Luxury Housing Sales surges by 38% in Delhi & Mumbai in January-September period

Delhi-NCR records the highest number of housing sales with 5,855 luxury units in January to September 2024.The luxury housing segment includes units which price at Rs.4 crore and above have seen sales increasing by almost 37.8% Y-o-Y during the month of January-September, 2024 on the back of high demand according to a report titled in India Market Monitor Q3 2024-Residential.

The total number of sales of luxury units during the month of January to September, 2024 period stood around 12,625 compared to around 9,160 units during the same period last year.

The sudden increasing demand for luxury housing has been on account of a growing preference among rich buyers for enhanced amenities and for more spacious living areas that complement their sophisticated lifestyles.

Moreover, the growing aspirational class has contributed significantly in the increasing demand for luxury properties. The NRIs and the clever domestic investors in the real-Indian real-estate market has considerably charges the heightened demand for the luxury residences.

Delhi-NCR, Mumbai and Hyderabad appear as a prominent markets accounting for nearly 90% of the total luxury housing sales across the seven cities. Furthermore, Pune has recorded a noteworthy increase in luxury sales activity with 810 sales units in the same period.

In the months of July-September, 2024 quarter, the luxury housing segment across the top cities has registered an 82% Y-o-Y increase in sales. The quarter witnesses the total sales of around 4,360 luxury housing units as compared to around 2,390 units during the same quarter last year.

According to Mr. Anshuman Magazine, Chairman and CEO-India, South-East Asia & Africa says that "India's luxury housing market is witnessing significant growth, reflected in an increase in sales. Following strong performance in the first half of 2024 and the seasonal boost during festivals, we expect sales and new launches to exceed 300,000 units for the second consecutive year. However, elevated capital values in an uncertain global economy may lead buyers to adopt a cautious approach. Property prices will likely  be influenced by unsold inventory, project quality, and infrastructure access”.