Boom in Luxury Home Sales: A New Era in India's Real Estate

Luxury housing in India witnessed a significant rise in demand, with sales increasing by 53% in major cities. This growth is linked to an expanding upper-middle class and rising interest from NRIs. Delhi-NCR leads with 10,500 units sold, driven by robust market fundamentals.

Last year, luxury homes priced at Rs 4 crore and above saw a notable surge in sales across seven major Indian cities, climbing by 53% to 19,700 units, according to a report by CBRE.

In 2023, the sale of these high-end housing units stood at 12,895, with Delhi-NCR leading the charge, selling 10,500 units compared to 5,525 the year before. Anshuman Magazine from CBRE highlighted strong end-user demand as a key driver, expecting the trend to continue.

Industry experts like Aakash Ohri from DLF Home Developers and Akash Khurana of Krisumi Corporation underscore changing consumer perceptions and the growing appeal of luxury housing in cities like Mumbai, Pune, and Chennai, despite certain markets witnessing dips.

(With inputs from agencies.)