Booms in luxury real estate: 41% of all homes sold in India are now valued at more than Rs 1 crore

Driven by a strong economy and rising desire for opulent living, India’s residential real estate sector is booming. According to a recent Knight Frank research titled “India Real Estate: Residential and Office (January – June 2024),” sales of residential units increased significantly in the first half of 2024 (H1 2024) in all eight of India’s most populous cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, and Bangalore.

Sales increased by an astounding 11% over the same period last year, which was the fastest sales velocity in 11 years. Buyer preferences are shifting toward luxury houses, according to the research, which highlights an intriguing trend. Sales of homes costing Rs 1 crore (₹10 million) and more increased significantly, making up a sizable 41% of all sales in H1 2024. This is a notable increase from only 30% in H1 2023, indicating a rising demand for opulent living areas.

Source – Business Standard

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