Chennai: Luxury housing sales were up 40 per cent in the June quarter and 27 per cent in the first half of the calendar year.
During the Apr-June’24 quarter, the luxury housing segment across the top cities registered a 40 per cent increase in sales. The quarter witnessed total sales of 4,410 luxury housing units compared to 3,150 units during the same quarter last year. Among the cities, Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets during the quarter, while Kolkata saw a two-fold increase in luxury residential sales, according to CBRE.
Luxury housing sales were up 27 per cent to 8500 units against 6700 units in the Jan-Jun’24 period. Delhi-NCR, Mumbai, and Hyderabad accounted for nearly 84 per cent of the total luxury housing sales across the top seven cities. Further, Pune saw demand growing nearly six-fold to touch 1,100 units.
Delhi-NCR topped with sales of 3,300 units, followed by Mumbai at 2,500 units. The sales in Hyderabad stood at 1,300 units, registering a 44 per cent increase.
The surge in demand for luxury housing has been primarily driven by a growing preference by affluent buyers seeking enhanced amenities and more spacious living areas that complement their multifaceted lifestyle. Additionally, the aspirational class has been on an upward trend, significantly driving luxury sales. Furthermore, the rise in NRIs and investors in the Indian real estate market has considerably contributed to the heightened demand for luxury properties.
