Delhi-NCR Dominates High-End Luxury Apartment Market

Luxury Real Estate in New Delhi is on a high

Delhi-NCR has emerged as the leader in the demand for high-end luxury apartments in India, claiming the largest market share for units priced at least INR 15,000 per square foot among the top eight cities during the first quarter of the year. The region saw a significant portion of its new projects being luxury apartments, with many selling out quickly after launch.

Luxury Housing Trends and Developer Focus

Cushman & Wakefield's recent data revealed that luxury apartments accounted for 61% of the total new launches in Delhi-NCR in the March quarter. In comparison, Mumbai and Bengaluru recorded 26% and 19%, respectively. Post-pandemic, there has been an uptick in luxury project launches across all major cities, with developers concentrating more on this segment to meet the growing demand for upscale, spacious, and customized living solutions.

Shalin Raina, managing director of residential services at Cushman & Wakefield, explained that the shift towards more luxurious homes has attracted well-established developers capable of delivering high-quality, tailored residences that align with the evolving preferences of modern Indian buyers.

Statistical Growth in Luxury Apartments Across Cities

The proportion of luxury apartments saw a significant rise in various cities from 2019 to 2024:

• Ahmedabad: From 6% to 38%
• Bengaluru: From 11% to 19%
• Chennai: From 9% to 28%
• Hyderabad: From 42% to 53%

These numbers underline a substantial shift in home buying behaviors, especially in the luxury and uber-luxury segments of the market.

Mumbai and Gurugram: Hubs for Luxury Properties

Mumbai has become a flourishing center for luxury properties, thanks to ongoing infrastructure improvements and enhanced connectivity that have boosted high-value real estate transactions. Similarly, Gurugram has seen notable infrastructural advancements and increased corporate presence, making it an attractive residential area for high-end properties. The demand for upscale properties in Gurugram is outpacing supply, leading to rapid sales of new projects.

Increasing Influence of Reputed Developers

The data also showed that more than 38% of new launches in the luxury segment in the March quarter were by listed and reputable developers, marking a consistent growth in their market share by 7-8% from the previous year.

Conclusion

The focus on luxury real estate in major Indian cities reflects a growing preference for more spacious and luxurious living arrangements. The involvement of established developers in this segment ensures that new offerings not only meet the high standards expected by affluent buyers but also incorporate sustainable and modern designs. This trend is likely to continue, given the positive response from the market and the ongoing investments in urban infrastructure and amenities.