Delhi-NCR sees sale of 3,300 luxury houses priced at least Rs 4 crore in Jan-Jun: CBRE

The luxury housing segment, comprising units priced at least Rs 4 crore, saw strong momentum in the January-June period of this year, registering a growth of ~27 per cent. 

According to real estate consulting firm CBRE South Asia’s ‘India Market Monitor Q2 2024’ report, total sales of luxury units in the same period stood at ~8,500, compared to ~6,700 in the same period previous year. 

In terms of quality, Delhi-NCR topped the list with sales of ~3,300 units, an increase of 13.8 per cent on-year, followed by Mumbai with ~2,500 units, recording 13.6 per cent on-year growth, Hyderabad at ~1,300 units with a 44 per cent growth. Pune that saw sales of ~1,100 luxury units, saw a growth of 450 per cent on-year. Pune’s demand for luxury units was nearly six-fold on an annual basis. 

In the April-June quarter,  sales of luxury housing in the top cities registered a 40.1 per cent on-year growth. The quarter witnessed total sales of ~4,410 luxury housing units compared to ~3,150 units during the same quarter last year, said CBRE.

In the June quarter too Delhi-NCR emerged as a prominent market, followed by Mumbai, and Hyderabad. Kolkata saw a notable two-fold increase in luxury residential sales.

The report added that the surge in demand for luxury housing is indicative of a growing preference by affluent buyers for enhanced amenities and more spacious living areas. The aspirational class is also on an upward trend, which has driven the luxury units sales. Investments by NRIs and astute investors in the Indian real estate market have considerably contributed to the heightened demand for luxury properties.

“Capital value growth in this segment is projected to stabilise, with an increasing focus on core project fundamentals such as quality, location, and access to essential infrastructure. Moreover, the ongoing mega infrastructure projects across the country, including transportation networks, highways, airports, and metro systems, are poised to bolster real estate growth. These developments are likely to unlock new markets, establish satellite cities, and stimulate growth in peripheral areas, making luxury housing an attractive investment,” said Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE. Magazine said that they foresee a strong momentum in the overall housing market for the remainder of the year. 

A total of 156,000 units were sold in the January-June period, when it comes to the overall housing market. Over 153,000 new units were launched across all categories. Mumbai, Pune and Bengaluru led the list when it comes to overall housing sales in the January-June period. 
 
In the April-June quarter, ~70,100 units were sold, and over ~69,600 new units were launched. Mumbai, Pune, and Delhi-NCR jointly dominated the market with a cumulative share of 62 per cent.