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India's luxury real estate market is witnessing a remarkable surge in sales, largely driven by Non-Resident Indian (NRI) investments and rapid infrastructural developments. High-end property transactions have soared in cities like Delhi, Mumbai, Bengaluru, and Hyderabad, with premium housing demand reaching new heights.
Delhi’s Luxury Property Market Skyrockets
According to a recent report by eXP India, 34% of homes listed for sale in Delhi are priced above ₹10 crore. The luxury property segment in the national capital experienced a staggering 72% rise in sales between January and September 2024, solidifying Delhi’s position as India’s leading premium real estate market.
Comparatively, Mumbai—the country’s financial hub—recorded a modest 18% growth in luxury home sales during the same period.
Developers Tap into Ultra-Luxury Demand
Leading developers such as DLF are capitalizing on this opportunity, launching exclusive ultra-luxurious projects like DLF Camellias, which cater to the growing demand for high-end residential spaces.
However, the availability of luxury housing remains limited in key cities:
- In Mumbai, only 6% of listed homes are priced at ₹10 crore or more.
- Gurgaon follows with just 3%, despite high demand.
- Hyderabad and Bengaluru also rank in the top five, with 2% each.
Bengaluru: The Next Big Luxury Destination
Bengaluru is fast emerging as India’s new luxury real estate hotspot, thanks to its booming IT sector and high-net-worth population. The eXP India report highlights how locations like:
- Sarjapur Road
- Devanahalli
- Bellary Road
- Panathur Road
…are attracting wealthy investors looking for premium properties.
Delhi-NCR Leads India’s Housing Market in 2024
Despite rising construction costs and manual labor expenses, Delhi-NCR’s housing market is experiencing a significant price boom. According to PropTiger.com, regions such as:
- Gurugram
- Greater Noida
- Noida
…have seen substantial sales growth, even as overall national housing market sales decline.
Delhi-NCR Overtakes Mumbai and Hyderabad
A report by PropEquity reveals that Delhi-NCR has become India’s top-selling housing market in 2024, surpassing a total sales value of ₹1 lakh crore. Notably, Gurugram alone accounts for 66% of the total sales growth, further solidifying its status as a luxury real estate hotspot.
With increasing NRI investments, high-end developments, and booming infrastructure, India’s luxury real estate market is set to witness continued growth in the coming years.
