December 2, 2024 / Business Standard
In terms of quantum luxury residential unit sales, Delhi-NCR topped with sales of around 5,855 units, a 72% Y-o-Y increase, followed by Mumbai at around 3,820 units, recording 18% Y-o-Y growth
Demand for homes priced at Rs 4 crore and above has soared to new heights. According to the latest report by CBRE South Asia, luxury property sales have jumped by 37.8% year-on-year during the first nine months of 2024. This growth reflects a shift in the aspirations of affluent buyers, who are increasingly seeking larger, more opulent homes that offer sophisticated amenities tailored to elevate their lifestyles.
In terms of quantum luxury residential unit sales, Delhi-NCR topped with sales of around 5,855 units, a 72% Y-o-Y increase, followed by Mumbai at around 3,820 units, recording 18% Y-o-Y growth, the CBRE report noted.
Developers are increasingly catering to this shift in buyer preferences by introducing unique, high-end projects. Data from Anarock suggests that holiday homes, farmhouses and villas have seen a rise in demand, particularly among buyers seeking spacious properties that can accommodate remote work setups and long-term investments. Approximately 25% of luxury buyers are investing in holiday homes, while 20% prefer farmhouses.
"The luxury housing market in India is evolving beyond just offering homes; it’s about curating an unparalleled lifestyle that resonates with the aspirations of discerning buyers. The steady rise in demand for luxury housing underscores the growing preference for quality, exclusivity, and convenience among homeowners," said Nishant Deshmukh, Founder and Managing Partner of realty major Sugee Group.
Mumbai: The Hub of Ultra-Luxury Real Estate
A report by Anarock showed that of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth Rs 2,200 crore - an 84% share of the total deals in this segment across the top cities.
The luxury housing market is poised for sustained growth, fueled by a robust demand from NRIs, HNIs, and affluent domestic buyers. Developers are responding with innovative projects that not only meet but exceed buyer expectations.
“The rise in luxury housing in South Mumbai signifies a transformation in buyer aspirations, where opulence seamlessly blends with heritage and modernity. Our latest offering in Dadar, South Central Mumbai is set to redefine family living by combining contemporary design with the timeless charm of the area’s iconic architecture. With cutting-edge amenities and a strong focus on sustainability, we cater to the discerning tastes of today’s elite residents. As the real estate market continues to evolve, our homes reflect the aspirations of those who seek a lifestyle of luxury, comfort, and connection to the city’s rich cultural legacy," said Anil Mutha, Chief Visionary and Co-Founder of Nandivardhan Group.
Recent data from CREDAI-MCHI shows an 18% increase in total sales value across India’s top seven property markets, amounting to Rs 279,309 crore in the first half of FY 2024-25. Notably, this growth comes despite a 3% dip in the number of units sold, highlighting a clear shift in consumer preference toward luxury homes. The average price per home has risen sharply to Rs 1.23 crore, compared to Rs 1 crore during the same period last year.
In city-wise performance, NCR emerged as a leader, with the average ticket size growing by 56% to Rs 1.45 crore and sales value rising by 55% to Rs 46,611 crore. MMR demonstrated its consistency, with an average ticket size stable at Rs 1.47 crore and sales value increasing by 2% to Rs 114,529 crore. Bengaluru showcased robust growth, with the average ticket size rising by 44% to Rs 1.21 crore and sales value increasing by 44% to Rs 37,863 crore.
Hyderabad followed suit, with its average ticket size growing by 37% to Rs 1.15 crore and sales value increasing by 28% to Rs 31,993 crore. Chennai saw a 31% increase in the average ticket size to Rs 95 lakh, with sales value rising by 20% to Rs 9,015 crore. Pune’s market reflected strong growth in the affordable luxury segment, as its average ticket size rose by 29% to Rs 85 lakh and sales value jumped by 19% to Rs 34,033 crore. Kolkata experienced moderate growth, with the average ticket size increasing by 16% to Rs 61 lakh.
Buyers are prioritizing larger, well-equipped homes in prime locations, signalling a shift towards premium living. The consistent rise in sales value across cities underscores resilient demand for high-end properties, even in regions where unit sales saw a modest decline.
"The growing demand for luxury homes reflects a significant transformation in consumer behavior, driven by a preference for quality and exclusivity. This surge in interest highlights how homebuyers today are willing to invest in homes that redefine living experiences, offering bespoke amenities and a sense of community," said Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers.
"Luxury housing in India is no longer confined to the idea of owning a premium property; it is a gateway to an elevated lifestyle. We see a strong and consistent demand for high-quality homes that blend modern design with functionality and exclusivity. With a focus on location, innovative design, and world-class amenities, we aim to redefine urban living while ensuring enduring value for buyers through our luxury projects. Our flagship projects in Mumbai and Goa embody this ethos, creating spaces that resonate with the aspirations of the modern homebuyer," said Vedanshu Kedia, Director, Prescon Group.
Source: Business Standard
(The story has been published from a wire feed without modifications to the text)
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