Luxury housing sales in India rise by 41 percent

Business Business: India’s real estate market is expected to see a rise in luxury housing sales in the first half of 2024 due to the strong economy and rising demand for luxury lifestyle. India’s real estate market witnessed a surge in luxury housing sales in the first half of 2024 due to a strong economy and rising demand for luxury lifestyle.A new report titled ‘India Real Estate: Residential and Office (January-June 2024)’ by property consultant firm Knight Frank said that luxury residential sales have jumped in the first half of 2024.Sales of homes above Rs 1 crore accounted for 41 per cent of total sales in H1 2024.This figure was 30 per cent in the same period in 2023.In the first half of 2024, residential sales across the country’s top eight cities, including Mumbai, Delhi-NCR, Bengaluru, Pune and Hyderabad, have seen an 11 per cent rise in residential sales compared to the same period last year.A total of 1,73,241 homes were sold in H1 2024, which is the highest sales figure in 11 years.According to the report, 1,73,241 homes accounted for 41 per cent of total residential sales in the first six months of 2024. 27 per cent were budget homes, while the figure was 32 per cent in the same period of 2023. Mumbai is the largest residential market in the country
47,259 homes were sold in H1 2024. The demand for homes priced above Rs 1 crore in the country’s financial capital has increased by 117 per cent compared to last year. Sales grew 16 per cent year-on-year during this period. 28,998 units were sold in Delhi-NCR, while 27,404 units were sold in Bengaluru. These three cities accounted for 59 per cent of total residential sales. Gulam Zia, Senior Executive Director, Research, Advisory, Infrastructure and Valuation, Knight Frank India, said, “Strong performance in the residential market resulted in sales of over 1,73,000 units in the first half of 2024, the highest recorded in a decade. This growth is strongly driven by the premium category, which witnessed significant growth from 15 per cent in H1 2018 to 34 per cent in H1 2024.” He added, “Looking ahead, we understand that economic conditions will remain stable with the Indian economy growing; we expect sales momentum to remain strong for the remainder of the year.”