 "Houses worth over Rs 4 cr record 27% growth in sales in Delhi-NCR: CBRE")
The first half of 2024 brought cheer to the real estate sector in the Delhi-NCR region as the luxury housing segment recorded strong momentum. Housing units priced at Rs 4 crore and above registered a growth of 27 per cent in the region, according to real estate consulting firm CBRE South Asia’s ‘India Market Monitor Q2 2024’ report.
The report indicates the total sales of luxury units between January and June stood at 8,500, compared to 6,700 in the corresponding period the previous year. The Delhi-NCR region was followed by Mumbai, which recorded sales of 2,500 units, and Hyderabad, which registered sales of 1,300 units.
Meanwhile, Pune witnessed sales of 1,100 luxury units, recording a 450 per cent year-on-year growth. Pune’s demand for luxury units grew nearly six-fold on an annual basis. The overall housing market in India recorded a total of 156,000 units being sold in the January-June period.
Sales of luxury housing in the top cities registered a 40.1 per cent year-on-year growth in the April-June quarter. Delhi-NCR emerged as a prominent market in the June quarter as well, followed by Mumbai and Hyderabad. Kolkata also saw a notable two-fold increase in luxury residential sales. Collectively, this quarter witnessed total sales of 4,410 luxury housing units compared to 3,150 units during the same quarter last year.
Behind the real estate boom: Affluent buyers, enhanced amenities
The surge in demand for luxury housing reflects a growing preference by affluent buyers for enhanced amenities and more spacious living areas, said the CBRE report. The aspirational class is also driving the sales of luxury units. Further, NRI investments are also leading to a surge in demand.
Anshuman Magazine, chairman & CEO of India, South-East Asia, Middle East & Africa, CBRE, has said that the mega infrastructure projects across the country, including transportation networks, highways, airports, and metro systems, are poised to bolster real estate growth. “These developments are likely to unlock new markets, establish satellite cities, and stimulate growth in peripheral areas, making luxury housing an attractive investment,” he said.