Luxury homes buck trend: ₹1-cr-plus homes now 62% of total sales in 2025

India’s housing market is showing a clear shift toward value and premium living, with apartments priced at ₹1 crore and above recording a 4% year-on-year (YoY) increase in sales during January–September 2025, even as overall housing sales dropped 12%, according to real estate consultancy JLL India.

 

The premium segment (₹1 crore and above) now makes up 62% of total apartment sales, up sharply from 52% last year.

 

The mass housing segment (below ₹1 crore) took a hard hit, seeing a 30% decline in sales. Within premium homes, the ₹1.5–₹3 crore category led the surge, with a 10% increase in demand.

 

 

JLL attributes this to a shift toward “value-driven purchases” — homebuyers prioritizing location, developer credibility, and long-term appreciation potential over low-cost entry points.

 

“The market is recalibrating. Premium housing demand drove overall sales despite a 12% Y-o-Y drop in total units sold,” said Dr. Samantak Das, Chief Economist and Head of Research, JLL India. “Nearly 24% of all sales this year came from projects launched within the same period, showing sustained buyer confidence.”

 

City-Wise Trends 

Note: Mumbai includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai; Delhi NCR includes Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, Faridabad and Sohna. Data includes only apartments. Rowhouses, villas, and plotted developments are

 

Among India’s top seven cities, Bengaluru, Mumbai, and Pune continued to dominate, together accounting for over 60% of total sales.

 

Bengaluru: 45,815 units sold (down 11% YoY)

 

Mumbai: 42,398 units sold (down 16%)

 

Pune: 40,269 units (up 1%) – the only city with positive annual growth

 

Chennai: Up 15% YoY — led price growth with 14% appreciation in Q3 2025

 

Kolkata: Recorded the highest price rise of 16% YoY, despite lower volumes

 

Overall, India’s top seven cities sold 202,756 apartments in the first nine months of 2025, compared with 230,000 units in the same period last year.

 

Prices Still Rising

 

While sales volume declined, prices continued to climb across major metros.

 

Kolkata: +16% YoY

 

Chennai: +14%

 

Delhi NCR & Bengaluru: +13% each

 

Developers’ shift toward higher-margin projects, elevated construction costs, and low inventory have kept prices firm, even as transaction volumes moderated. 

Premium housing sales rise by 4% in January-September 2025 amid shift to value-focused market

 

Source: Real Estate Intelligence Service (REIS), JLL Research

Launches Stay Resilient

 

Despite the overall slowdown, new launches remained largely steady at 225,001 units (down just 1% YoY) in the first nine months of 2025. 

Premium housing launches (₹1 crore and above) actually rose 5%, highlighting where developers are betting their next growth cycle.

 

Kolkata, Chennai, Pune, and Bengaluru saw the strongest growth in new project launches, with Kolkata posting an impressive 168% YoY surge.

 

“Developers have become cautious with mid-range launches, focusing instead on high-margin premium developments,” said Siva Krishnan, Senior Managing Director – Residential Services, JLL India. “This selective approach is helping stabilise inventory and support price growth.”

 

Outlook: Value Over Volume

 

JLL expects the market to enter a “balanced phase” — slower in volumes but stronger in pricing and profitability.

 

Luxury and upper-mid housing will likely continue driving market momentum into 2026, supported by wealthier homebuyers, low inventory levels, and developers’ pricing power.

 

Average ticket sizes are expected to rise further, while large, listed developers with stronger balance sheets are set to gain more market share.  Here are the key highlights 

• Apartments priced at Rs 1 crore and above accounted for approximately 62% of total sales  in the first nine months of 2025, up significantly from 52% in the same period of 2024. 
• This increased contribution was primarily driven by 10% growth in demand for the Rs 1.5 3.0 crore housing segment. 
•  While premium homes gained market share in year-to-date (YTD – January to September)  sales, the mass segment’s (sub-Rs 1 crore) share dropped from 48% to 38% compared to  the same period last year. 
•  Bengaluru, Mumbai, and Pune maintained their leadership with more than 60% share in  residential sales volume across India's top seven cities during January-September 2025,  despite a 9% decline in their combined sales 
•  Despite a marginal Y-o-Y decline in overall project launches during YTD 2025, launch of  homes priced over Rs 1 crore surged by 5%. 
• Kolkata, Chennai, Pune and Bengaluru recorded significant growth in residential launches  during the first nine months of 2025 on a Y-o-Y basis. 
• In Q3 2025, Chennai led the Y-o-Y property price growth, while Bengaluru and Delhi NCR  followed closely.