In Short:
The real estate market in India is moving towards luxury housing, with Mumbai’s luxury realty sector seeing significant growth. Sales of luxury homes costing ₹10 crore and above have increased, with younger buyers aged 35-55 driving the trend. Mumbai and Bangalore have seen the highest growth in real estate sales, while cities like Kolkata, Pune, Hyderabad, Ahmedabad, and Chennai are also reporting growth.
India’s Real Estate Market Embracing Luxury Living
The real estate market of India is going through premiumisation, with the luxury housing segment accounting for 41 per cent of sales growth in the first half of 2024 (January to June), as per a Knight Frank India real estate sector report.
Mumbai’s Luxury Sector Soaring High
Mumbai’s luxury realty sector witnessed a record half-yearly sales figure of ₹12,300 crore in the first half of the calendar year 2024. This reflects a 7.69 per cent increase compared to ₹11,400 crore in the previous year during the same period, according to an India Sotheby’s International Realty and CRE Matrix report.
Notable Sales and Growth
The luxury homes, costing ₹10 crore and above, saw a total of 1,040 units being sold, the highest in any 12-month period, reports suggest.
Market Trends in Mumbai
In Mumbai, the primary market recorded sales of ₹8,752 crore, while the secondary market witnessed a significant increase in sales at over ₹3,500 crore in H1 2024. Localities like Worli and Goregaon East drove 80 per cent of this growth, as per the report.
Buyers’ Preferences
The trend towards bigger and luxury housing is evident, with buyers falling in the age bracket of 35 to 55 years old, according to the India Sotheby’s report.
Expert Insight
Sudershan Sharma, executive director at India Sotheby’s International Realty, mentioned, “Mumbai’s luxury housing market is surging and has touched unprecedented sales highs in H1 CY2024.” The growth reflects the increasing affluence and demand for top-end luxury real estate.
Noteworthy Transactions
Key transactions include purchases by Anil Gupta, Rekha Jhunjhunwala, Vratika Gupta, and Girdharlal Bawri, involving properties worth crores, as outlined in the report.
Regional Insights
The real estate market in Bangalore saw a 4 per cent increase in residential property sales for the first half of 2024. In contrast, the market in Delhi-NCR region experienced a 4 per cent decline during the same period.
Overall Industry Growth
Cities like Kolkata, Pune, Hyderabad, Ahmedabad, and Chennai reported varying degrees of growth in real estate sales in H1 2024, showcasing a positive trend in the market.
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