property prices would be decided by project quality, unsold inventory and infrastructure access.
Between January and September, 2,25,000 flats were sold across top 7 cities of India which resulted in 5.61% of total sales in the luxury housing segment. Mid range projects were about 44% increase followed by high end and affordable projects.
