Mumbai Records Highest Sales In Luxury Units In Q1 2024 

BY Realty Plus

CBRE South Asia Pvt. Ltd report states that the luxury segment housing (units priced INR 4Cr and above) recorded a 10% Y-o-Y sales growth during Jan-Mar ‘24. The percentage share of the luxury segment in the overall residential unit sales stood at about 5% in Jan- Mar ’24. The report further points to a ~64% Y-o-Y increase in new launches of luxury segment units during Jan-Mar ’24.

City-wise, the report stated that Mumbai recorded the highest surge in unit sales during the review quarter, registering a 15% Y-o-Y increase in luxury segment residences. This was followed by Delhi-NCR, Hyderabad, and Pune. Hyderabad and Pune saw sales activity increasing by more than 2x and 4.7x Y-o-Y, respectively.

The resurgence in India’s luxury residential real estate has spurred robust growth, as about 45% of the overall luxury stock was injected in the last five years alone. The segment has also grown at a CAGR of over 9% since 2019 across the gateway cities.

In addition, Mumbai leads the luxury segment, accounting for more than 40% of the country's total luxury inventory in Jan-Mar’24. The city is a prominent and highly coveted market, attracting numerous HNIs and UHNIs, including top executives and Bollywood celebrities. Locations such as Altamount Road, Nepean Sea Road, Worli, Prabhadevi, Juhu, and Bandra (West) in Mumbai command high capital values owing to premium locations, with an average ticket size often ranging from INR 20 to 60+ crore. Occasionally, apartments priced above INR 100 crore are also recorded.

Delhi-NCR follows closely, accounting for over 25% of the country’s luxury inventory in Jan-Mar’24. Like Mumbai, luxury properties in Delhi are concentrated in the southern part of the city, with areas such as Amrita Shergill Marg, Golf Links, and Prithviraj Road commanding average ticket sizes usually ranging from INR 40 to 60+ crore. In recent years, Gurgaon has emerged as a prominent luxury market within the region. The demand for gated communities intensified during the COVID-19 pandemic, bolstering Gurgaon’s reputation as a luxury destination. Locations such as DLF Phase I/II, Golf Course, and Golf Course Extension typically witness average ticket sizes between INR 10 to 20 crore. Further, Hyderabad, experiencing remarkable growth driven by a pro-business environment, claims the third spot with an almost 10% share of the country’s luxury inventory. The city has witnessed an influx of luxury apartments and a surge in demand within this segment. Areas such as Jubilee Hills, Banjara Hills, Hitech City, Raidurg, and Neopolis report sales with average ticket sizes ranging from INR 20 to over 40 crore.

The overall residential sales across categories reached almost 85,000 units in Jan-Mar ‘24, registering an 8% Y-o-Y growth. Sustained momentum in demand also led developers to launch nearly 80,000 new housing units in Q1 2024. Mid-end projects (priced between INR 45 lakh to 1 crore) emerged as the leading category driving sales, recording a 47% share in total sales for Jan-Mar’ 24, followed by high-end (INR 1 – 2 crore) and affordable projects (up to INR 45 lakh). Pune, Mumbai, and Bangalore cumulatively accounted for about 65% of the total sales. Unit launches in Mumbai, Pune, and Hyderabad, on the other hand, accounted for an almost 69% share during Jan-Mar ’24.

Tags : CBRE South Asia Pvt. Ltd luxury residential real estate Amrita Shergill Marg Golf Links and Prithviraj Road