Luxury realty booms: Homes above Rs 1 cr now 41% of India’s housing sales
India’s residential real estate market is experiencing a surge in activity, fueled by a robust economy and growing demand for luxury living. A new report by Knight Frank, titled “India Real Estate: Residential and Office (January – June 2024), revealed that the first half of 2024 (H1 2024) witnessed a significant jump in residential unit sales across India’s top eight cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad. Compared to the same period last year, sales rose by an impressive 11 per cent, marking the highest sales velocity in 11 years.
A total of 173,241 units were sold during this period, signifying a strong appetite for homeownership.
Luxury takes centre stage:
The report reveals a fascinating trend – a shift in buyer preferences towards premium properties. Homes priced at Rs 1 crore (₹10 million) and above saw a significant rise in sales, accounting for a substantial 41% of total sales in H1 2024. This is a significant jump from just 30% in H1 2023, highlighting a growing desire for luxurious living spaces.
Real estate developers are actively responding to this surge in demand for premium properties. The report highlights a 5.8% year-on-year increase in new home launches, with a total of 183,401 units added to the market in H1 2024. This indicates that developers are strategically catering to the changing preferences of homebuyers who are seeking an upgraded lifestyle experience.
