Luxury living was the talk of the town in 2024. The launch of premium and ultra-luxury projects marked a pivotal moment for India’s luxury housing market, driven by a shift in dynamics favoring affluent buyers and premium living spaces. As India’s economy continues to expand, luxury real estate has become a sought-after asset for those looking to enhance their lifestyle.
Key Cities Leading the Luxury Housing Boom
Various factors contributing to this shift include lifestyle upgrades, with affluent buyers increasingly seeking larger and more exclusive homes that offer not only luxury but also a higher quality of life. This dynamic has paved the way for the luxury real estate market to become more attractive than ever before, with cities like Delhi-NCR, Mumbai, and Bengaluru leading the charge and micro-markets like Gurugram, Noida, and South Mumbai showcasing robust growth.
Luxury Sales Surge between January and September
According to CBRE, the luxury housing market experienced a boom during the first nine months of 2024, with sales of high-end residential units priced at Rs 4 crore and above soaring by 37.8% YoY. Delhi-NCR, Mumbai, and Hyderabad took the lead, accounting for nearly 90% of total luxury home sales across the top seven cities in the country. Total luxury unit sales between January and September 2024 reached around 12,625, a pronounced jump from last year’s 9,160 units sold during the same time. Delhi-NCR saw sales of 2,590 units compared to 480 units in Q3 2023.
Commenting on this, Rajjath Goel, Managing Director, MRG Group, said, “2024 has been a year of growth for the luxury residential sector, with Gurugram continuing to attract demand driven by both high-net-worth individuals and professionals seeking world-class living. The focus has been on delivering premium homes that combine elegant design, cutting-edge amenities, and sustainability. As we look to 2025, the emphasis will be on expanding luxury offerings to meet the evolving needs of sophisticated homebuyers. With an emphasis on quality and innovation, the sector is poised to redefine modern living and create spaces that cater to the aspirations of the next generation of residents.”
Also Read: Will senior citizens above 75 no longer have to pay taxes? Govt clarifies
Land Transactions and New Launches in 2024
India’s real estate sector witnessed remarkable activity in 2024, with land transaction volumes surging by 65% during the first nine months, signalling strong investor confidence. According to CBRE South Asia, Delhi-NCR emerged as the epicenter of this activity, accounting for 32% of all land deals nationwide. Within NCR, Gurugram led the way with a substantial 65% share, while Noida and Greater Noida contributed another 20%. This heightened activity reflects increasing demand for residential, office, and emerging sectors like data centers, positioning India as a prime destination for long-term investments.
Harinder Singh Hora, Founder and Chairman, Reach Group, said: “In 2024, India’s real estate sector experienced significant growth, with commercial real estate leading the way. Demand for Grade-A office spaces grew by nearly 15%, driven by business expansions and a notable increase in interest from Global Capability Centers (GCCs) and flex office operators. Gurugram reaffirmed its status as a top commercial hub, attracting dozens of multinational corporations and thousands of professionals. The city’s strategic location, seamless connectivity, and infrastructure upgrades — such as the nearly 30 km-long Dwarka Expressway — made it a magnet for global investors and retail brands. This influx boosted both retail and office space absorption by approximately 20%. As we look ahead to 2025, Gurugram is set for even greater growth, with ongoing infrastructure developments and rising demand cementing its position as a preferred destination for commercial real estate in India.”
Simultaneously, new project launches soared across the region. Cushman and Wakefield’s “Market Beat Delhi NCR Residential Q3 2024” report highlighted a 121% jump in new residential launches in Delhi-NCR during the first nine months of 2024 compared to the same period in 2023. Supporting this trend, JLL reported that 23,500 residential units were launched in Delhi-NCR during H1 2024, surpassing the total launches of 2023, which stood at 22,707 units. This surge underscores the region’s growing prominence as a real estate development and investment hub.
Micro-Markets Driving the Luxury Segment
Key micro-markets of Delhi-NCR, including Gurugram, Noida, and Ghaziabad, led the growth of luxury housing, driven by robust demand for luxury homes and modern living spaces. New luxury residential project launches were witnessed in other micro-markets, such as Golf Course Road, Golf Course Extension Road, Sec-46 Gurgaon, Southern Peripheral Road (SPR), Dwarka Expressway, and South Delhi. Simultaneously, Noida Sector 150, the Noida-Greater Noida Expressway, and Siddharth Vihar in Ghaziabad also witnessed a surge in buyer interest.
Salil Kumar, Director – Marketing & Business Management, CRC Group, said, “In 2024, the luxury real estate segment witnessed a shift towards experiential living. Buyers increasingly sought integrated designs, smart home technologies, and wellness-focused amenities. These while adding a new dimension to their luxury homes, also added to their status. On their part, real estate developers responded by integrating green building precepts and creating exclusive projects centred around high-end exclusive amenities that also fostered wellness. As we move into 2025, we expect these trends to further gain momentum. It will further reshape the definition of luxury to align with lifestyle aspirations.”
Ravinder Choudhary, Vice President of Vegas Mall, said, “In 2024, the retail real estate sector underwent a significant transformation, as shopping malls transitioned into lively community centers rather than mere retail locations. Throughout the National Capital Region, these malls adopted a mixed-use model, integrating retail, entertainment, dining, and wellness offerings to meet a wide array of consumer needs. This revitalization of retail spaces has attracted considerable foot traffic and interest from both international and local brands. With increasing disposable incomes and a growing demand for experiential environments, we expect this trend to persist into 2025, leading to the development of more innovative, multifunctional mall projects that will redefine the retail experience.”
Outlook for 2025
Undoubtedly, 2024 has been a game-changing year for luxury real estate in India, reinforcing its status as a key market driver. Therefore, this growth will continue positioning India’s luxury real estate sector for sustained growth in the years ahead. The sector is expected to remain resilient in 2025, with key cities and emerging micro-markets continuing to dominate the luxury housing space. Favorable economic conditions, rising disposable incomes, and investor confidence reflected through growing land transactions will further accelerate the sector’s upward trajectory. As developers raise the bar of luxury living with cutting-edge amenities and exclusive locations, 2025 will likely witness record-breaking sales and new project launches, solidifying India’s position as a key player in the global luxury real estate market.