Luxury housing in India rose 40% year on year, while affordable housing declined 20%. Affluent buyers now prefer residences priced beyond Rs. 1.5 crore due to rising incomes and investment appeal.

Summary: CREDAI executives, notably Mr. Manoj Gaur, attribute the increase in luxury homes to growing demand from HNIs in Noida, Greater Noida, Ghaziabad, and Gurgaon. These areas are renowned for their amenities and lifestyle options, supported by stable economic conditions and foreign investments, thereby enhancing the allure of luxury residences.

Affordable housing faces economic volatility and shifting consumer preferences, leading to reduced sales. However, the luxury housing sector thrives with significant sales in Q1 2024, highlighting its importance in India's real estate market.

Source: IBEF 

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