The first half of 2024 saw a notable surge in the luxury housing market in the Delhi-NCR region, driven by affluent buyers, enhanced amenities, and significant infrastructure projects, according to CBRE. The first half of 2024 brought positive news for the real estate sector in the Delhi-NCR region, as the luxury housing segment experienced significant momentum. Housing units priced at Rs 4 crore and above recorded a 27% growth in the region, according to CBRE South Asia?s ?India Market Monitor Q2 2024? report. The report shows that total sales of luxury units between January and June stood at 8,500, compared to 6,700 during the same period the previous year. Delhi-NCR led the market, followed by Mumbai with 2,500 units sold and Hyderabad with 1,300 units. Pune saw sales of 1,100 luxury units, marking a 450% year-on-year growth. The overall housing market in India recorded a total of 156,000 units sold in the January-June period. Sales of luxury housing in top cities registered a 40.1% year-on-year growth in the April-June quarter. Delhi-NCR emerged as a prominent market in the June quarter, followed by Mumbai and Hyderabad, with Kolkata also seeing a notable two-fold increase in luxury residential sales. Collectively, this quarter witnessed total sales of 4,410 luxury housing units compared to 3,150 units in the same quarter last year. The surge in demand for luxury housing is driven by affluent buyers seeking enhanced amenities and more spacious living areas, said the CBRE report. The aspirational class and NRI investments are also contributing to the surge in demand. Anshuman Magazine, Chairman & CEO- India, South-East Asia, Middle East & Africa, CBRE, highlighted that mega infrastructure projects across the country, including transportation networks, highways, airports, and metro systems, are set to bolster real estate growth. "These developments are likely to unlock new markets, establish satellite cities, and stimulate growth in peripheral areas, making luxury housing an attractive investment," he said. (Source: Business Standard)
