Sales of luxury homes triple in India amid ‘mounting appetite’ for bigger houses
- Luxury homes made up more than one-fifth of all residential units sold across India’s seven top cities in the first quarter, according to a new report
- Affordable home sales declined, while mid-range and premium homes – priced from 4 million to 15 million rupees – remained the dominant segment
Luxury homes – categorised as those priced over 15 million rupees (US$179,650) – made up 21 per cent of all residential units sold across the top seven Indian cities in the first quarter of 2024, according to the report. It was 7 per cent for the same period in 2019.
The boom in India’s property market comes amid strong economic growth and demand from non-resident Indians.
Earlier this year, DLF Ltd.’s luxury project consisting of more than 1,100 homes near the capital New Delhi sold out in three days even before starting construction, with a quarter bought by non-resident Indians.
Affordable housing units saw their share of sales decline to 18 per cent from 37 per cent in the same period, while the mid-range and premium housing segment – homes priced between 4 million rupees to 15 million rupees – remained the dominant segment with nearly 59 per cent share.
The luxury segment is driven by a mounting appetite for bigger homes by branded developers in superior locations
“The luxury segment is driven by a mounting appetite for bigger homes by branded developers in superior locations,” Anuj Puri, chairman of Anarock, said in the report released on Friday.