Mumbai Metro Region leads with Rs 1 trillion+
MUMBAI, Nov 29 (The CONNECT) – Despite global economic uncertainties, the luxury housing market in India is witnessing a remarkable surge, driven by a growing preference for exclusivity, enhanced lifestyles, and premium living spaces.
Recent data from CREDAI-MCHI reveals an 18% increase in total sales value across India’s top seven property markets, amounting to ₹279,309 crore in the first half of FY 2024-25. Notably, this growth comes despite a 3% dip in the number of units sold, highlighting a clear shift in consumer preference toward luxury homes. The average price per home has risen sharply to ₹1.23 crore, compared to ₹1 crore during the same period last year.
Cities such as Mumbai, Delhi-NCR, and Bengaluru have emerged as frontrunners in this segment. Mumbai Metropolitan Region (MMR) maintained its leadership in premium property sales, with a stable average ticket size of Rs 1.47 crore and a 2% growth in sales value to Rs 114,529 crore, followed by Delhi-NCR and Bengaluru.
Other cities like Hyderabad, Chennai, Pune, and Kolkata also registered substantial increases in average ticket sizes, showcasing the nationwide demand for premium housing.
A Lifestyle Statement: The surge is more than just a trend; it reflects the evolving aspirations of homebuyers seeking to elevate their lifestyles. According to a report titled India Market Monitor Q3 2024 – Residential by CBRE South Asia Pvt. Ltd, sales of luxury units priced above ₹4 crore rose by 37.8% YoY during Jan-Sep 2024. In terms of quantum luxury residential unit sales, Delhi-NCR topped with sales of around 5,855 units, a 72% Y-o-Y increase, followed by Mumbai at around 3,820 units, recording 18% Y-o-Y growth, the CBRE report noted.
The luxury housing market in India is evolving beyond just offering homes; it’s about curating an unparalleled lifestyle that resonates with the aspirations of discerning buyers. The steady rise in demand for luxury housing underscores the growing preference for quality, exclusivity, and convenience among homeowners. This trend not only reflects an upward trajectory in buyer aspirations but also a robust confidence in premium real estate as a valuable and long-term investment,” said Nishant Deshmukh, Founder and Managing Partner of Sugee Group.
“At Sugee Group, we recognize this shift and are committed to blending modern architectural excellence with thoughtful amenities to craft bespoke living experiences through our premium developments such as Sugee Sea Krest and Marina Bay in Worli, in South Mumbai. We aim to create spaces that resonate with the evolving preferences of our clientele, delivering not just homes but experiences that epitomize sophistication and style,” he remarked.
New Horizons: Â Developers are increasingly catering to this shift in buyer preferences by introducing unique, high-end projects. Data from Anarock suggests that holiday homes, farmhouses and villas have seen a rise in demand, particularly among buyers seeking spacious properties that can accommodate remote work setups and long-term investments. Approximately 25% of luxury buyers are investing in holiday homes, while 20% prefer farmhouses.
Vikas Sutaria, Founder of Iraah Lifespaces, stated, “We believe luxury is not just owning a premium property but about curating an experience that elevates one’s lifestyle. The growing demand in India’s luxury housing market reflects a shift in consumer aspirations, with homebuyers seeking more than just a home. They are seeking an integrated lifestyle that blends comfort, sophistication, and exclusivity. As premium realty players, it’s our responsibility to offer not just beautiful designs, but spaces that embody tranquility, well-being, and status. Our recently launched collection of bespoke ultra-luxury villas in Alibaug and Lonavala caters to this evolving mindset, offering unparalleled craftsmanship and a distinctive living experience.”
A report by Anarock showed that of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth ₹2,200 crore – an 84% share of the total deals in this segment across the top cities.
Looking ahead, the luxury housing market is poised for sustained growth, fueled by a robust demand from NRIs, HNIs, and affluent domestic buyers. Developers are responding with innovative projects that not only meet but exceed buyer expectations.
Anil Mutha, Chief Visionary and Co-Founder of Nandivardhan Group explained, “The rise in luxury housing in South Mumbai signifies a transformation in buyer aspirations, where opulence seamlessly blends with heritage and modernity. Our latest offering in Dadar, South Central Mumbai is set to redefine family living by combining contemporary design with the timeless charm of the area’s iconic architecture. With cutting-edge amenities and a strong focus on sustainability, we cater to the discerning tastes of today’s elite residents. As the real estate market continues to evolve, our homes reflect the aspirations of those who seek a lifestyle of luxury, comfort, and connection to the city’s rich cultural legacy.”
Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers remarked, “The growing demand for luxury homes reflects a significant transformation in consumer behavior, driven by a preference for quality and exclusivity. This surge in interest highlights how homebuyers today are willing to invest in homes that redefine living experiences, offering bespoke amenities and a sense of community. In a competitive market like Mumbai, we have always stood for delivering exceptional value through our premium offerings such as Omkar Alta Monte at Malad.”
“Luxury housing in India is no longer confined to the idea of owning a premium property; it is a gateway to an elevated lifestyle. We see a strong and consistent demand for high-quality homes that blend modern design with functionality and exclusivity. With a focus on location, innovative design, and world-class amenities, we aim to redefine urban living while ensuring enduring value for buyers through our luxury projects. Our flagship projects in Mumbai and Goa embody this ethos, creating spaces that resonate with the aspirations of the modern homebuyer,” said Vedanshu Kedia, Director, Prescon Group.
As the luxury housing market segment continues to evolve, it remains a lucrative and aspirational investment avenue, a market observer said.
