Sales of luxury home surge 37.8% in first nine months of 2024
Sales of luxury homes priced at Rs 40 billion and above have seen 37.8% year-on-year growth during the January to September this year, according to a report by CBRE South Asia. Total sales of luxury homes during the first nine months of this year stood at 12,625 compared to 9,160 units during the same period last year. Anshuman Magazine, chairman and CEO of India, South-East Asia, Middle East & Africa, CBRE, said, "We also foresee heightened demand in the high-end and premium segments, with traditional mid-range markets like Noida, Bengaluru, Pune, and Chennai increasingly gravitating towards luxury developments. As the market shifts from bungalows to modern apartments and penthouses, the premiumization of amenities will be a key differentiator in luxury projects.” Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets, accounting for nearly 90% of the total luxury housing sales across the seven cities Delhi-NCR topped with sales of 5,855 units, a 72% year on year increase, followed by Mumbai at 3,820 units, recording 18% year on year growth. Hyderabad has seen sales of 1,540 luxury homes. Pune recorded a noteworthy increase in luxury sales activity, with 810 unit sales in the same period. Moreover, Kolkata saw 1.6-fold increase in luxury residential sales. The steady demand has encouraged developers to introduce new projects and additional phases, adding approximately 215,000 units to the market. Boosted by strong market dominance, Mumbai, Pune, and Hyderabad collectively accounted for 64% of the cumulative unit launches from Jan-Sep’24. The share of mid-range projects in total sales for the first nine months of 2024 was about 44%, followed by high-end and affordable projects. In the Jul-Sep’24 quarter, sales exceeded approximately 68,400 units, accompanied by over 62,000 new unit launches.The cumulative share of apartment launches for Mumbai, Pune, and Hyderabad stood at 65%. Similarly, the total share of sales for the same quarter attributed to Mumbai, Pune, and Bengaluru are also 65%. Mumbai topped the sales, holding a 32% share, followed by Pune with 18%, Bengaluru with 15%, and Delhi-NCR with 12%.
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