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India’s luxury real estate market is experiencing a significant influx of buyers, driven by a growing demand for high-end properties. Various factors, such as economic expansion and evolving consumer preferences, have contributed to an increase in sales within major urban centers.
A report from CBRE indicates that there was a remarkable year-on-year sales growth of 37.8% in residential properties priced above Rs. 4 crore during the period from January to September 2024. Luxury unit sales surged to 12,625 units in the first nine months of 2024, compared to 9,160 units during the corresponding period last year. The regions of Delhi-NCR, Mumbai, and Hyderabad collectively represented nearly 90% of total sales across the top seven cities, with Delhi-NCR at the forefront, recording 5,855 units sold.
The growing interest in high-end residential properties can be primarily linked to wealthy buyers who are in search of homes that offer superior amenities and environments that align with their lifestyle. Furthermore, high-net-worth individuals (HNIs) are leading this surge, and their appetite for luxury properties is expected to rise in tandem with the ongoing economic development and urbanization in the country. Developers are concentrating on crafting exclusive, luxury-oriented projects that provide privacy, exceptional amenities, and sustainable living options, specifically aimed at affluent buyers and the HNI demographic.
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Commenting on the same, Amit Modi, Director, County Group, says, “The demand for luxury homes has grown over the years, reflecting buyers’ strong affinity towards larger, luxurious living spaces. The high-net-worth individual (HNWI) segment has shown a greater contribution to luxury home sales, driven by a combination of rising disposable incomes and seeking properties that offer high returns on investment. As we observe this increasing interest in luxury properties, we focus on developing projects that cater to this segment, providing them with top-notch services and unique features.”
The ‘Homebuyer Sentiment Survey—H1 2024,’ conducted by FICCI-Anarock, revealed that real estate continues to be the ‘most preferred investment option’ for people in the country. At least 59% of the respondents who participated in the survey said they prefer real estate as their top investment choice. With real estate offering the potential for long-term appreciation and a stable return on investment, many are channelling their wealth into luxury properties, leading to a thriving market for high-end homes.
Sandeep Chhillar, Founder and Chairman, Landmark Group, says “The prominence of luxury homes in NCR, particularly Gurugram, is undeniable. The region’s rapid development, coupled with its world-class amenities and excellent connectivity, makes it an attractive choice for homebuyers. This demand fuels the presence of luxury properties, with developers catering to this growth. We envision luxury properties continuously appealing to affluent buyers and underscore NCR’s potential as India’s leading luxury real estate market.”
The real estate landscape in Delhi-NCR is continuously changing with the emergence of new possibilities for unparalleled luxury experiences. Sustainable living is an emerging trend that is becoming increasingly vital for the buyer. This growth will define the future of luxury real estate in Delhi-NCR as more discerning buyers look for properties that align with their values and lifestyle choices.
Prateek Tiwari, Managing Director, Prateek Group, says, “With growing purchasing power among buyers, the demand for luxury homes that reflect aspirational lifestyles has grown manifold. Buyers look for iconic addresses that not only enhance their social stature but also promise high returns on investment. As NCR’s luxury housing market continues to expand, we foresee a continuous momentum in the region like Noida and Ghaziabad luxury realty graph. As developers, we embrace this growth and plan to come up with projects that not only symbolize status but also elevate the concept of luxury living, reflecting both the city’s economic growth and aligning with buyers’ evolving preferences.”
The future of the luxury home market appears promising, as evidenced by the increasing demand and sales trends. Ongoing investments in sustainable living, state-of-the-art amenities, and prime locations indicate that this sector is evolving. It is anticipated that luxury real estate will continue to prosper, as buyers increasingly seek high-quality living experiences that seamlessly integrate luxury with practicality.
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