The Indian luxury housing market experienced remarkable growth in 2024, marked by the launch of premium and ultra-luxury projects. These developments were fueled by affluent buyers seeking larger, exclusive homes that enhance their lifestyle. Cities like Delhi-NCR, Mumbai, and Bengaluru led this growth, with micro-markets such as Gurugram and South Mumbai showcasing robust demand for high-end living spaces.
Between January and September 2024, luxury home sales surged by 37.8% year-on-year, reaching approximately 12,625 units. Key cities like Delhi-NCR, Mumbai, and Hyderabad accounted for nearly 90% of these transactions. Delhi-NCR recorded a significant rise in sales, with 2,590 units sold compared to 480 in the same period in 2023. This boom underscores the growing appeal of luxury real estate in India.
Simultaneously, the commercial real estate sector also witnessed growth, driven by business expansions and increased interest from Global Capability Centers (GCCs). Gurugram emerged as a top destination, benefiting from strategic infrastructure upgrades like the Dwarka Expressway. The region saw a rise in demand for Grade-A office spaces and retail spaces, solidifying its position as a commercial hub.
New project launches across Delhi-NCR soared, with a 121% increase during the first nine months of 2024 compared to 2023. Developers focused on delivering integrated designs, smart technologies, and wellness-centric amenities, aligning with the evolving preferences of luxury homebuyers. Micro-markets like Golf Course Road, Noida Sector 150, and Ghaziabad witnessed notable buyer interest.
As we move into 2025, these trends are expected to gain momentum. Developers are set to introduce more innovative, premium offerings, redefining luxury living in India. With favorable economic conditions, increasing disposable incomes, and robust investor confidence, the luxury real estate market is poised for sustained growth, making 2025 a promising year for the sector.
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