Luxury homes over ₹4 Crore see 10% growth in top seven cities

Luxury homes priced at ₹4 crore and above saw a 10% increase in sales from January to March 2024 across seven big cities. They made up about 5% of all homes sold during this time, according to CBRE South Asia’s Q1 2024 report.

In this period, a total of 4,140 luxury homes were sold across the seven cities, up from 3,780 units in the same period last year. New luxury home launches also increased by almost 64% compared to last year.

Mumbai experienced the highest surge in luxury home sales with a 15% increase, while Delhi-NCR saw a decline to 1,150 units from 1,880 units. Kolkata, Bengaluru, and Pune also saw fluctuations in sales numbers.

Over the past five years, nearly half of all luxury homes in India were built, showing a growing interest in high-end properties. Mumbai had the highest share of luxury homes, followed by Delhi-NCR.

Mumbai’s luxury market is particularly attractive, with areas like Juhu and Altamount Road commanding high prices, sometimes exceeding ₹100 crore. Similarly, Delhi-NCR’s luxury properties are concentrated in high-end areas like Amrita Shergill Marg and Golf Links.

Gurgaon, within the Delhi-NCR region, has also become popular for luxury living, especially during the COVID-19 pandemic, with gated communities being in high demand. Hyderabad, known for its business-friendly environment, has seen a rise in luxury apartments, particularly in areas like Hitech City and Jubilee Hills.

In terms of overall residential sales, mid-end projects priced between ₹45 lakh and ₹1 crore were the most popular, followed by high-end and affordable projects. Mumbai, Pune, and Bengaluru accounted for a large portion of these sales.

Anshuman Magazine, chairman and CEO of CBRE, believes that India’s luxury real estate sector is growing steadily due to increasing incomes and consumer spending. Buyers are looking for quality and a better living experience.