New Delhi: In line with the continued momentum in the real estate sector, sales of houses priced at Rs 4 crore and above rose 27 per cent in the first half of this year.

According to the latest report by real estate consultant CBRE, luxury residential sales in India have grown significantly. The total sales stood at around 8,500 luxury residential units, compared to nearly 6,700 units in the same period in 2023.

Delhi-NCR, Mumbai and Hyderabad accounted for nearly 84 percent of the total luxury residential sales in the top seven cities.

Sales in Delhi-NCR rose 14 percent to 3,300 units, while Mumbai also saw a 14 percent growth to 2,500 units. Residential sales in Hyderabad stood at 1,300 units, reflecting a year-on-year increase of 44 percent.

According to the report, 1,100 units were sold in Pune, which represents a 450 percent increase over the previous year during this period.

“The luxury residential segment, especially for properties priced at Rs 4 crore and above, is expected to flourish as buyers look for homes that suit their affluent lifestyles,” said Anshuman Magazine, chairman and CEO, India, Southeast Asia, Middle East and Africa, CBRE.

Another report earlier this month revealed that the real estate market saw higher luxury home sales in H1 2024 on the back of a robust economy and growing demand for luxury lifestyles. The report by real estate consultancy Knight Frank said that home sales above Rs 1 crore accounted for 41 per cent of total sales in H1 2024, up from 30 per cent in the same period in 2023. A total of 1,73,241 homes were sold in H1 2024, the highest sales figure in 11 years.

A third report this month showed that sales of luxury homes priced at Rs 10 crore and above in Mumbai recorded the highest ever half-yearly sales of Rs 12,300 crore, up 8 percent from Rs 11,400 crore in H1 2023. This report by India Sotheby’s International Realty and CRE Matrix highlighted that the primary luxury segment recorded sales value of Rs 8,752 crore, the second-best half-yearly sales value in the last five years.

According to Sudershan Sharma, managing director of India Sotheby’s International Realty, the growth underscores the rising demand for top-end luxury real estate, fueled by India’s economic resilience and increasing wealth among its elite.

Agencies