India’s residential real estate market has reached its highest level in 12 years. There was an increase of 7 percent in home sales in 2024 compared to last year. The increasing demand for luxury homes, especially in big cities like Delhi-NCR, Mumbai and Bengaluru, has given a new dimension to this growth. Homes priced above ₹1 crore have accounted for 46 per cent of total sales in the last six months. This information has come out in the latest report of Knight Frank.
Due to increasing demand
According to this report, people are now giving preference to premium homes to reflect their lifestyle and investment mindset. The demand for these homes has increased among NRI buyers as well as the rich section of the country. With an annual growth of 38 percent, this trend is taking the Indian real estate market to new heights. Delhi-NCR has become the epicenter of this change due to better infrastructure and prosperity of the upper middle class.
Boom of luxury homes in Delhi-NCR
Areas like Golf Course Road, Greater Noida and Central Delhi in Delhi-NCR have seen a significant increase in sales of luxury homes. Experts say that this boom has been possible due to economic strength, proximity to business hubs and availability of luxury projects.
Developers’ strategies
Builders are now focusing on projects with modern design, durability and special features. Big investors and wealthy families are attracted to properties that meet their needs and status.
What do real estate developers say?
According to Siddharth Katyal, CEO of Bhoomika Group, the 46 percent share in sales of luxury homes shows that people’s confidence has increased. These houses not only provide a great lifestyle but are also considered excellent for investment. This gives developers an opportunity to bring luxury projects with innovative thinking, and is making Gurugram a major hub for luxury real estate.
Salil Kumar, director (marketing and business management), CRC Group, says the increase in sales of luxury homes shows that people are moving towards a premium lifestyle. NCR has always been the center of this growth. People here want not only premium homes but also addresses that match their lifestyle. The strategic location and world-class infrastructure of this region further strengthens this trend.
Neeraj Sharma, Managing Director of Escon Infra Realtor, says that the demand for luxury homes in Delhi-NCR has increased more than expected. People want bigger homes, premium amenities and locations that match their needs and investment plans. Facilities like expressways and Jewar Airport in Noida and Greater Noida have further boosted this growth.
Sagar Gupta, Director of Sales, Trisol RED, says that the effect of changing thinking of people is clearly visible in the demand for luxury homes. These homes are the perfect combination of status, lifestyle and financial security. Delhi-NCR is at the forefront in this segment and this growth will increase further in the coming times.
Source of new employment and revenue
This luxury housing boom is not only transforming the real estate sector but also creating new employment opportunities and increasing revenues. In areas like Delhi-NCR, these houses are now becoming a symbol of the new lifestyle.