Indian Economy News

Luxury housing sale reports 10% growth during January-March 2024

The luxury housing segment in India saw robust growth in the first quarter of 2024, with a 10% year-on-year increase across the top seven cities, according to CBRE. Mumbai led the surge, recording over 1,300 luxury unit sales, while the overall luxury segment accounted for about 5% of total sales. New launches in this category also saw a significant uptick, a remarkable 64% year-on-year increase.

Chairman & CEO of CBRE India, Mr. Anshuman Magazine, highlighted the sector's strong fundamentals, which are driven by rising household incomes and consumer spending power. Mumbai remains the epicentre of luxury real estate, contributing over 40% of the country's total luxury inventory, with premium locations like Altamount Road and Juhu commanding high capital values ranging from US$ 2.4 – 7.2+ million (Rs. 20 to 60+ crore).

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