The demand for luxury homes in India, particularly those priced at Rs 4 crore and above, saw a remarkable surge in 2024. Sales in seven major cities rose by 53%, with 19,700 luxury units sold, up from 12,895 units in 2023, according to real estate consultancy CBRE.
Delhi-NCR Leads The Way
The Delhi-NCR region emerged as the top market for luxury homes, recording a substantial increase in sales. In 2024, the region sold 10,500 units, more than doubling the 5,525 units sold in the previous year. This sharp rise underscores the growing demand for high-end real estate in the national capital, driven by both affluent buyers and Non-Resident Indians (NRIs) seeking prime properties.
“We expect this momentum to continue, with both sales and new housing unit launches remaining steady in the coming quarters,” said Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa at CBRE. He noted that cities traditionally known for mid-end developments, such as Noida, Bengaluru, Pune, and Chennai, are increasingly shifting toward upscale, high-end projects.
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Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Home Developers emphasized that the surge in demand reflects a shift in people’s perception of homeownership. “The value of having a place to call home has become more apparent,” Ohri said, highlighting the transformation of the luxury housing market in Delhi-NCR.
Across the country, the demand for large, opulent homes with modern amenities in prime locations continues to rise, mirroring trends in other major cities.
Other Key Cities See Growth
Mumbai, a major player in the luxury housing market, also experienced growth. In 2024, 5,500 luxury units were sold, compared to 4,200 the previous year. Pune saw a significant increase, with sales rising to 825 units from 400 units. However, Bengaluru recorded a slight decline, with sales dropping to 50 units from 265 units.
In Kolkata, luxury home sales grew to 530 units from 310, while Hyderabad saw a steady increase, with 2,100 units sold, up from 2,030 in 2023. Chennai, too, saw growth, with sales rising to 275 units from 165 the year before.
Affluent Buyers And NRIs Drive Demand
The growing demand for luxury properties is largely driven by affluent buyers seeking spacious homes with premium amenities. CBRE attributes much of the surge to India’s expanding upper-middle class and the increasing interest from NRIs, who view Indian real estate as a lucrative investment opportunity.
Akash Khurana, President and CEO of Krisumi Corporation, pointed out that the luxury housing segment is growing rapidly. “The sharp rise in sales of premium properties in the NCR region reflects its potential for long-term growth and investment,” Khurana said.
As homeownership trends shift toward the luxury segment, cities like Delhi-NCR, Mumbai, and Pune are expected to remain key hubs for India’s luxury real estate market.
Future Outlook
Looking ahead, experts predict that price adjustments will sustain demand for high-end and premium residential properties, particularly those priced between Rs 1.5 crore to Rs 2 crore and Rs 2 crore to Rs 4 crore. In addition, markets traditionally dominated by mid-end housing, such as Noida, Bengaluru, Pune, and Chennai, will continue to see the addition of high-quality housing supply to meet the rising demand for luxury homes.