Summary:

India's residential real estate market is becoming more premium, driven by a growing higherincome urban demographic in cities like Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad. Homebuyers and developers are seeking luxury, exclusivity, and larger homes. Sales of apartments priced between Rs. 2 crore and Rs. 5 crore have surged by 400% from 2019 to 2024, with a notable 82% increase in 2024. The luxury sector has also seen significant price hikes.

Rising disposable incomes and a growing number of high-net-worth individuals (HNIs) have supported the premiumisation of India’s residential real estate market. Mr. Shishir Baijal, Chairperson of Knight Frank India, highlighted that 2024 saw record-breaking sales, especially for high-priced residences. In the Rs. 20 crore to Rs. 50 crore segment, 245 units were sold, with 78% of these sales concentrated in Mumbai. Housing sales in major cities grew by 7%, reflecting continued market expansion despite price increases.

Source: IBEF

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