Business

India’s Luxury Housing Sector Booms In H1 2024, Driven by Economic Strength & Rising Demand

India’s luxury real estate market has witnessed a substantial surge in sales during the first half of 2024, fueled by a robust economy and increasing preference for luxury lifestyles, according to a recent report by Knight Frank titled ‘India Real Estate: Residential and Office (January – June 2024).’

The report highlights a notable uptick in luxury residential sales, with properties priced above Rs 1 crore accounting for 41% of total residential sales in H1 2024.

This marks a significant increase from 30% recorded during the same period in 2023.

Across the top eight cities of India, including Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad, residential sales have collectively risen by 11% compared to H1 2023, totaling 1,73,241 units sold, the highest figure in 11 years.

Mumbai, the country’s largest residential market, reported sales of 47,259 homes in H1 2024.

Demand for properties exceeding Rs 1 crore in Mumbai surged by 117% year-on-year, reflecting robust investor and buyer confidence in the city’s real estate sector.

In Delhi-NCR, 28,998 units sold, while Bengaluru saw 27,404 units change hands, collectively accounting for 59% of total residential sales across the top cities.

Gulam Zia, Senior Executive Director of Research, Advisory, Infrastructure, and Valuation at Knight Frank India, commented on the market’s performance.

Zia stated, “The residential market has demonstrated strong resilience, recording over 1,73,000 unit sales in H1 2024, a record high in the last decade. The luxury segment, particularly, has shown remarkable growth, increasing from 15% in H1 2018 to 34% in H1 2024.”

“With stable economic conditions and ongoing growth momentum, we anticipate continued robust sales performance throughout the remainder of the year,” Zia further added.

Also Read: Ola Shifts From Google Maps To Ola Maps, Saving Rs 100 Crore Annually

Mankrit Kaur

Recent Posts

PM Modi Honors Dr Kasturirangan’s Visionary Contributions To ISRO & Education

In the 121st episode of Mann Ki Baat, PM Modi honoured Dr Kasturirangan for his…

1 hour ago

PM Modi Condemns Pahalgam Terror Attack In Mann Ki Baat; Vows Harshest Response

PM Modi reaffirmed that justice would be served and emphasised national unity in the fight…

2 hours ago

Eze and Sarr Fire Crystal Palace Into First FA Cup Final in Nine Years

Crystal Palace stormed into their first FA Cup Final in nearly a decade with an…

3 hours ago

Adani Group Powers Ahead With Ganga Expressway Project

The Adani Group is working tirelessly to bring to life the Ganga Expressway, set to…

3 hours ago

South Korean Firms Face Strategic Uncertainty Amid Trump’s Shifting Trade Policies

US President Donald Trump has unleashed a wave of executive orders and tariffs designed to…

3 hours ago

Major Blaze Erupts At Enforcement Directorate Office In South Mumbai

A major fire broke out in the early hours of Sunday at the Enforcement Directorate…

4 hours ago