18 Nov 2024
Delhi-NCR and Mumbai emerged as the top markets where luxury home deals are getting closed in 15 days flat.
Driven by Millennials and Gen Z, luxury home sales in metro cities experienced a significant rise between January and September 2024. Delhi-NCR, Mumbai, and Hyderabad emerged as the winners, with 90% of the total luxury residential property sales in the top seven metro cities.
As per a CBRE report, the total number of luxury homes sold between January and September 2024 was around 12,625, against 9,160 units sold in the same period last year. Delhi-NCR topped the charts with sales of around 5,855 units, an increase of 72% year-on-year, followed by Mumbai with 3,280 unit sales and 18% growth.
33% of buyers purchase ultra-luxury homes, and 54% of home deals are closed by millennials. The trend is also driven by a 12% rise in the number of affluent Indians (earning over $10,000 annually, approximately ₹8.4 lakhs) from 2019-2023. There are expected to be 100 million affluent Indians by 2027.