Luxury homes worth crores selling like hot cakes in India this year

Luxury homes worth crores selling like hot cakes in India this year New Delhi, July 19 (IANS) Aligned with the continuous momentum in the real estate industry, the sale of houses costing Rs 4 crore and above went up 27 per cent in the first half of this year. According to the latest report by real estate consultant CBRE, India’s luxury housing segment maintained strong sales growth, reaching total sales of around 8,500 luxury units compared to nearly 6,700 units in the same period of 2023. Delhi-NCR, Mumbai and Hyderabad accounted for nearly 84 per cent of the total luxury housing sales across the top seven cities. While sales in Delhi-NCR surged 14 per cent to 3,300 units, Mumbai saw a growth of 14 per cent to 2,500 units. Housing sales in Hyderabad stood at 1,300 units, up 44 per cent annually. Pune registered sales of 1,100 units, marking a 450 per cent year-on-year increase during this period, according to the report. “The luxury housing segment, particularly for properties priced at Rs 4 crore and above, is set to thrive as buyers seek homes that align with their affluent lifestyles,” said Anshuman Magazine, Chairman and CEO -- India, South-East Asia, the Middle East & Africa at CBRE. Another report earlier this month revealed that the real estate market witnessed higher luxury housing sales in H1 2024 due to the robust economy and growing demand for luxury lifestyles. The report from property consultant firm Knight Frank said housing sales above Rs 1 crore accounted for 41 per cent of total sales in H1 2024. This figure was 30 per cent in the same period in 2023. A total of 1,73,241 homes were sold in H1 2024, the highest sales figure in 11 years. A third report this month also revealed that sales of luxury homes costing Rs 10 crore and above in Mumbai clocked the highest-ever, half-yearly sales at Rs 12,300 crore. This is an 8 per cent growth compared to the Rs 11,400 crore sales in the first half of 2023, according to the report by India Sotheby’s ‘International Realty and CRE Matrix’. The primary luxury segment saw sales worth Rs 8,752 crore, the second-best half-yearly sales value in the past five years. According to Sudershan Sharma, Executive Director, India Sotheby’s International Realty, the growth underscores a growing demand for top-end luxury real estate, driven by India’s economic resilience and increasing affluence among the elite.