Luxury Home Sales Surge 38% in Top Cities: CBRE

New Delhi, Oct 17 (PTI) Sales of luxury homes, each priced Rs 4 crore and above, rose 38 per cent in January-September this year across seven major cities on high demand, according to CBRE.

Sales of luxury homes, costing Rs 4 crore and above, rose to 12,630 units in January-September 2024 as compared to 9,165 units in the year-ago period.

Real estate consultant CBRE noted that Delhi-NCR recorded the highest sales in this price bracket at 5,855 units as against 3,410 units in the year-ago period.

In Mumbai, housing sales rose to 3,820 units from 3,250 units.

Sales of luxury homes in Pune more than doubled to 810 units from 330 units.

In Bengaluru, the sales of luxury homes plunged to 35 units from 240 units.

Hyderabad too saw a marginal fall to 1,540 units from 1,560 units.

In Chennai, housing sales went up to 185 units from 130 units.

Sales of luxury homes, priced Rs 4 crore and above each, in Kolkata grew to 380 units during January-September this year from 240 units in the year-ago period.

Anshuman Magazine, Chairman & CEO, India, South-East Asia, Middle East & Africa, CBRE, foresee heightened demand in the high-end and premium segments, with traditional mid-range markets like Noida, Bengaluru, Pune, and Chennai increasingly gravitating towards luxury developments.

"As the market shifts from bungalows to modern apartments and penthouses, the premiumisation of amenities will be a key differentiator in luxury projects," Magazine added.

Commenting on the trend, Vivek Singhal, CEO of Smartworld Developers, said, "...in 2024, the Gurugram real estate market is already heating up in anticipation. Areas like Golf Course Extension Road and Dwarka Expressway are emerging as prime hotspots, driven by robust infrastructure upgrades."

Pankaj Pal, MD of Whiteland Corporation said millennials are driving a new wave of demand in Gurugram's luxury residential market, purchasing high-end properties much earlier in life than previous generations.

This shift is fuelled by factors such as rising disposable incomes, increased access to flexible financing, and a preference for modern, amenity-rich living spaces that offer both lifestyle and investment value, he added.

Madhusudhan G, CMD of Bengaluru-based realty firm Sumadhura Group, said, "The growing demand for residential properties priced above Rs 4 crore reflects the shifting aspirations of homebuyers who prioritize premium living experiences and world-class amenities".