Indian Economy News

India's luxury residential sales record 1.5 times year-on-year growth, tops US$ 518.5 million (Rs. 4,319 crore) in 2023

  • IBEF
  • March 27, 2024

The luxury property market in India witnessed substantial growth in 2023, with sales value of homes priced at US$ 6 million (Rs. 50 crore) and above reaching US$ 518.5 million (Rs. 4,319 crore), an increase of 1.5 times from 2022, according to JLL India analysis. This surge was accompanied by a rise in transactions, with 45 luxury homes sold, 58% being apartments and 42% bungalows.

Mumbai emerged as the leader, selling 29 luxury homes worth US$ 363.8 million (Rs. 3,031 crore), followed by Delhi-NCR and Bengaluru. Mr. Ritesh Mehta, Senior Director at JLL India, anticipates a continued upward trend in luxury residential transactions in 2024, driven by growing demand from high-net-worth individuals. The luxury housing sector recorded a total sales value of approximately US$ 861.6 million (Rs. 7,177 crore) between 2022 and 2023, reflecting the robustness of the market. Mr. Samantak Das, Chief Economist at JLL, highlights the strong demand for high-end properties, particularly in Mumbai, with 14 homes sold in the US$ 12 million (Rs. 100 crore) and above segment. He expects this trend to persist, driven by aspirational living and long-term investment value.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.