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India’s urban housing markets are witnessing a paradigm shift as the demand for luxury and premium properties continue to surge. The upward trend in sales underscores the growing allure of premium real estate, positioning the country’s luxury housing market for sustained expansion.India’s top seven property markets have witnessed an 18% increase in total sales value amounting to Rs 279,309 crore in the first half of financial year 2024-25, showed data from CREDAI-MCHI.This growth comes despite a 3% dip in the total number of units sold, highlighting a clear consumer preference for premium homes. The average price per home rose sharply to Rs 1.23 crore in the first half of the financial year, compared to Rs 1 crore in the same period last year. “The growth trajectory of India’s luxury housing market is a testament to its resilience and adaptability. Buyers are increasingly gravitating towards premium properties that offer enhanced lifestyle experiences and robust investment value,” said Keval Valambhia, COO of CREDAI-MCHI.Mumbai Metropolitan Region (MMR) maintained its leadership in premium property sales, with a stable average ticket size of Rs 1.47 crore and a 2% growth in sales value to Rs 114,529 crore. The National Capital Region (NCR) led with a 56% rise in average ticket size to Rs 1.45 crore and a 55% surge in total sales value, reaching Rs 46,611 crore.Bengaluru showed robust growth, with a 44% increase in both average ticket size at Rs 1.21 crore and cumulative sales value Rs 37,863 crore. Other cities like Hyderabad, Chennai, Pune, and Kolkata also reported significant growth in average ticket sizes and sales values, reflecting rising disposable incomes and aspirations for luxury living.Across the board, buyers are prioritizing larger, well-equipped homes in prime locations, signalling a shift towards premium living. The consistent rise in sales value across cities underscores resilient demand for high-end properties, even in regions where unit sales saw a modest decline. With rising disposable incomes and a growing inclination towards premium housing, the luxury real estate segment is poised for sustained growth.Nominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award.
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