The Surge in Luxury Housing: Delhi-NCR Leads the Way

Delhi-NCR has emerged as the frontrunner in the luxury housing market. The region recorded the sale of approximately 3,300 luxury housing units, marking a 13.8% year-on-year (Y-o-Y) increase as per recent report by CBRE South Asia Pvt. Ltd.,?

From January to June 2024 period has seen a robust performance in the luxury housing sector, with over 8,500 units sold compared to around 6,700 units during the same period last year. This translates to an impressive 27% increase in sales. Such growth highlights the residential sector's upward trajectory, indicating a promising outlook for the remainder of the year.

Outlook for H2 2024

Building on the current momentum, we anticipate a strong momentum for the entire year. The combination of favorable homebuying sentiments, festive season promotions, and strategic land acquisitions will likely sustain the market's activity in the second half of 2024. This balance between supply and demand is crucial for the continued health and growth of the market.

The Mid and Premium Housing Segments

While luxury housing is on the rise, the mid and Premium housing categories are also expected to be significant drivers of India’s residential market. These segments are currently undergoing a redefinition:

• Mid-End Housing:?The price range of ?1 to 2 crore is becoming increasingly popular among homebuyers. This segment offers a blend of affordability and premium features, making it an ideal choice for many.

• Premium and Luxury Housing:?The demand for premium (?2 to ?4 crore) and luxury housing (?4 crore and above) is expected an upward trend as Buyers seeking homes that complement their affluent lifestyles are driving this trend.

Factors Driving Growth

Several factors are fueling this growth in the luxury housing market:

1. Favorable Homebuying Sentiments:?There's a palpable sense of optimism among homebuyers, driven by economic stability and rising disposable incomes.
2. Festive Season Promotions:?The upcoming festive season is expected to bring a slew of promotions and offers, making it an attractive time for potential buyers.
3. Land Acquisitions by Developers:?Increased land acquisitions by developers are expected to balance supply and demand dynamics, ensuring a steady flow of new projects and inventory.

The luxury housing market in India, particularly in regions like Delhi-NCR and Mumbai, is experiencing significant growth. With favorable market conditions and strategic developments, the residential sector is poised for a strong finish to the year. As the mid and high-end housing segments continue to evolve, we can expect a dynamic and thriving market catering to diverse homebuyer preferences.