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.

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