Luxury Real Estate Boom in 2024 - The Surge in High-End Home Sales

The Indian luxury real estate market is witnessing an impressive boom in 2024, driven by a sharp rise in demand for high-end homes priced at ₹4 crore and above. Affluent buyers are prioritizing better living experiences, leading to significant growth across major cities.

Ghar explores the key trends and figures that underline this surge.

1. Luxury Home Sales Surge by 38% in 2024

In the first nine months of 2024, the sale of luxury homes (₹4 crore+) soared by 37.8% year-on-year, with a total of 12,625 units sold. This marks a jump from 9,160 units in the same period of 2023, showcasing the growing appetite for high-end living among India’s affluent population.

2. Key Cities Driving the Boom: Delhi-NCR, Mumbai, and Pune

Delhi-NCR leads the luxury real estate market with 5,855 units sold, representing a 72% increase from last year. Mumbai follows closely with 3,820 units sold, marking an 18% growth. Pune has also witnessed a significant rise, selling 810 luxury units, reflecting growing interest in high-end living in non-traditional luxury markets. Together, these cities account for nearly 90% of luxury home sales across India’s top seven cities.

3. What’s Driving Demand?

The surge in luxury real estate is fueled by: A shift towards larger living spaces and better amenities to cater to the evolving lifestyles of the affluent. An increasing number of Non-Resident Indians (NRIs) and savvy domestic investors entering the luxury housing market. A sophistication of amenities as buyers seek more than just homes—they want lifestyle statements with unique features.

4. The Shift in India's Housing Market: Modern Living Over Traditional

In the last 2-3 years, India has seen a paradigm shift in the housing market. For the first time, luxury and ultra-luxury segments have outpaced the growth of affordable housing. High-end residences have become the key growth drivers for developers, with a focus on: Modern apartments and penthouses over traditional bungalows. Unique experiences and bespoke amenities as the defining factors in premium projects.

5. Continued Growth Expected in Luxury Real Estate

The July-September quarter of 2024 saw an astonishing 82% year-on-year growth in luxury home sales. Industry experts predict continued demand in premium markets like Noida, Bengaluru, Pune, and Chennai, as these regions gravitate towards luxury developments. 

The demand for ready-to-move-in luxury properties is so high that inventory is nearly sold out, signaling a clear preference for hassle-free living among high-net-worth buyers.

Key Facts and Figures:

• 12,625 luxury homes sold in the first nine months of 2024.
• 37.8% increase in sales compared to the same period in 2023.
• 5,855 units sold in Delhi-NCR (+72% YoY)
• 3,820 units sold in Mumbai (+18% YoY)
• 810 units sold in Pune.
• 90% of luxury home sales concentrated in Delhi-NCR, Mumbai, and Pune.
• 82% growth in luxury home sales in the July-September quarter.
• Ready-to-move-in luxury homes: Completely sold out.

Ghar.tv Inference:

As an Indian luxury real estate expert, it’s evident that the demand for high-end homes is not a fleeting trend but a reflection of a maturing market. Affluent buyers, both NRIs and domestic investors, are seeking properties that offer more than just living spaces—they desire experiences, exclusivity, and a lifestyle upgrade.

With key cities like Delhi-NCR, Mumbai, and Pune leading the charge, and the shift towards premium developments, the luxury segment is expected to remain robust well into the future. Developers focusing on innovative amenities and ready-to-move-in properties are best positioned to capitalize on this growing demand.