India’s residential real estate market is witnessing a significant transformation with the growing demand for premium homes. The trend of premiumisation has been increasingly prominent, particularly in cities like Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad. Economic growth and a rise in the urban high-income demographic have been key factors driving this shift in buyer preferences. As a result, luxury homes and spacious properties have become highly sought after.

In the last five years, the sale of homes priced between Rs. 2 crore and Rs. 5 crore has skyrocketed by 400%, with an 82% increase in 2024 alone. This surge indicates that more buyers are leaning towards homes that offer luxury and exclusivity, which are now within reach due to higher disposable incomes. Properties in the Rs. 1 crore to Rs. 10 crore range have seen a 46% YoY increase and a nearly 500% rise since 2019.

The demand for premium properties is not just limited to the mid-income segment but is also being fuelled by high-net-worth individuals (HNIs) who are actively seeking homes priced above Rs. 20 crore. According to data from Knight Frank India, the Rs. 20 crore to Rs. 50 crore segment saw a remarkable surge in sales, with 245 units sold in 2024, 78% of which were in Mumbai. Likewise, properties priced over Rs. 50 crore saw an uptick of 150 units sold, with Mumbai accounting for 67% of these sales. This upward trend in demand showcases the growing affluence and preferences for luxurious living in India.

Despite the 2-11% price rise observed in 2024, the housing market remains resilient, with record sales observed across key cities. Housing sales across the top eight cities increased by 7%, with a total of 350,613 units sold. The market saw an all-time high in Hyderabad and Pune, confirming the growing demand across various price ranges. This increase is driven by factors such as improved macroeconomic conditions, rising incomes, and the continued urbanisation of India.

Additionally, residential property launches have increased by 6% in 2024, a sign that developers are meeting the rising demand for both mid-income and luxury homes. The growing affordable luxury trend is clear, as more buyers opt for properties that offer premium features without the traditionally steep price tags of ultra-luxury homes.

For further insights into India's residential real estate trends, stay updated with the latest news and explore the Top News Headlines available on our website.

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