Team Opulnz Abode: 17-01-2025, 08:04: Read Time – 2mins
The Indian luxury housing market, comprising homes priced at ₹4 crore and above, experienced a significant surge in 2024, recording a 53% year-on-year growth. According to a Realty Z Estate report, 19,700 luxury units were sold across the top seven cities, with Delhi-NCR, Mumbai, and Hyderabad emerging as key contributors. This remarkable growth reflects shifting buyer preferences and a rising demand for premium living spaces.
1. Luxury Housing Sales: A Record Year for the Market
Sales Highlights
- Total Units Sold: 19,700 units (₹4 crore and above) in 2024, up from 12,895 units in 2023.
- Top Cities:
- Delhi-NCR: 10,500 units, reflecting a 90% YoY growth (5,525 units in 2023).
- Mumbai: 5,500 units, with a 32% YoY growth.
- Hyderabad: Significant contributor to luxury housing sales, alongside Pune and Chennai.
Emerging Markets
Cities traditionally associated with mid-end developments, such as Noida, Bengaluru, and Pune, witnessed a shift toward high-end projects, marking a pivotal change in buyer aspirations.
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2. Why Luxury Housing is Thriving in India
Affluent Buyer Aspirations
- Growing Affluence: Rising numbers of high-net-worth individuals (HNIs) and an expanding upper-middle class fuel demand for spacious, premium homes.
- NRI Interest: Non-resident Indians increasingly view Indian real estate as a lucrative investment, further bolstering demand.
- Lifestyle Expectations: Buyers now seek spacious homes with premium amenities that cater to modern, multifaceted lifestyles.
Premiumisation of Offerings
Tier-I developers have reshaped the luxury market by introducing innovative and tailored projects, raising the bar for high-end real estate.
Trident Realty 104 Dwarka Expressway: https://www.opulnzabode.com/trident-realty-sector-104-dwarka-expressway-gurgaon/
3. Market Dynamics: Robust Fundamentals
Steady Momentum in Sales and Launches
- The luxury housing segment is driven by end-user demand, supported by strong economic fundamentals.
- New housing unit launches in 2024 recorded a 52% YoY increase, reaching 24,180 units.
Dominance of Key Markets
- Delhi-NCR: Continued dominance in luxury housing sales and new launches.
- Mumbai and Hyderabad: Notable contributors to the growth of luxury housing stock.
- Chennai: Observed a substantial increase in new luxury launches compared to 2023.
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4. Buyer Preferences: Shifting Toward High-End Living
Luxury Housing Defined
Luxury housing typically includes units priced at ₹4 crore and above, featuring:
- Prime locations in cities such as Delhi-NCR, Mumbai, and Hyderabad.
- Modern amenities such as sprawling clubhouses, private terraces, and premium interiors.
Evolution in Secondary Markets
Cities like Bengaluru, Noida, Pune, and Chennai are now witnessing a marked shift from mid-end to luxury developments as buyers increasingly seek high-quality living spaces.
Max Antara Panchkula Senior Living: https://www.opulnzabode.com/max-antara-panchkula-senior-living/
5. Key Trends Driving the Luxury Housing Market in 2024
Increased New Launches
The luxury segment saw a 52% increase in new launches in 2024, reflecting developers’ confidence in the market.
Mid-Segment Projects Dominate
While mid-segment projects (₹2-4 crore) accounted for a 40% share of total sales in 2024, luxury housing saw its footprint expand significantly.
Regional Sales Contributions
- Mumbai, Pune, and Bengaluru: Together accounted for 64% of total housing sales in 2024, driven by strong mid-segment and premium offerings.
- Delhi-NCR and Hyderabad Established themselves as strongholds for ultra-luxury projects.
Sobha 36 Greater Noida: https://www.opulnzabode.com/sobha-sector-36-greater-noida-by-sobha-limited/
6. The Road Ahead: A Promising Future for Luxury Housing
Resilient Demand
Realty Z Estate anticipates sustained growth in the luxury housing segment, driven by:
- Expanding affluent demographics.
- Continued NRI interest in Indian real estate.
- Premiumisation of offerings by leading developers.
Market Evolution
“Cities like Noida, Bengaluru, and Pune are evolving into high-end residential hubs, redefining the market landscape,” said Anshuman Magazine, Chairman and CEO of CBRE India.
Opportunities for Developers
- Leverage demand for spacious, amenity-rich homes in emerging markets.
- Focus on sustainable and technology-integrated housing, aligning with modern buyer preferences.
Birla 150 Noida: https://www.opulnzabode.com/birla-city-sector-150-noida-birla-estates/
Luxury Housing Market Redefined
The 53% growth in luxury housing sales across India in 2024 highlights the segment’s resilience and growing appeal. While Delhi-NCR and Mumbai continue to dominate, emerging markets like Noida, Pune, and Bengaluru are witnessing an exciting shift toward premium developments.
As the market evolves, buyers are looking for tailored experiences, spacious designs, and premium amenities, redefining what it means to live luxuriously. With strong fundamentals and buyer confidence, the luxury housing segment is poised for sustained growth in the years to come.
Trump Towers Noida: https://www.opulnzabode.com/trump-towers-noida-sector-94/
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